In its reply to ESMA’s consultation on SME Growth Markets, Deutsches Aktieninstitut advocates for decreasing regulatory burdens in order to make SME Growth Markets more attractive. Especially for small and medium-sized enterprises, proportionality and flexibility of regulation are essential. “SME Growth Market” is a new category of multilateral trading venues (MTFs) in Europe, specifically targeted at SMEs and meeting EU-wide standards.
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 FX-spot transactions.
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 position paper Deutsches Aktieninstitut points out that the purchase of shares is not a tax evading measure at all, but an important step to increase long-term wealth and old-age provisions.
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 rules, that does not enhance investor protection, should be abandoned for every issuer irrespective of its size. In addition, to facilitate more IPOs of SMEs it is of utmost importance to raise capital of retail investors via an extension of share possession in the ...
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 ...
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, which ESMA's proposal contains, too. It reminds that already on Level 1 of the revised European Prospectus Regulation, new burdens had been introduced. In order to achieve the objectives to simplify prospectus, the new burdens at level 1 must be compensated on ...
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 must play their role in the upcoming legislative period.
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 pension system survey participants demand debureaucratisation of the listing process and the being public.
Editorial Focus: IPO
Following the German government's investment in the biotechnology company CureVac, known as the vaccine platform and currently the leader in the development of a vaccine against Covid-19, the company is now planning an IPO in New York. This example shows that Germany is still not an attractive location for IPOs of young growth companies and that politicians finally need to act.
Issues regarding capital markets have in future to be placed much higher on the political agenda. Deutsches Aktieninstitut has inquired what the political parties have in mind with regard to important capital market matters and has commented these responses. Better conditions for more IPOs in Germany, the use of more shares in old age provisions and the Financial Transaction Tax are just a few of the issues we have followed up.
Deutsches Aktieninstitut calls upon political parties to show more support for important capital market issues like a share oriented old age provision and more IPOs in Germany. The responses of the political parties to the “Wahlprüfsteine” of Deutsches Aktieninstitut show that in many ways clear concepts are missing.
In the constituent meeting of the board of Deutsches Aktieninstitut, Dr. Hans-Ulrich Engel, CFO BASF SE, was unanimously elected as new president. Engel follows Werner Baumann, CEO Bayer AG, who was holding office since 2013.
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