Publications
Pointers for the capital market
As a capital market think tank, we help to form public opinion. With the publication of positions papers and studies, we give policy-makers and society pointers for solving upcoming challenges.
Contact
Dr. Uta-Bettina von Altenbockum
Head of Communications and Head of Sustainability Department
Tel. +49 69 92915-47
presse(at)dai.de
Position papers
Corporate governance and company law
Simplification of the written form in company law desired
We welcome the discussion initiated by the Federal Ministry of Justice on the exemption from written form requirements in company law and are in favour of reducing them. The prerequisite is that these lead to simplification in practice...Financial market regulation and real economy
More consistency in investment limits for funds
According to the EU UCITS Directive, actively managed mutual funds may only invest up to ten percent of their clients' money in shares of a one single company. However, fast-growing companies with above-average share price performance...Financial market regulation and real economy
No additional effort for the identification of OTC derivatives
In a consultation, the European Commission proposes the ‘International Security Identification Number’ (ISIN) for the identification of over-the-counter (OTC) derivatives as part of the MiFIR transparency regulations. In other...Financial market regulation and real economy
Proposals on the disclosure of inside information
According to the amended EU Market Abuse Regulation (MAR), there will be a paradigm shift regarding the disclosure of inside information. In protracted processes such as M&A transactions inside information has only to be published when...Corporate governance and company law
Strengthening the Capital Markets Union through cost-efficient shareholder communication
We are in favour of the adoption of a new cost regulation that adequately defines the reimbursement of expenses incurred by intermediaries for shareholder communication and identification. The objective of improved shareholder...Financial market regulation and real economy
Enabling remote identification for goods trading
With the proposed regulation, the German government wants to enable goods traders to identify their customers by video. It is urgent to equate goods trading with the financial sector. Of course, there is still room for improvement. For...Corporate governance and company law
Enabling more attractive Annual General Meetings in Germany
As part of the expert hearing of the Legal Affairs Committee of the Deutscher Bundestag on April 22, 2022 on the motion "For legal certainty and a lively Annual General Meeting – need for reform in the law on defects in resolutions",...Financial market regulation and real economy
Leveraging Capital Markets to regain and ensure Europe’s Competitiveness – Our Policy Demands for the European Elections
Strong capital markets are needed to maintain Europe's global competitiveness and to finance the green and digital transformation of the economy. In the light of the European elections in June, we have set out three key demands in our...Financial market regulation and real economy
Keeping the implementation of the European Single Access Point lean
With regard to the planned European Single Access Point (ESAP) for mandatory information of listed companies, we support a lean implementation. This is the core message of our response to the consultation of the European Supervisory...Financial market regulation and real economy
Clear Criticism of the Proposed Late Payment Regulation
In light of the proposed regulation to combat late payments in commercial transactions, we, along with eight other well-known German associations, have expressed our concerns about the regulation in a letter to the members of the...Investment in shares and securities
Position paper on the revision of PRIIPs presented
We have generally welcomed the European Commission's proposal to exclude bonds with "make whole clauses" from the scope of the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs). Bonds with such clauses are not...Financial market regulation and real economy
Good starting position for EMIR trilogues
Deutsches Aktieninstitut welcomes the positions taken by the European Parliament and the European Council in the final negotiations on the revision of the EMIR regulation. In particular, this includes the fact that both are in favor of...Financial market regulation and real economy
Position paper on the draft regulation on late payments
In order to enforce payment discipline, especially for the benefit of medium-sized companies, the European Commission has published a draft regulation on late payments. In it, it stipulates a mandatory payment period of a maximum of 30...Financial market regulation and real economy
When redefining company sizes in EU law, the threshold for the number of employees must also be raised
The EU Commission plans to change the definition of large companies in EU law. Raising the thresholds of turnover and balance sheet would mean that fewer companies would be considered large and would therefore fall outside the scope of...Corporate governance and company law
Voting advisor ISS must take into account new legislation on virtual general meeting
Deutsches Aktieninstitut requests that the voting advisor ISS adjust its voting recommendations to take appropriate account of the new German legislation on virtual general meetings. The legislator has created a virtual general meeting...Corporate governance and company law
Position on the Draft Revisions to the G20/OECD Principles of Corporate Governance
The OECD has consulted a draft of its G20/OECD Principles of Corporate Governance. The final document is scheduled to be adopted by the OECD Corporate Governance Committee in March 2023, approved by the OECD Council of Ministers (MCM)...Financial market regulation and real economy
Review of the Benchmarks Regulation (BMR): Risk free access for EU companies to non-EU benchmarks must be ensured
Deutsches Aktieninstitut welcomes the opportunity to comment on the European Commission's initiative to review the Benchmarks Regulation (BMR). We welcome the initiative to improve the BMR, to ensure the continued availability to EU...Financial market regulation and real economy
Payment Services Directive PSD2 must be practicable for companies
The EU Commission is currently evaluating the second Payment Services Directive PSD2, which has been in force since 2016. In our statement, we emphasise that the intra-group exemption must be clarified in a future PSD2 amendment....Corporate governance and company law
