Publications

Position papers

Publicity and transparency

Preventing competitive disadvantages in public country-by-country reporting

We are concerned that the planned publication of tax data on European companies could put them at a competitive disadvantage vis-à-vis their global competitors. Competitors will be able to draw valuable information on corporate...

Capital market financing

MiFID-Review: Better Regulation for efficient Capital Markets

In its position paper regarding the MiFID-review of the European Commission Deutsches Aktieninstitut considers improvements with respect to rules concerning investor protection, transparency, research, commodity derivative markets and...

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...

Brexit

EU-UK negotiations: Setting the right priorities

On the occasion of the third negotiation round between the European Union and Great Britain, Deutsches Aktieninstitut demands balanced provisions on financial and non-financial issues in a possible free trade agreement. In the area of...

Sustainability

Deutsches Aktieninstitut comments on Interim Report of German Sustainable Finance Council (in German)

On the occasion of the consultation of the German Federal Government Sustainable Finance Council’s Interim Report, Deutsches Aktieninstitut has criticized a lack of confidence in market-economical solutions when it comes to the...

Capital market financing

What needs to be done to ease private capital injections to cope with COVID-19-crisis (in German)

Companies raising capital from private investors should benefit from alleviations in order to limit the impacts of the current crisis and to concentrate government recapitalization-measures on those companies, that are temporarily...

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

Corona: Deutsches Aktieninstitut requests emergency parliamentary act for the benefit of listed companies (in German)

Governmental orders to ban public assemblies and to curtail public life in order to prevent the spread of the corona-virus largely affect the general assemblies of listed companies in the current season. In order to maintain 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...

Publicity and transparency

ESEF: Disclosure solution avoids unnecessary legal risks (in German)

Deutsches Aktieninstitut supports that the German legislator decided to make ESEF only mandatory for the disclosure of the yearly financial report. This avoids unnecessary legal risks that would result if ESEF was applied already in...

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...

Sustainability

EU taxonomy: Ensure practicability (in German)

On the occasion of the trilogue negotiations on the EU taxonomy, Deutsches Aktieninstitut expressed its concerns regarding the design of the taxonomy in a letter to the Permanent Representation of Germany to the European Union....

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...

Sustainability

Sustainability and corporate governance: no new regulation (in German)

On the occasion of the consultation on Sustainable Corporate Governance held by the EU Commission, Deutsches Aktieninstitut expressed its concerns about the consultation questionnaire and the consultation procedure in a letter to DG...

Sustainability

Deutsches Aktieninstitut calls for a practice-oriented design of the EU taxonomy (in German)

In the framework of the hearing of the Finance Committee of the German Bundestag, Deutsches Aktieninstitut commented on Sustainable Finance. The complexity of the planned taxonomy specifications will present companies in the financial...

Capital market financing

Digital tax, yes; Financial Transaction Tax, no

Deutsches Aktieninstitut comments the OECD Secretariat Proposal for a "Unified Approach" regarding an introduction of a digital tax. Generally, Deutsches Aktieninstitut welcomes the approach. Nevertheless, it should be ensured that...

Publicity and transparency

ESEF ministerial draft overshoots the mark (in German)

The submitted ministerial draft on the European Single Electronic Format (ESEF) law is critically seen by Deutsches Aktieninstitut. The fact that annual financial statements are to be prepared in XHTML/iXBRL format is neither required...

Financial market regulation and real economy

Restarting Europe

Digitization, climate change and global trade conflicts: only together will politics and the business community be able to solve the pressing issues of our time. On the occasion of the start of the new term of office of the EU...

Publicity and transparency

Consultation on ESMA-Guidelines on Disclosure Requirements

In its response to the ESMA consultation on Guidelines on Disclosure Requirements under the Prospectus Regulation, Deutsches Aktieninstitut welcomes that ESMA provides the possibility to refer to existing financial reporting rather...

Compliance

Money Laundering Directive: Reducing additional legal uncertainty and unnecessary bureaucracy (in German)

In their statement on the government draft for the implementation of the 5th EU Money Laundering Directive, Deutsche Aktieninstitut and the Federation of German Industries (BDI) demand to avoid additional legal uncertainty and...

Sustainability

Deutsches Aktieninstitut comments on the technical report on the EU taxonomy

Deutsches Aktieninstitut participates in the consultation on the taxonomy report of the Technical Expert Group (TEG). Deutsches Aktieninstitut demands that all sectors and industries affected by the taxonomy be included in the debate....

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...

Sustainability

Deutsches Aktieninstitut participates in consultation on German Sustainability Code (in German)

In the context of the revision of the German Sustainability Code (DNK), Deutsches Aktieninstitut opposes additional reporting and documentation requirements for companies. When defining materiality, flexibility and proportionality...

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...

