The new draft bill concerning the introduction of digital securities by the Federal Ministry of Finance and the Federal Ministry of Justice introduces a new era in the German capital market by establishing digital securities.The draft bill represents a shift away from the requirement of a physical document for securities under German securities law. Deutsches Aktieninstitut welcomes the initiative, but further clarifications are needed in the legislation.
Deutsches Aktieninstitut welcomes the objective to strengthen the role of Germany as a top location for digitization and being a leader in using new technologies like blockchain. In this context, electronic securities and token regulation are important steps to increase the attractiveness of the German capital market.
Deutsches Aktieninstitut together with further European associations commented on the changes made to third country regimes through the investment firm review. The associations support the Commission's proposal to strengthen the equivalence determination process and the assessment criteria for third country firms likely to be of systemic importance for the EU. At the same time the cross-border access of third country firms should not be limited. They criticise especially the proposals to ...
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 ...
On the 25th of May 2017 a code of conduct for FX markets (“FX Global Code”) was published, which has been developed by an international cross-sectorial expert group led by major central banks. Deutsches Aktieninstitut supports the Code. Its principles aim at strengthening market integrity in the interest of all market participants and offer guidance for good conduct for the FX business while being proportionate to the size, the role and the importance of the various market participants. The ...
With regard to the second capital market law amendment das Deutsche Aktieninstitut emphasizes not to go beyond the existing European legal provisions, hence this is imperative for a successful implementation of miscellaneous legal acts associated with this law amendment. Furthermore, das Deutsche Aktieninstitut advocates a more transparent and causation-related pay-as-you-go financing of the National Competent Authority of Germany (BaFin).
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 ...
We comment the work of ESMA regarding the draft technical standards and technical advise according to MiFID II / MiFIR. ESMA should properly take into account the specifics of non-financial companies using derivatives relating to their commercial and treasury financing activities. Furthermore, an appropriate level of transparency on equity markets should ensure fair trading and an efficient price discovery process.
The implementing measures under the new European Market Abuse Regulation will likely go too far. This is the key concern Deutsches Aktieninstitut raises in a consultation of ESMA on this issue. ESMA's proposals will likely tighten supervisory practice regarding the publication of inside information, the publication of insider lists and managers' transactions in shares of the own company.
This position paper is a shorter version of the German position paper on the financial transaction tax originally published on 2 May 2013. It lays down in detail that the financial transaction tax would severely burden the real economy and retail investors.
This position paper lays down in detail that the financial transaction tax would severely burden the real economy and retail investors.
Deutsches Aktieninstitut's comment on ESMA's draft technical advice on the EU short selling regulation (in German)
Position of Deutsches Aktieninstitut on the financial transaction tax
Comment of Deutsches Aktieninstitut on the EU regulation of the rating market
Listed companies observe increasing bureaucratic burden as well as decreasing legal certainty from the EU Market Abuse Regulation. In particular, regarding the obligation to publish inside information companies call for guidance. This is the key result of this study conducted by Deutsches Aktieninstitut and Hengeler Mueller. The study is based on a survey among German listed companies on their experiences two years after the Market Abuse Regulation went into ...
The third position paper of Deutsches Aktieninstitut on the exit negotiations between the European Union and the United Kingdom illustrates based on the examples customs and product authorisations as well as data protection and derivatives, what companies can do to solve the problems arising from Brexit. However, it makes also clear that companies especially in the case of a hard Brexit depend on the involvement of regulators and supervisors and cannot mitigate all problems alone. Without ...
The current position paper of Deutsches Aktieninstitut on the exit negotiations between the European Union and the United Kingdom complements the first position paper from February 2017 and covers further relevant topics, e.g. clearing, benchmark and rating. The analyses of financial and capital market legislation and concrete examples from practice illustrate which topics deserve particular attention due to their significance for business and society in connection with the Brexit ...
Kurvenlage - Semi-Annual Report of Deutsches Aktieninstitut, 1st Term 2016 (in German)
Focus: Retirement Planning
Focus: Capital Markets Union
Focus: 50 years German stock corporation law
At the annual reception of Deutsches Aktieninstitut, taking place today, Dr. Martin Haferkorn will be awarded the University Prize of Deutsches Aktieninstitut for his dissertation „High-Frequency Trading in Fragmented European Equity Markets – Implications for Market Quality“. The prize is endowed with 12.500 Euros.
Our topics at a glance: