Digitisation of the capital market and in particular blockchain technology are increasingly in the line of vision of policy-makers and supervisory authorities. Our project group sees itself as a platform for a cross-sectoral exchange. It comprises primarily representatives of DAX companies and German stock markets.
- Requirements on regulatory developments drawn from corporate practice and recommendations for political players
- Perspective from the angle of primary (capital market) law, but also including technological aspects
- Developments at European and national level
Member companies and law firms involved in this project turned their attention to the extensive economic relations between the EU and the United Kingdom at an early stage and identified relevant themes for the withdrawal negotiations die. Numerous publications have already been produced and an ongoing exchange between companies and policy-makers has resulted.
The project group was founded against the background of rapidly advancing plans for the establishment of collective redress. It comprises company representatives and litigation experts and has already developed detailed positions on the German model declaratory action and on European collective redress.
- Legislative procedure on the EU collective redress directive and national transposition (looking forward)
- German model declaratory action procedure for consumers
- Jan Bremer, Leiter Fachbereich Recht, Tel. +49 69 92915-61, bremer(at)dai.de
- Sven Erwin Hemeling, Leiter Primärmarktrecht, Tel. +49 69 92915-27, hemeling(at)dai.de
Our working group is the central meeting point for the German finance/treasury community. It deals with the political dimension of financial and financial risk management and maintenance of contacts with policy-makers and watchdogs.
- Derivatives regulation EMIR
- MiFID II/MiFIR
- EU payment services directive
- Effects of bank and capital market regulation for non-financial companies
- Financial transaction tax
- Reform and regulation of financial market benchmarks
Representatives of our member companies’ European Affairs Offices come together in this forum to discuss current regulatory initiatives in European company and capital market law. Here, too, good contacts between business and policy-makers in Brussels is at the forefront.
- Dialogue between companies and EU institutions
- Current regulatory initiatives in European capital market legislation
- Current developments in the EU institution
Capital market communication and reaching out to investors about corporate loans are the themes of our debt/IR working group. In dialogue with investors, rating agencies, banks and further market participants, IR managers discuss recent developments regarding issue of and trade in corporate loans. This working group also focuses on creditor relations.
- Exchange of experience on status quo of debt IR
- Priorities for requirements on debt IR
- Further development of debt IR
In this working group we develop policy initiatives for improvement of the framework conditions for employee capital participation in Germany and offer a platform for exchange of experience.
- Broadening recourse to employee shares/employee capital participation
- Guidelines for employee shares
- Problems linked to cross-border employee participation schemes
- Obstacles to introduction of employee shares
- Dr. Norbert Kuhn, Leiter Unternehmensfinanzierung, Tel. +49 69 92915-20, kuhn(at)dai.de
This working group brings together legal experts from leading business law firms among Deutsches Aktieninstitut’s membership. Participants discuss twice per year the latest legal priorities in Berlin and Brussels.
The repeal of investment protection agreements between EU member states ordered by the European Court of Justice constitutes a watershed for internationally active companies. Our interdisciplinary project group works on policy proposals for alternative protection mechanisms.
- Proposals for an EU-wide investment protection framework
- Practical obstacles for EU investors regarding cross-border investment
- Maximilian Lück, Leiter EU-Verbindungsbüro, Tel. +32 2 7894101, lueck(at)dai.de
The legal affairs and investor relations departments of our listed corporate members are represented in this working group where we discuss recent developments in the areas of capital market law, investor relations and corporate governance.
- Implementation of EU shareholder rights directive
- Revision of German corporate governance code
- Implementation of market abuse regulation and transparency directive plus BaFin issuer guidelines
- Review of structure of EU supervisory authorities
- EU initiatives on collective redress and whistleblowing
- Sustainable finance
The focus of this working group, which brings together compliance managers, is directed in particular to new developments arising from the two EU money laundering directives and their implementation in German law.
- New elements for companies
- Practical significance and implementation processes in companies
- Observation of and participation in political negotiations
We organise this forum of listed companies jointly with the law firm Milbank. Heads of legal affairs and investor relations departments of large issuers from Bavaria take this opportunity to exchange on topical practical developments a well as new elements in company and capital market law.
In this working group, companies with registered shares exchange on regulatory developments, technical challenges and further topical questions surrounding registered shares. Above all, the focus is on how transparency in share registers can be achieved.
- Regulatory developments
- Improvement of technical procedures
- Implementation of shareholder rights directive for registered shares
This working group actively flanks the relevant European legislative procedures with the objective of simplifying the drafting of securities prospectuses and hence improving the framework conditions for capital market financing.
- Prospectus law, in particular revision of level 2 and 3rd act of the prospectus regulation
- Legal issues relating to loans
In this working group, CSR managers devote attention to sustainability topics such as non-financial reporting or sustainable finance from the special perspective of companies oriented on the capital market.
- Sustainable finance
- EU taxonomy
- EU directive on disclosure of non-financial information (CSR directive, non-binding guidelines)
- Supply chain
- EU CSR strategy
- Integrated reporting
- German sustainability code