Investment in shares and securities

Proposal regarding real estate transaction tax has a negative impact on stock-listed companies (in German)

Deutsches Aktieninstitut repeats its fundamental opposition regarding the proposal for a real estate transfer tax released by the Federal Minstry of Finance which harms badly stock listing of companies. At least it is of utmost...

Compliance

Ensuring practical and effective anti-money laundering prevention (in German)

Commenting on the proposal for a law implementing the 5th EU Money Laundering Directive, Deutsches Aktieninstitut and Bundesverband der Deutschen Industrie ask to avoid higher legal uncertainty and bureaucracy for industrial companies....

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...

Digitisation

Strengthening Capital Markets through New Technologie (in German)

Deutsches Aktieninstitut welcomes the objective to strengthen the role of Germany as a top location for digitization and being a leader in using new technologies like blockchain. In this context, electronic securities and token...

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...

Publicity and transparency

Aktieninstitut critisise a potential mandatory audit of ESEF-reports (in German)

Starting in 2020 listed companies will be obliged to file annual reports as an XHTML-file, in which core financial information has to be tagged in iXBRL. This is laid down in a Delegated Regulation on the EU Transparency Directive....

Sustainability

For a practicable Green Bond Standard

On the occasion of the consultation of the preliminary recommendations for an EU Green Bond Standard presented by the Technical Expert Group on Sustainable Finance (TEG), Deutsches Aktieninstitut has expressed the need for practicable...

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...

Sustainability

Deutsches Aktieninstitut Demands Proporationate and Realistic Climate Reporting

On the occasion of the EU consultation on a review of the non-binding guidelines for the European CSR-Directive, Deutsches Aktieninstitut has pointed at the necessity of adopting a proportionate and realistic framework on climate...

Capital market financing

Investor protection: Building an efficient EU wide mechanism for investor-state dispute settlement

Effective protection against discriminatory measures is an essential requirement for European investors to invest in Europe. Around 200 investment protection agreements between the Member States of the European Union are currently...

Sustainability

Sustainable Finance Taxonomy: Deutsches Aktieninstitut again raises concerns

After the European Parliament’s decision to postpone the joint vote of the ECON and ENVI committees on the EU Commission’s proposal for a sustainable finance taxonomy, Deutsches Aktieninstitut has again hinted the Committee-members at...

Retirement provision

Do not endanger long-term wealth building and old-age provisions by the real estate transfer taxes (in German)

Deutsches Aktieninstitut opposes a proposal of the German state finance ministers regarding the real estate transfer tax. The proposal would represent a significant and inappropriate tax burden for many stock listed companies. In its...

Brexit

German Brexit-Steuerbegleitgesetz should also cover new business (in German)

Deutsches Aktieninstitut and The Association of German Chambers of Commerce and Industry (DIHK) commented on the proposal for the German Brexit-Steuerbegleitgesetz. They welcome that the provisions include a transition period for...

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...

Publicity and transparency

Simplifications are Needed

After ESMA forwarded the outcome of the various consultations on the specification of the new European Prospectus Regulation, the EU Commission has recently launched a consultation for a draft delegated Regulation. The draft Level 2...

Brexit

EU Contingency Action Plan should cover UK Regulated Markets

Deutsches Aktieninstitut together with BDI, BDEW, EFET, Energy UK, Eurelectric, IOGP and VCI welcomes very much the EU Commission’s Communication of 13 November 2018 on Brexit Preparedness. Especially, they appreciate that the EU...

Sustainability

Sustainable Finance: Taxonomy – Deutsches Aktieninstitut Critical on Amendments of ECON and ENVI

In its letter addressed to both the ECON and the ENVI committee of the European Parliament on the occasion of the joint committee-debate on the development of a sustainable finance-taxonomy, Deutsches Aktieninstitut warns of the...

Publicity and transparency

Corporate Bonds are not in the Scope of PRIIPs

Deutsches Aktieninstitut comments the ESA's consultation paper on PRIIPs and points out that corporate bonds are not in the scope of the respective EU-regulation. As there is a lasting uncertainty in the market clarification by the...

Publicity and transparency

National Expertise in Prospectus Supervision for a Strong Europe

Deutsche Aktieninstitut and BDI are concerned about the European Commission's proposal to grant ESMA the power for scrutiny and approval of certain prospectuses. For this reason, they approached the various MEPs together with a...

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...

Compliance

Comments regarding the implementation of the EU Anti-Money Laundering Directives in Germany (in German)

In a letter to BMF, Deutsches Aktieninstitut identifies issues, which should be considered in the upcoming national implementation of the 5th EU Anti-Money Laundering Directive. Industrial holdings should be excluded from the obliged...

Investment in shares and securities

EU Digital Services Tax- Exclusion of Financial Markets Activities from Scope of Proposal

Deutsches Aktieninstitut as co-signers of an association letter to EU Finance Ministers shares concerns on the broad scope of the EU Commission proposal on the introduction of a EU Digital Services Tax. Financial markets activities...

