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.

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 one hand and, on the other hand, further alleviations have to be achieved.