Using the opportunities of virtual AGMs
The German government would like to establish the virtual general meeting permanently. The Bundestag is currently debating a corresponding bill of the government factions. However, it needs to be improved in a number of areas,...Corporate governance and company law
Re-sharpen the implementation of the cross-border conversions, mergers and divisions Directive
With its draft bill, the Federal Ministry of Justice is transposing the EU of the cross-border conversions, mergers and divisions Directive into national law. We welcome the draft in general. It rightly makes it possible for...Financial market regulation and real economy
EU Money Market Fund Regulation works well – no need for reform
Money market funds (MMFs) play a key role in the liquidity management of non-financial corporations. As an important cash management tool they allow corporates to deposit their short-term cash balances in a secure manner and with quick...Financial market regulation and real economy
Do not jeopardise derivatives transactions via transparent platforms
In the context of a consultation "Trading venue parameter" of the European Securities and Markets Authority ESMA, we opposed subjecting digital trading platforms used by non-financial companies to conclude their derivatives to MiFID...Financial market regulation and real economy
Euro clearing must become more attractive
The EU Commission has launched a consultation on the expansion of clearing services across the EU. In our response to this consultation, we advocate further improvement on the clearing infrastructure in the European Union. One means...Corporate governance and company law
Enabling virtual AGMs with selective adjustments
We expressly welcome the draft bill of the Federal Ministry of Justice for a law to introduce virtual general meetings of public limited companies. It guarantees shareholders' rights - in a different way than in the presence general...Corporate governance and company law
Sustainability issues appear too early for the Corporate Governance Code
In the context of the consultation of the German Corporate Governance Code 2022, the draft contains many good approaches to more sustainable corporate governance. However, many legislative projects are currently underway at German and...Corporate governance and company law
Existing regulation already guarantees high quality corporate reporting
In our response to the EU consultation on the quality of financial reporting, we show that neither effectiveness nor efficiency will be improved by any additional regulatory steps in corporate reporting. The EU legislation on corporate...Financial market regulation and real economy
Improve investor protection in Europe!
European investors are repeatedly exposed to discriminatory state measures (for example expropriation) when investing across borders. However, national courts in some Member States do not fully protect investors because their judicial...Financial market regulation and real economy
EMIR regulation must take green financial instruments into account and raise clearing thresholds
In its discussion paper, the European Securities and Markets Authority ESMA is reviewing the clearing regime under the derivatives regulation EMIR. In our position paper, we argue that financial instruments concluded in a...Financial market regulation and real economy
PRIIPS Regulation: Corporate bonds do not need a key information document
The European Supervisory Authorities (ESAs) are consulting on the PRIIPS Regulation, which requires issuers of packaged investment instruments such as endowment policies or certificates to provide a key information document (KID) for...Financial market regulation and real economy
Short sales: improve transparency – but well considered
The European Securities and Markets Authority ESMA consults possible changes to the EU Short Selling Regulation. Among other things, ESMA is discussing an obligation for supervisory authorities to provide information on aggregate short...Financial market regulation and real economy
Data transfer between EMIR trade repositories must be as simple as possible
According to the Market Infrastructure Regulation EMIR banks must report derivative transactions on behalf of non-financial companies. It is therefore up to the non-financial companies, to stop reporting for themselves, which was...Investment in shares and securities
Retail Investor Protection Legislation must Avoid Bureaucracy
The EU Commission currently evaluates the legislative framework for retail investor protection. We applaud this initiative and call for a better balance of the framework. The EU legislation for informing retail investors and providing...Financial market regulation and real economy
Existing financial market regulation is sufficient to cover new technology companies
In a consultation on digital finance, ESMA is discussing possible regulatory steps for companies that own a financial services provider within the group. This is taking place against the background that big tech companies are...Investment in shares and securities
Promoting Shares in Germany - Suggestions for the 2021 Bundestag Election (in German)
For the Bundestag elections in 2021, we demand that the framework conditions for shares as an investment and financing instrument be improved. In addition to the design of the tax framework, it is important to strengthen Germany as a...Corporate governance and company law
No compulsory shareholder identification (in German)
According to the plans of the federal government, listed companies are to be obliged under tax legislation to carry out a shareholder query on the day of the general meeting in order to transmit the resulting data to the Federal...Investment in shares and securities
Shortening trading hours on stock exchanges harm capital markets
We reject recent proposals to shorten trading hours on stock exchanges in the EU. From the point of view of publicly listed companies, shortening trading hours would restrict their ability to raise liquidity on capital markets for...Financial market regulation and real economy
MiFID Ancillary Activity Exemption should be reviewed
Non-financial companies, using commodity derivatives, have to notify their competent authorities that this derivative business is ancillary to their main business. Complex calculations are often the consequence. Therefore, Deutsches...Corporate governance and company law
SE companies need more flexibility
Companies with their legal statute of a Societas Europaea (SE) are currently required to hold their general meetings within the first six months following the end of the previous financial year. However, the corona pandemic with social...Financial market regulation and real economy
Ensuring a risk free access for EU companies to non-EU benchmarks
Deutsches Aktieninstitut welcomes the opportunity to comment on the European Commission’s Inception Impact Assessment on the review of the Benchmarks Regulation (BMR). We welcome the initiative to improve the BMR, to ensure the...Corporate governance and company law
Stricter liability of the Management Board is to be rejected (In German)
The AFD parliamentary group wants to reform §148 AktG in order to make it easier to make the Executive Board of private companies easier liable. Deutsches Aktieninstitut sees no reason to tighten the current law. On the contrary, it...Financial market regulation and real economy
EU Benchmark Regulation: Removing Barriers and Avoiding Negative Impact on Non-Financial Companies in the EU
Two years after the entry into force of the Benchmark Regulation, uncertainties for non-financial companies remain. These uncertainties should be removed when the Regulation is reviewed. Deutsches Aktieninstitut calls, among other...Financial market regulation and real economy
Retain the REMIT-Carve-Out in its current form
In its consultation on the position limits regime ESMA discusses, wether specific gas and power contracts should be classified as derivatives under MiFID II. This would endanger many energy provider to become a bank which would...Financial market regulation and real economy
Basel IV and the Cost of Hedging
The regulation of banks will be tightened again soon, as the implementation of the so-called "Basel IV" framework in the EU is on the agenda. Among other things, banks will then have to reserve more equity capital for positions in...Investment in shares and securities
Total losses should be recognised for tax purposes further on (in German)
The German government intends to abondon the recognition of total share losses for tax purposes. Deutsches Aktieninstitut strictly opposes this proposal as it, among others, contradicts different judgements provided by the Federal...Financial market regulation and real economy
Issuance of debt instruments works without public intervention
The European Central Bank is plannung a central technical plattform for the issuance of bonds (European Destribution of Debt Instruments, EDDI). In a preliminary comment Deutsches Aktieninstitut is rather sceptical about the project as...Financial market regulation and real economy
ESMA's call for evidende on MiFID II position limits: Retain well-proved exemptions
In its answer to ESMA's call for evidence on position limits Deutsches Aktieninstitut underlines the importance of well-proved exemptions. That concerns especially the hedging exemption, i.e. that non-financial companies are not...Financial market regulation and real economy
Reporting exemption for intra-group transactions: Proposal for a workable notification procedure
In accordance with EMIR-Refit intra-group transactions where at least one counterparty is a non-financial company are exempted from the reporting obligation. The national competent authority has to be notified about the exemption. The...Financial market regulation and real economy
Europe can deliver!
The European elections are coming up. The European Union is exposed to multilateral and complex challenges ranging from the rise of populist and EU sceptic movements over Brexit to the question on how the EU can maintain and strengthen...Financial market regulation and real economy
Proposal to refine the German law regarding general terms of business (in German)
Deutsches Aktieninstitut proposal takes up the initiative of the German government to evaluate the law regarding the general terms of business. Financial services' master agreements concluded by professional clients should be exempted...Financial market regulation and real economy
Less Bureaucracy in MiFID and PRIIPs (in German)
In its position paper as regards the MiFID II/MiFIR-consultation of the Federal Ministry of Finance Deutsches Aktieninstitut states that the respective rule design should be less bureaucratic. This holds especially true for the rules...Corporate governance and company law
Revision of the German Corporate Governance Code (in German)
Deutsches Aktieninstitut has commented on the revision of the German Corporate Governance Code proposed by Regierungskommission Deutscher Corporate Governance Kodex. The determination of independence of Supervisory Board members by...Financial market regulation and real economy
The Case for Extending the Transitional Period for the Use of Third Country Benchmarks in the EU
Only one year before the EU Benchmark Regulation will be fully in force, there is a high level of uncertainty among non-financial companies, which financial instruments and services referencing to benchmarks will be possible as of 1...European financial market supervision
Third country regimes in the Investment Firm Review
Deutsches Aktieninstitut together with further European associations commented on the changes made to third country regimes through the investment firm review. The associations support the Commission's proposal to strengthen the...Corporate governance and company law
Deutsches Aktieninstitut Warns of Imbalanced Legislation for EU Representative Action
Deutsches Aktieninstitut fears that the EU Commission’s legislative proposal on representative actions will – if adopted unchanged – create more problems than it will solve. The level of safeguards against abusive litigation remains...Financial market regulation and real economy
Bank Regulation: Amendments to the Risk Reduction Package Take the Right Direction
At the start of trilogues on the risk reduction package Deutsches Aktieninsitut encourages co-legislators to agree an the amendment put forward by both the European Parliament and the Council to the so-called supervisory review and...Corporate governance and company law
Proposals for the Revision of the German Corporate Governance Codex (in German)
Deutsches Aktieninstitut takes a position to the indicated structural changes of the German Corporate Governance Codex and makes content-related suggestions for said revision of the Codex. From the perspective of Deutsches...Financial market regulation and real economy
Creation of EU-wide legal framework of investment protection for intra EU investments urgently needed!