Publicity and transparency

Proportionality and Coherence are Key Factors for Guidance on Risk Description in Prospectuses

Regarding the consultation on the ESMA Guidelines on presentation of risk factors in the prospectus Deutsches Aktieninstitut points out the right balance between the objective of ESMA to avoid overly generic/lengthy descriptions of...

Sustainability

Action Plan Financing Sustainable Growth

Deutsches Aktieninstitut supports the overarching aims of Commission’s Action Plan on Sustainable Finance. However, we do see some legislative plans and practical transposition-measures as problematic. Our concerns relate among others...

Corporate governance and company law

Proposal for the fourth amendment of the German Reorganization of Companies Act (UmwG) (in German)

Deutsches Aktieninstitut welcomes the proposal to give companies with British legal forms the possibility to reorganize safely into a German legal form. Expanding the scope of application for cross-border mergers to allow foreign...

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...

Capital market financing

Non-Financial Companies Need Uncleared OTC Derivatives for Hedging Purposes

Non-financial companies use OTC derivatives to hedge against currency, interest rate and commodity price risks related to business operations. This position paper summarises why non-financial companies need derivatives that are not...

Über Uns

Comments of Deutsches Aktieninstitut on the EU Commission’s Draft Directive on the Protection of Persons reporting breaches of Union law

In its comments on the EU Commission’s Draft Directive, Deutsches Aktieninstitut criticizes the significant imbalances of the Commission’s proposal, which focuses exclusively and one-dimensionally on the protection of the whistleblower...

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...

Publicity and transparency

Deutsches Aktieninstitut’s Response to the EU Commission’s Fitness Check Public Reporting for Companies

In its response to the Fitness Check Public Reporting for Companies, Deutsches Aktieninstitut criticizes disproportional reporting obligations causing high compliance costs to companies without offering corresponding benefits to...

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...

Über Uns

Recommendations Concerning the Implementation of the EU Shareholder Rights Directive

Deutsches Aktieninstitut has made proposals concerning the implementation of the EU Shareholder Rights Directive upfront the draft implementing act of the Ministry of Justice in the field of corporate governance. The position...

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...

Sustainability

Deutsches Aktieninstitut warns of Collective Redress-mechanisms on the European level

Ahead of the publication of the European Commission’s plans on Collective Redress scheduled for 11 April, Deutsches Aktieninstitut has expressed its concerns as regards the adoption of imbalanced European Collective Redress-mechanisms...

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...

Publicity and transparency

Consultation on Draft Regulatory Technical Standards (RTS) under the New Prospectus Regulation

In its response to the consultation on draft RTS, concretizing the new European Prospectus Regulation in more detail, Deutsches Aktieninstitut stresses the importance of more flexibility in drawing up prospectuses. For instance,...

Capital market financing

Consultation regarding SME Listings: Reduce Administrative Burden – Mobilise Capital of Retail Investors

Deutsches Aktieninstitut supports the aim of the European Commission to reduce administrative burden for stock listed SMEs. In its position paper on the respective consultation Deutsches Aktieninstitut stresses that capital market...

Publicity and transparency

Legislative Proposal on the Use of Options within the EU Prospectus Regulation and on the Adaptation of Financial Markets Legislation (in German)

In its letter to the German Federal Ministry for Finance (BMF), Deutsches Aktieninstitut recommends to refrain from introducing any national restrictions to the prospectus exceptions provided under the new European Prospectus...

Financial market supervision

Proposal to reform the European Supervisory Authorities sets wrong priorities

From the point of view of Deutsches Aktieninstitut, the proposal of the EU Commission disproportionately extends the competences of the European Securities and Markets Authority (ESMA) without sufficiently addressing the issue of...

Sustainability

Consulation on Institutional investors´Duties Regaring Sustainability - Dialogue with Companies Necessary

In a letter addressed to Ugo Bassi, Director “Financial Markets” within DG FISMA of the European Commission, Deutsches Aktieninstitut advocated the need for market-based solutions as regards the recent consultation on institutional...

Investment in shares and securities

Standardised Key Information Document as Important Signal for Share Advisory - Improvement of Details necessary

Deutsches Aktieninstitut welcomes the proposed BMF-regulation for a standardised key informations document for shares. In order to relieve share advisory in banks the requirements should strictly take into concern already existing...

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...

Publicity and transparency

ESMA Consultation on the Format and Content of the Prospectus

Deutsches Aktieninstitut welcomes the suggestions made by ESMA for prospectus simplification, such as removing the auditor's report in case of profit estimates and forecasts. At the same time, however, it warns against new burdens,...

