Our topics

Publicity and transparency

Transparency and financial communication are integral components of functioning capital markets. Investors need expert and investment-specific information. At the same time, companies should not be discouraged from financing their activities via the capital market through legislative provisions. Regulation made unworkable through excessive disclosure obligations weighs down on enterprises and reduces the service offer.

[Translate to English:] Swen Erwin Hemeling

Contact
Sven Erwin Hemeling
Head of Stock Corporation Law
Tel.+49 69 92915-27

Investment in shares and securities
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Publicity and transparency
12.01.2026
Delegated Act on protracted processes needs slight amendments

The European Commission has proposed a Delegated Act to specify the requirement to disclose inside information in protracted processes under the EU Listing Act. According to the draft act, listed companies can, in the interests of...

Position papers
18.12.2024
Promoting harmonization of prospectus liability

The European Commission has been tasked with examining the harmonization of prospectus liability and submitting a report on this matter to the European Parliament and the Council by December 31, 2025. The European Securities and...

Position papers
29.06.2024
Börsen-Zeitung: Transparency on the capital market is not a one-way street

Investors expect listed companies to provide a great deal of information about their economic situation, future prospects, corporate governance and sustainability. However, transparency is not a one-way street. Listed companies also...

In the media
04.04.2024
Companies are no tax authorities

From 2025, listed companies in Germany will have to carry out shareholder identification for a fee and forward the data to the tax authorities. We are already critical of this obligation, but the proposed procedural instructions now go...

Position papers
15.03.2024
Enforcement of Sustainability Information: Enabling an Integrated Approach

The European Securities and Markets Authority (ESMA) has submitted a proposal for a Supervisory Guideline. It is intended to support the national competent authorities and organizations with regard to the upcoming enforcement of...

Position papers
10.08.2023
GoingPublic: Stop rampant bureaucracy - Keep the mandatory shareholder information tax within moderate bounds (in German)

In a guest article for Going Public's HV Magazine, Sven E. Hemeling, Head of Primary Market Law, calls for the implementation of shareholder identification under tax law not to result in additional obligations and legal risks for...

In the media
05.05.2023
No additional burdens for companies when implementing shareholder identification request (in German)

From 2025, listed companies will have to conduct a comprehensive shareholder identification query with intermediaries at the time of the profit distribution resolution. They must transmit the information obtained to the Federal Central...

Position papers
16.03.2023
EU Listing Act: Simplify prospectuses for practical use

We expressly welcome the objective of the EU Listing Act to simplify the preparation of a prospectus and make it more cost-effective. The publicly available information due to the existing comprehensive reporting and disclosure...

Position papers
14.12.2022
European Single Access Point: European Parliament should call for non-bureaucratic solution

In future, mandatory corporate information will be accessible in a European data portal – the so-called European Single Access Point (ESAP). We support the Commission’s proposal that ESAP should build upon existing national data...

Position papers
08.04.2022
European Single Access Point must not result in additional obligations for listed companies

The EU Commission’s proposal for a regulation establishing a European Single Access Point (ESAP) aims at making mandatory corporate information accessible in a European data portal. In general, we agree with this goal as it may improve...

Position papers
27.08.2021
ESMA should adapt guidelines on delay in the disclosure of inside information

Additional own funds requirements for banks under Pillar 2 of Basel III should not be considered inside information per se. This is the key message of our position on a consultation paper of the European Securities and Markets...

Position papers
12.04.2021
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...

Position papers
26.02.2020
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...

Position papers
11.10.2019
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...

Position papers
03.04.2019
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....

Position papers
06.12.2018
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...

Position papers
09.03.2018
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,...

Position papers
13.05.2016
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...

Position papers
15.10.2014
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...

Position papers
15.09.2014
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...

Position papers
15.10.2013
Deutsches Aktieninstitut and PwC publish study on the enforcement of financial information by the Deutsche Prüfstelle für Rechnungslegung (in German)

The German enforcer, the Deutsche Prüfstelle für Rechnungslegung (Financial Reporting Enforcement Panel) has been assigned high marks / high intensity of examinations and critique for tight time limits / Influence on accounting...

Press releases