Position Papers

With our position papers we engage in political debates and expert discussions regarding capital market issues - representing the interests of our members. Each year, numerous and detailed positions cover the various areas of our work: the primary market, the secondary market, the governance of listed companies and the economic education.

Below you will find our position papers which focus on European legislation - mostly in English and partially in German language. All our positions including papers with focus on national topics you will find on our German website.

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 Regulation. The legislative proposal of the BMF foresees a liability-relevant securities information sheet in the context of a EU prospectus exception that is designed to facilitate market access for SMEs. From the point of view of Deutsches Aktieninstitut, this securities information sheet neither enhances investor protection nor facilitates capital markets access, especially not for SMEs. Furthermore, Deutsches Aktieninstitut proposes a prospectus exception for smaller issuances with an issuing price of less than eight instead of five million euros. This prospectus exception would provide better access to capital markets for smaller companies and would be important considering the new obstacles introduced by the EU Prospectus Regulation.

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