Sustainability

Response to the Questionnaire of the High Level Expert Group on Sustainable Finance

In its response to the questionnaire on the early recommendations of the High Level Expert Group on Sustainable Finance, Deutsches Aktieninstitut underlines its support for and the importance of a sustainable economic development, to...

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

Deutsche

Corporate 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...

Investment in shares and securities

Alleviate Custody of Employee Shares (in German)

In its comment on the national adoption of the Fourth EU-Anti-Money-Laundering Directive Deutsches Aktieninstituts asks for reliefs for the custody of employee shares.

Investment in shares and securities

Promotion of Shares in Germany - Suggestions of Deutsches Aktieninstitut Concerning the German Parliamentary Elections 2017 (in German)

The legislative period is coming to an end but the pressing economic and socio-political issues will remain. In its position paper concerning the German parliamentary election Deutsches Aktieninstitut is emphasizing the key issues that...

Capital market financing

Stregthening IPOs in Germany - Five Priorities (in German)

German markets for IPOs are less developed compared to other countries. In order to improve this situation the regulatory and fiscal framework should be adjusted. The paper describes five measures with a focus on the equity culture in...

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...

Sustainability

No Going beyond the Requirements of the CSR-Directive

The Deutsche Aktieninstitutwelcomes the opportunity to comment the issue finches for the non-binding guidelines on non-financial reporting. The Commission is supposed to present the guidelines in order to facilitate the disclosure of...

Über Uns

Impact of the Prohibition of or Constraints on the Use of Internal Model Approaches on Non-Financial Companies Should Be Evaluated Carefully

The Basel Committee on Banking Regulation suggests to constrain the use of internal model approaches by banks for calculatng credit risks. For example, banks shall be forced to apply the standardised approach only for large...

Über Uns

Regulation of derivative markets EMIR: Costs of the clearing obligation and reporting

Deutsches Aktieninstitut provides data for the imp

Über Uns

Response Regarding the Proposed Amendments to the German Corporate Governance Code for 2017 (in German)

The amendments aiming at keeping the Code lean are in principle welcomed. Furthermore there is need for discussion and change in particular regarding subjects as communication between the investor and the chairman of the supervisory...

Über Uns

Anti-Money Laundering Directive – Non-Redundancy of National Beneficial Owner-ship Registers (in German)

With the fourth EU Anti-Money Laundering Directive and its current amendment, every EU member state has, among other changes for companies, to implement a beneficial ownership register. Deutsches Aktieninstitut wrote a letter to the...

Corporate governance and company law

No Audit Obligation of the Supervisory Board! - Transposition of European CSR-Directive to Be Finalized (In German)

Deutsches Aktieninstitut welcomes the objective of the government draft bill for a ‘one to one’-transposition of the European CSR Directive into German law. This intention should be pursued in an even more consistent manner. From the...

Capital market financing

Accepting Challenges - Moving Ahead

The position paper „Accepting Challenges – Moving Ahead“ points out five central measures that need to be taken in order to successfully realize the European Capital Markets Union. Amongst others these include alleviations regarding...

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...

Über Uns

Impact of the Net Stable Funding Ratio on Prices and Availability of Derivatives Used for Hedging Purposes by Non-Financial Companies Needs Careful Evaluation

The Net Stable Funding Ration (NSFR) shall ensure that banks have sufficient midterm funding. This position paper is Deutsches Aktieninstitut's comment to a targeted consultation of the EU Commission on the implementation of the NSFR...

Publicity and transparency

Public disclosure of country by country reports for taxation purposes to be rejected (in German)

In its position paper, Deutsches Aktieninstitut rejects the EU Commission’s proposal for a mandatory public disclosure of tax-relevant information in form of country by country reports by multinational companies. According to Deutsches...

Über Uns

Changes to ECB Fixings: Remaining Concerns of Non-Financial Companies

Starting with Juli 2016 the ECB reference rates for the FX markets will published at 4pm which is two hours after the fixing is calculated. The main objective of this change is to prevent manipulation of the fixings. This position...

Sustainability

Implementation of the CSR-Directive with a Sense of Proportion – Draft for Implementing the Directive 2014/95/EU

In its comments on the ministerial draft statute for transposing the CSR-directive into German law, Deutsches Aktieninstitut welcomes the freedom of choice for companies to prepare a separate non-financial report instead of the...

Sustainability

EU-Consultation on Non-Binding Guidelines Regarding the CSR-Directive

Deutsches Aktieninstitut participated at the EU-Commission´s Online Consultation preparing the non-binding guidelines for the CSR-Directive. The consultation was open until 15 April. Deutsches Aktieninstitut emphasizes that the planned...

Investment in shares and securities

Retail Financial Services - Deutsches Aktieninstitut’s response to the EU Commission’s Green Paper

Deutsches Aktieninstitut appreciates the initiative of the EU Commission to determine, how the market for retail financial services can be further opened up, whilst maintaining an adequate level of consumer and investor protection....

Über Uns

Use the MiFID-Delay to Fix Shortcomings of the Level-1-Text

Deutsches Aktieninstitut asks the legislator to use the proposed MiFID-delay to fix shortcomings of the level-1-text. Besides others this applies for the treatment of emission allowances within the ancillary activity exemption and the...

Publicity and transparency

Prospectus Regulation - Recommendations to put good ideas into practice

The position paper comments on the draft of the EU Commission, published on the 11/30/2015. Deutsches Aktieninstitut opposes the idea of allocating risk factors into categories and restricting their number in the summary since this...

Über Uns

EBA Guidelines on CVA Risks Will Likely Result in Negative Consequences for the Risk Management of Non-Financial Companies

EBA consults whether banks should face additional own funds requirements for the so called CVA-risks resulting from derivative positions with non-financial companies (NFCs). The position paper shows that the EBA proposal would erode...

Über Uns

Evidence and recommendations on how to improve the legislative process

We offer a lot evidence of rules inconsistent with other provisions or rules running counter to overarching principles. Among others the increased level of bureaucracy is contradictory to the idea of facilitating the capital market...

Publicity and transparency

No Case for Mandatory XBRL Reporting of Listed Companies

Deutsches Aktieninstitut criticises ESMA for the proposal to make XBRL reporting mandatory for listed companies by 2020. Such an obligation would cause significant additional compliance costs and risks for issuers although there is no...

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.

Capital market financing

Promote public equity financing - Implement the recommandations of the round table initiated by minister Gabriel (in German)

In order to promote public equity financing and equity culture in Germany Deutsches Aktieninstitut suggests to implement the recommandations developed by the round table initiated by the economics minister Gabriel as soon as possible. ...

Capital market financing

EU Commission's proposal to revitalize the securitisation market is insufficient

To revitalize the securitisation market in Europe is at the core of the Capital Markets Union. Regarding this aim the respective proposals of the European Commission are insufficient, which the joint position paper of Deutsches...

Über Uns

Shareholder Rights Directive: Deutsches Aktieninstitut's position for the trialogues

The positiov of German listed companies for the trialogues on the Shareholder Rights Directive is summarized in two position papers of Deutsches Aktieninstitut. In a joint position paper with the Bundesverband der Deutschen Industrie...

Capital market financing

Deutsches Aktieninstitut comments on draft amendments of the Prospectus Directive

With this letter to Mr. Lueder Deutsches Aktienistitut comments on the brought to light proposals of the EU Commission. Overall, Deutsches Aktieninstitut appreciates the attempt to facilitate capital market finance and support several...

Über Uns

Associations object ESMA's proposal to abolish the EMIR hedging exemption

Deutsches Aktieninstitut opposes jointly with five other important German associations (BDI, BGA, DIHK, EFET und VDT) the proposal of ESMA to abandon the hedging exemption for non-financial companies under the derivative markets...

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...

Über Uns

EMIR evaluation - reduce the administrative burden for non-financial companies

Deutsches Aktieninstitut contributes to the EU-Commission'

Über Uns

Best Practice Principles of Proxy Advisors - a Step in the Right Direction

Transparency and reliability of proxy advisors have improved over the past decade as has the incorporation of national specifics of corporate governance into the voting guidlines. However, listed companies still miss a possibility to...

Über Uns

Proposal for the calculation of the ancillary activity thresholds under MiFID II

Jointly with 19 other associations Deutsches Aktieninstitut launches a proposal for the calculation of t

Publicity and transparency

The Journey is the Reward - Lean Implementation of the CSR-Directive Leads to a Better Non Financial Statement (In German)

Regarding the implementation of the CSR-Directive Deutsches Aktieninstitut pleads not to include small and medium sized enterprises or additional reporting aspects but to implement the directive one-to-one. Clarifications regarding the...

Über Uns

Comment on the consultation regarding bilateral collateralisation of derivatives

In its comment on the second consultation paper of the European Supervisory Authorities EBA, ESMA and EIOPA regarding bilateral collateralisation of derivatives Deutsches Aktieninstitut addresses concerns that initial margins should be...

Über Uns

Non-Financial Companies Aren't Shadow Banks

Deutsches Aktieninstitut is concerned that EBA is about to requalify all non-financial companies with centralised treasury or finance activities as shadow banks for regulatory purposes. This will be the outcome of a defintion that EBA...

Publicity and transparency

Transposition of the EU Audit Reform Goes Too Far (in German)

In this position paper Deutsches Aktieninstitut and the Federation of German Industries (BDI) criticize the far-reaching consequences of the German transposition act of the EU audit reform as it partially undermines well-tried...