Numerous investment protection agreements with investor protection clauses and investor-state arbitration provisions provide the highest degree of legal certainty for investments. However, the latter is called into question by the...Financial market regulation and real economy
Comments on the upcoming trilogue-negotiations
Deutsches Aktieninstitut publishes its recommandations for the upcoming negotiations between the EU-Commission, the Council and the Parliament. It strictly opposes the proposal of the Parliament that ESMA should frequently review the...Corporate governance and company law
German Federal Government's Draft of a Civil Proceedings Model Case Act (in German)
In its comments on the German Federal Government's draft of a civil proceedings model case act, Deutsches Aktieninstitut calls for the adoption of stricter rules assessing the admission-procedure of claims in order to prevent abusive...Financial market regulation and real economy
Alleviations of reporting obligations for non-financial companies needed
Deutsches Aktieninstitut welcomes the EU Commission`s consultation on a fitness check of supervisory reporting requirements under European financial markets regulation. In its response, Deutsches Aktieninstitut illustrates with...Financial market regulation and real economy
CRD 5/CRR 2 Should Take Care of Non-Financial-Companies Risk Management Needs
The EU bank regulation reform proposal is currently debated in the European Parliament and the Council. We are particularily concerned about the amendments to the supervisory review and evaluation process (SREP). The proposed changes...
Financial market regulation and real economy
Exemptions for intra-group Transactions under EMIR are Justified
The positon paper lays out the benefits of derivative transactions between a centralised treasury unit and the operative subsidiaries of a non-financial group. These transactions are risk-neutral. Therefore, exemptions from the...Financial market regulation and real economy
EMIR Refit - Impact on Corporates
In a joint association paper Deutsches Aktieninstitut generally welcomes the proposal of the EU-Commission to reduce administrative burden of EMIR especially for non-financial companies. Nevertheless, the paper also describes several...Financial market regulation and real economy
Deutsches Aktieninstitut Supports Global Code of Conduct for the Markets for Foreign Exchange
On the 25th of May 2017 a code of conduct for FX markets (“FX Global Code”) was published, which has been developed by an international cross-sectorial expert group led by major central banks. Deutsches Aktieninstitut supports the...Financial market regulation and real economy
EMIR-Review: EU-Commission's Proposal is Heading in the Right Direction
DeutscheCorporate governance and company law
Whistleblower Protection does not Require EU Regulatory Action
In its short position on the occasion of the EU Commission’s public consultation on whistleblower protection, Deutsches Aktieninstituts supports the implementation of well-balanced protection mechanisms into the compliance management...Financial market regulation and real economy
EU Capital Market Union Must Reflect the Needs of Listed Companies and Corporate Users of Derivatives
Deutsches Aktieninstitut urges the EU Commission to reflect consequently the needs of companies seeking capital market finance and using derivates for risk management purposes in the Capital Markets Union. The current direction of the...Investment in shares and securities
Employee Share Ownership as Pivotal Part of the Capital Markets Union
In its position paper Deutsches Aktieninstitut asks the European Commission to include emloyee share ownership as a further action point in the Capital Markets Union project. It is necessary to scrutinise existing European legislation...Financial market regulation and real economy
Proposal for an Amendment of the Insolvency Law provides Legal Clarity regarding Close-out-netting-clauses (in German)
Deutsches Aktieninstitut welcomes the proposal to amend the insolvency law released by the Federal Ministry of Justice and Consumer Protection. The proposal provides legal certainty regarding the effectiveness of...Investment in shares and securities
Reform of investment funds' taxation should not further discriminate shares (in German)
In its comment on the proposal to reform the taxation of investment funds Deutsches Aktieninstitut states that disadvantages for the long-term wealth building and the corporate finance should be avoided.Investment in shares and securities
Proposal to tax investment funds harms equity culture (in German)
Deutsches Aktieninstitut comments on the proposal launched by the Bundesfinanzministeriums regarding the reform of the taxation of investment funds. It is crucial that dividends should be taxed twice, on fund and on investor level, and...Financial market regulation and real economy
ESMA Consultation on EMIR Reporting: Reduce Complexity of Reporting Requirements
In order to enhance data quality under EMIR Deutsches Aktieninstitut recommends in its position regarding the ESMA consultation on EMIR reporting to decrease complexity. Perspectively, the introduction of an one-sided reporting regime...Financial market regulation and real economy
ESMA Consultation on Commodity Derivatives: Take or Pay Clauses Should not be Treated as Derivatives
In its answer to ESMA's consultation on commodity derivatives Deutsches Aktieninstitut asks for the clarification that take or pay clauses in commodity contracts should not be treated as derivatives. Overall, a cash compensation due to...Investment in shares and securities
Employee Shareownership in Germany should be promoted (in German only)
The position paper describes the advantages of employee shareownership and proposes measures in order to enhance the attractiveness of this kind of employee financial participation. According to this tax incentives should be increased...Financial market regulation and real economy
Risk-mitigating techniques for OTC-derivatives: Global standards should not contradict already existing rules
Deutsches Aktieninstitut comments on the consultation paper of IOSCO regarding global standards for risk-mitigating techniques for non-cleared OTC-derivatives. We call for the clarification that the proposed global standards should not...
European financial market supervision
ESMA is going too far with regard to the notification of managers' transactions
This position paper on ESMA's draft technical advice on the Market Abuse Regulation raises the concern that the notifications of managers' transactions will likely create misleading signals. According to ESMA's proposal transactions...Investment in shares and securities
No key information document for corporate bonds
The position paper comments the draft regulation on "key information documents for packaged retail products". The intention of the EU-parliament to extend the scope of the regulation on corporate bonds would have negative impacts. A...Investment in shares and securities
Recommandations for the forthcoming Federal Government (in German)
Deutsches Aktieninstitut released recommandations for the coaltion talks between CDU, CSU and SPD. It was stressed that the functioning of capital markets should be retained and improved. An adequate regulatory framework is decisive...}){kind=logo}
Studies
Investment in shares and securities
Study shows: Young people invest long-term and regularly on the capital market
A new study by the Center for Research in Financial Communication at leipzig University in cooperation with the DIRK - Deutscher Ivestor Relations Verband and Deutsches Aktieninstitut shows that young people under the age of 35, the...Investment in shares and securities
Survey: Employee share ownership and tax allowance
Employee share ownership is an important point on the capital market policy agenda of the federal government. The tax allowance, which was already raised last year from 360 euros p.a. to 1,440 euros p.a., is to be increased again....Corporate governance and company law
Companies in the transformation process (in German)
Where do German listed companies stand in the transformation process towards a sustainable economy? We explored this question with the law firm Hengeler Mueller in the joint study "Companies in the Transformation Process - Challenges...Corporate governance and company law
Virtual Annual General Meetings 2020 - Review and Outlook (in German)
How has the 2020 virtual AGM proved itself? What can companies learn from last year's experience? And what makes a good virtual AGM in the first place? In our study, CFOs, AGM service providers, shareholder representatives and...Investment in shares and securities
Behaviour and preferences of German shareholders 2018 (in German)
How do shareholders inform themselves? What are their preferences regarding dividend payments? Do they regard shares as instruments of wealth building? These and other related questions are analysed by this study which was prepared by...Investment in shares and securities
Guideline for the Implementation of Employee Share Schemes (in German)
Together with EY Deutsches Aktieninstitut released a guideline explaining the steps for a successful implementation of employee share schemes (planning, design, compliance, communication and administration). These steps are illustrated...Investment in shares and securities
Equity Investment in Foundations – Break Down Reservations (in German)
Allocating assets partly into equities can help foundations to better serve their charitable objectives – not only at the currently low interest rates. This is a central result of a study of Deutsches Aktieninstitut and UBS...Investment in shares and securities
Behavior and preferences of German shareholders (in German)
The study provides the results of asurvey among morethan 400,000 retail investors of Deutsche Post DHL. Answers to the following questions are given: What sources of information do retail investors use? Do they preferdividends or...Investment in shares and securities