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 unable to access private capital markets. This is the key message of a recent position paper of Deutsches Aktieninstitut. We propose, among others, to extend the alleviations for raising capital, which have been created for recapitalization-measures of the government ...

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From the issuers’ perspective, MAR has led to a situation in which issuers face constant legal uncertainties. This position paper identifies existing problems and proposes concrete amendments. Deutsches Aktieninstituts sees as problematic in particular the very broad and vague term of inside information, the treatment of early stages of protracted processes as inside information and the poor protection of reasonable interests in the event of delay disclosure.


Deutsches Aktieninstitut welcomes the level II Regulation draft on the SRD II which will help to further improve and harmonise information flows between companies, intermediaries and shareholders and, in turn, will ease to practice shareholders’ rights cross border within the EU. Though we basically welcome the draft, some work remains to be done. Overall, it has to be ensured that the final Regulation works together with existing company laws as well as the needs of issuers to have legal ...

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Deutsches Aktieninstitut welcomes in a joint letter with the Federation of German Industries (BDI) to the European Commission considerations on EU level to enhance cross-border mobilty of companies and the digitalisation of company law. At the same time, Deutsches Aktieninstitut points out that any prospective measures in the area of the digitalisation of company law need to guarantee sufficient flexibility for companies. With regard to cross-border mobility of companies, ...

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On 24.9.2017 the German citizens will elect the new German Bundestag und thus predefine the forthcoming policitcal, social and economic developments. One important political topic with long-term relevance is the framework for financial and capital markets. Deutsches Aktieninstitut therefore has analysed the election programmes of several political parties (CDU/CSU, SPD, Bündnis 90/Die Grünen, FDP, Die Linke and AfD) regarding issues being relevant for capital markets. Several distinct topics ...

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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 (BDI) Deutsches Aktieninstiutt focusses on the provisions on related party transactions, remuneration and the topic of proxy advisors. Both associations stress that for the German industry it is of major importance that in particular the improvements on related ...


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 addressed more precisely. This applies especially to the aspect of corporate finance. In addition, a cumulative impact-assessment of the regulatory initiatives launched in the aftermath of the financial crisis is necessary in order to identify and remove barriers for ...

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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 participation in general meetings. However, Deutsches Aktieninstituts is very concerned that as a result of the harmonisation securities law could gain priority over national corporate law. The position paper has been developed in co-operation with the associatio nof German ...

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Position of Deutsches Aktieninstitut in regard of the proposed changes in the law regulating transformation of companies (Umwandlungsgesetz) and concerning corporate demergers (in German)

In this position Deutsches Aktieninstitut welcomes the idea of accelerating court procedures to verify the adequacy of an offer. The duration of such procedures harm companies as well as investors. Deutsches Aktieninstitut proposes, though, to admit appeals to the Federal Court of Justice.


Position paper of Deutsches Akteininstitut on a proposed German act on the representation of women in executive positions

Das Deutsche Aktieninstitut hält die geforderte starre Frauenquote weder für verfassungsgemäß noch für zielführend. Nur gemeinsame Anstrengungen des Staates, der Unternehmen und der Betroffenen können dazu führen, dass mehr Frauen Führungspositionen übernehmen.


Position of Deutsches Aktieninstitut in regard of the proposal of promoting equal participation of women and men in management and supervisory boards



Position of Deutsches Aktieninstitut in regard of the government draft bill of the revised Stock Corporation Act 2012 (in German)



Position of Deutsches Aktieninstitut in regard of the appeal to the Federal Constitutional Court: "Delisting", 1 BvR 1569/08 (in German)


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 for capital markets and which deserve particular attention due to their significance for business and society in connection with the Brexit negotiations. Furthermore it makes proposals how the negative impact of Brexit on the affected national economies can be ...

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Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2016 (in German)

Focus: Retirement Planning

In its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market” published today, the Deutsche Aktieninstitut submits proposals to the negotiators how the negative impact of Brexit on the affected national economies can be minimised.

You can find the Position Paper  here.


Auf einen Symposium des Deutschen Aktieninstituts zum Thema „Anfechtungsrecht" forderte das geschäftsführende Vorstandsmitglied Dr. Christine Bortenlänger gestern in Frankfurt die Reform des Anfechtungsrechts. Vor den gut 100 Teilnehmern aus Politik, Wirtschaft, Justiz und Wissenschaft sagte sie: „Ich denke nicht, dass wir uns mit der aktuellen Situation zufrieden geben sollten. Die Geschlossenheit des Gesellschaftsrechts und die weitere Eindämmung des Missbrauchspotentials unter ...

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