Investment in shares and securities

Promote Employee Share Ownership - a Joint Call for Action of Ten Associations (in German)

The joint call for action to promote employee share ownership in Germany of ten associations - including Deutsches Aktieninstitut - asks the legislator to improve the institutional framework regarding employee particiption in order to...

Capital market financing

Buildung a Capital Markets Union: Strengthening the Demand-Side

In its comments Deutsches Aktieninstitut supports the European Commission’s initiative on building a Capital Markets Union. Further to the steps proposed by the Commission the demand-side of capital markets should, however, be...

Capital market financing

Regulation Should not Impede Securitisation of SME Loans

In its joint position paper on the EU-Commission's consultation "An EU framework for simple, transparent and standardised securitisations" Deutsches Aktieninstitut, DIHK and BDI asks the legislator to not impede the securitisation of...

Über Uns

Regulation of the Rating Market Should be Appropriate

The position paper of Deutsches Aktieninstitut, BDI and DIHK on ESMA's consultation "Call for Evidence" regarding the rating market aks for an appropriate framework that should not impede corporate financing by bonds. This applies...

Über Uns

ESMA Consultation Regarding MiFID II/MiFIR: Risk Management with Derivatives Should not be Impacted Negatively

In its answers to ESMA's consultation on draft technical standards regarding MiFID II/MiFIR Deutsches Aktieninstitut points out that the risk management by non-financial companies should not be negatively affected by the rules. This...

Über Uns

ESMA's Technical Advice on MiFID II/MiFIR: Unintended Consequences for the Equity Culture Should be Avoided

In its position papers regarding the "technical advice" of ESMA on MiFID II/MiFIR Deutsches Aktieninstitut states that the new rules should not impact equity culture in Europe negatively. This applies especially for the offering of...

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...

Über Uns

Third Country Rules under Benchmark Regulation Will Harm Non-Financial Companies

The third country provision according to the proposed EU Benchmark Regulation will have negative consequences for non-financial companies. As long as the home countries of the relevant benchmark providers do not enact a similar...

Capital market financing

EBA Consultation Regarding Securitisations: Requirements Should be Appropriate

In a joined statement regarding the consultation of the European Banking Authority EBA on "simple, standard and transparent securitisations" Deutsches Aktieninstitut and BDI ask for appropriate requirements especially for ABS including...

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...

Publicity and transparency

RTS for prospectuses: ESMA has to stay within its mandate

ESMA consults on standards for the approval and publication of prospectuses, their advertisement and the incorporation of external information by reference. Among other issues the drafted Regulatory Technical Standards would limit the...

Capital market financing

Strengthening IPO-market in Germany (in German only)

The position paper emphasizes the importance of functioning IPO-markets for growth financing and employment. An adequate regulatory framework should incentivise retail and institutional investors to invest more money in shares. An...

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...

Capital market financing

The Road to Growth - Guiding Principles for a Capital Markets Union

In the political guidelines for the next EU Commission Jean-Claude Juncker pledges to create a European Capital Markets Union in order to improve the financing of the European economy and in order to further integrate capital markets....

Über Uns

Position on EU Commission's proposal on Shareholders' Rights Directive (in German)

Deutsches Aktieninstituts welcomes the idea of promoting shareholders' engagement. However, the proposal of the EU Commission goes too far especially concerning the regulation on related parties' transactions. Furthermore Deutsches...

Capital market financing

Aktieninstitut is concerned about the negative consequences of the EU benchmark regulation

The EU is about to regulate the processes of the provision of indices and benchmarks. From Deutsches Aktieninstitut’spoint of view summarised in this positio paper the proposed requirements for index providers go too far. The high...

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...

Publicity and transparency

Delegated Acts to the Market Abuse Regulation: additional red tape for listed companies

This position paper critisises ESMA's draft delegated acts on the Market Abuse Regulation. Because ESMA's interpretation reaches too far listed companies in Europe face massive additional compliance risks and costs regarding insider...

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...

Über Uns

MiFID II: Treatment of research impairs SME's access to capital markets

In its draft technical advice regarding the evaluated Market in Financial Instruments Directive (MiFID II) ESMA proposes to prohibit the availability of research which is provided free of costs. We object this proposal as not...

Publicity and transparency

No need for an electronic format for the purpose of financial reporting in Europe

Deutsches Aktieninstitut is concerned about a possible mandatory use of an single European electronic format for financial reports of listed companies. This is principally forseen in the revised Transparency Directive. The critique...

Über Uns

Bank regulation: Appropriate treatment of SME-asset-backed-securities

The joint letter to the EU-Commission (with BDI and VDT) addresses the debate on the technical regulatory standards regarding the liquidity coverage ratio (LCR) under Basel III. The definition of asset backed securities which are...

Investment in shares and securities

Appropriate regulation of investment advice - comment on the BMJV-study regarding the documentation requirements (in German)

On behalf of the Federal Ministry of Justice and Consumer Protection the Institute for Transparency conducted a study on the documentation of investment advice in financial institutions. Our comment welcomes the conclusion drawn in the...

Capital market financing

Comment on ESMA's Consultation on MiFID II / MiFIR

We comment the work of ESMA regarding the draft technical standards and technical advise according to MiFID II / MiFIR. ESMA should properly take into account the specifics of non-financial companies using derivatives relating to their...

Sustainability

The European Commission´s strategy on Corporate Social Responsibility (CSR) 2011-2014: achievments, shortcomings and future challenges

In its answer to the Commission´s Online Consultation Deutsches Aktieninstitut emphasizes that after having adopted the Directive on disclosure of non-financial information no more legal steps by the Commission are necessary....

Über Uns

Comment on the regulatory standards on bilateral collateralisation of derivatives

The position paper comments on the draft regulatory standards on bilateral collateralisation of derivatives released by the European supervisory authorities EBA, EIOPA and ESMA. The standards should not oblige all counterparties to...

Über Uns

Comment on the IDW position paper on the EMIR auditing process (in German)

We comment the draft position paper of Institut der Wirtschaftsprüfer in Deutschland (IDW) regarding the auditing process on the requirements of non-financial companies according to EMIR. So called „take-or-pay-clauses“ in contracts...

Publicity and transparency

ESMA’s implementing measures under the Transparency Directive should ensure shareholder transparency

This position paper comments on the level-2-implementing measures of ESMA under the revised Transparency Directive. The main issue is ESMA's interpretation of the exemptions from the major sharehholdings notificatons requirements....

Publicity and transparency

Aktieninstitut is concerned about ESMA's proposal on the presentation of alternatives performance measures

ESMA plans to harmonise the presentation of so called alternative performances measures in the financial communication of listed companies. Frequently used measures such as EBITDA could only be presented with less prominence compared...

Über Uns

Aktieninstitut and Bundesverband der Deutschen Industrie are concerned about the EU proposal on Banking Structure

This position paper reemphasises the critique of Deutsches Aktieninstitut and the Bundesverband der Deutschen Industrie on a possible separation of banking activities in the EU as proposed by the EU Commission in January 2014. E.g.,...

Über Uns

Definition of FX derivatives should be practically applicable

The position paper refers to the consultation of the European

Publicity and transparency

Costs of the issue of shares or bonds are not borne by the client (in German)

According to the reviewed Markets in Financial Instruments Directive (MiFID II) all costs of a financial instrument should be made transparent to the client. Our comment focuses on the discussion whether the costs of the issuance of...

Über Uns

Aggregation of information on derivative transactions should not aggravate existing reporting requirements

A consultation paper released by the Financial Stability Board discusses different proposals on how information regarding derivative transactions could be aggregated on a global level. Our comment focuses inter alia on the necessity...

Über Uns

Take-or-pay-clauses should not regarded as derivatives (in German)

We object

Capital market financing

ESMA's implementing measures under the Market Abuse Regulation should be balanced

The implementing measures under the new European Market Abuse Regulation will likely go too far. This is the key concern Deutsches Aktieninstitut raises in a consultation of ESMA on this issue. ESMA's proposals will likely tighten...

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...

Über Uns

Issuers should be allowed to react to proxy advisors' voting recommendations

This position paper comments on a draft code of conduct which has been presented in October 2013 by a group of proxy advisors to govern their transparency and business conduct. Deutsches appreciate the initiative as step forward in...

Über Uns

Proposed securitisation market regulations will impair the refinancing of the German real economy

The joint position paper of Deutsches Aktieninstitut, Bundesverband der Deutschen Industrie and Verband Deutscher Treasurer stresses the importance of the German securitisation market, especially with regard to sales and working...

Capital market financing

Upcoming Regulation of Money Markets Funds will Impact Negatively the Real Economy

According to the analysis of Deutsches Aktieninsitut the role of money market funds for the cash management and the financing of non--financial companies will likely decrease. This will be the consequence of the EU Commission's...

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...

Über Uns

Comment on the Implementation of EMIR

The starting date for the reporting obligation under EMIR will be likely mid February 2014. So far corporates face uncertainties regarding various issues which aggrevates the due implementation of the required processes. This holds...

Über Uns

Deutsches Aktieninstitut and BDI comment on a EU consultation on the separation of banking

The separation of proprietary trading of banks from deposit taking and the provision of credit is currently intensively discussed. Advocates argue that such a separation will help to avoid future banking crisis. Deutsches...

Publicity and transparency

Deutsches Aktieninstitut is concerned about ESMA's proposals regarding supplements to prospectuses

With this position paper Deutsches Aktieninstitut contributes to ESMA’s consultation on “Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus”. ESMA's proposals on...

Capital market financing

Position on the European Commission's green paper on long-term financing of the European Economy

Deutsches Aktieninstitut welcomes the objective of the green paper to foster long-term financing. For this reason regulatory barriers which encumber investors such as banks, insurers, institutional and retail investors need to be...

Publicity and transparency

Position on the EU directive on the disclosure of nonfinancial and diversity information by certain large companies and groups

With this position paper Deutsche Aktieninstitut contributes to the German und European debate on non-financial reporting which has gained momentum after the EU Commission legislative proposal on the respective issues. In particular,...

Über Uns

Deutsches Aktieninstitut comments on the upcoming European Securities Law Legislation

Deutsches Aktieninstitut supports many of the EU Commission's objectives regarding the planned harmonisation of the EU securities law, e.g. the improvement of the cross-border identification of shareholders as well as thier...

Studies

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...

Retirement provision

Use Shares and make the Pension System fit for the Future - what Germany can learn from other Countries (in German)

The comparing study focuses on the experiences of countries like Australia, Sweden, the United Kingdom and the US as regards the use of shares in the pension system. It is the aim of the study to outline what Germany can learn from...

Sustainability

ESG from the perspective of institutional investors – what listed companies should know

Institutional investors increasingly integrate environmental, social and governance (ESG) into the assessment of business and strategy of portfolio companies. This trend is documented in this survey conducted by Deutsches...

Investment in shares and securities

More Shareholders in Germany - Overcoming Missunderstandings and Desinterest (in German)

Misunderstandings, bad feelings and a significant level of desinterest prevent Germans from investing money into shares. Even historically low interest rates have not increased their interest in equity investments. This is the core...

Compliance

The EU Market Abuse Regulation after Two Years: Survey Signals Need to Action (in German)

Listed companies observe increasing bureaucratic burden as well as decreasing legal certainty from the EU Market Abuse Regulation. In particular, regarding the obligation to publish inside information companies call for guidance. This...

Investment in shares and securities

Return Triangle for Employee Shares: Benefits for Employees, Companies and the Society (in German)

The return triangle for employee shares developed by experts of the hkp/// group calculates returns of, by way of examples, employee share ownership programs of the indices DAX, MDAX, TecDAX und SDAX, and for companies belonging to the...

Capital market financing

Ready for Takeover?

Together with White [&] Case, Deutsches Aktieninstitut has released a benchmark study to provide information on how German companies position themselves as bidders or as potential targets for a public takeover. Companies from DAX,...

Capital market financing

Going and Being Public - the View of Small and Mid Seized Companies (in German)

Deutsches Aktieninstitut jointly published the results of a survey among small and mid seized listed companies and capital market experts regarding the going and being public. Apart from the necessity to invest more in shares via the...

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...

Über Uns

The Impact of MiFID II Rules on the Availabily of Research: Information for Issuers (in German)

After the entry into force of the evaluated Markets for Financial Instruments Directive (MiFID II/MiFIR) rules for the availability of research will change. Which research services are in the scope of the new rules and how stock-listed...

Brexit

Second Position Paper: Exit Negotiations Between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market (now available in English)

The current position paper of Deutsches Aktieninstitut on the exit negotiations between the European Union and the United Kingdom complements the first position paper from February 2017 and covers further relevant topics, e.g....

Brexit

First Position Paper: Exit Negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market

In its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market”, Deutsches Aktieninstitut has identified the essential issues with relevance...

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

Equity Culture Begins in the Minds of People - what Germans Feel about Share Investments (in German)

The Germans still show a number of misunderunstandings about and prejudices against shares that form an obstacle for a deeper equity culture. However, the potential for improvement is higher than the number of shareholders in Germany...

Investment in shares and securities

As a result of regulation banks refrain more and more from providing investment advice in shares - a survey (in German)

As a result of the increasing regulation more and more banks refrain from providing investment advice for shares. This is the main outcome of a survey conducted among German credit institutions. Due to strict regulatory requirements 22...

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

Employee shareholdership: A survey among German listed companies (in German)

A study conducted by Deutsches Aktieninstitut and Ernst [&] Young (EY) shows that many stock listed companies already provide a share based compensation or intend to implement one. Nevertheless, the potential for employee...

Publicity and transparency

Enforcement of Financial Information 2013 (in German)

This joint study of Deutsches Aktieninstitut and PricewaterhouseCooopers summarises the experience of listed companies with the enforcement of accounts by the German enforcer, Deutsche Prüfstelle für Rechnungslegung (Financial...

Capital market financing

Study on the financial transaction tax: private households and non-financial companies will bear billions of additional costs (executive summary) (in German)

The financial transaction tax (FTT) would sum up to total costs of 5.0 to 7.3 billion Euros per year for private investors and companies of the real economy. This is the key result of an in-debth impact study for the German economy...