{"id":44121,"date":"2017-09-01T10:13:53","date_gmt":"2017-09-01T08:13:53","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/foreword-2015\/"},"modified":"2017-09-01T10:13:53","modified_gmt":"2017-09-01T08:13:53","slug":"foreword","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/foreword\/","title":{"rendered":"Foreword 2015"},"content":{"rendered":"

Dr. Michael Meis\u00adter MdB<\/strong> \u2014 Parlia\u00admen\u00adtary State Secre\u00adtary Fede\u00adral Minis\u00adtry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"

Equity capi\u00adtal is an important buil\u00adding block for finan\u00adcing German compa\u00adnies that should not be unde\u00adre\u00adsti\u00adma\u00adted. Predo\u00admi\u00adnantly small and medium-sized compa\u00adnies rely on this type of finan\u00adcing, so private equity is prima\u00adrily finan\u00adcing for medium-sized compa\u00adnies. Equity capi\u00adtal in the form of venture capi\u00adtal also plays an important role in busi\u00adness start-ups and expan\u00adsi\u00adons. It is always important to keep in mind that today\u2019s start\u00adups can be tomor\u00adro\u00adw\u2019s SMEs and thus an important driver of growth. I ther\u00ade\u00adfore expressly welcome the promo\u00adtion of the provi\u00adsion of equity capi\u00adtal. Finan\u00adcing opti\u00adons for small and medium-sized enter\u00adpri\u00adses in parti\u00adcu\u00adlar are occu\u00adpy\u00ading an incre\u00adasingly broad place on the agenda, not only at the natio\u00adnal poli\u00adti\u00adcal level but also in Euro\u00adpean and global bodies.<\/p>\n

Accor\u00adding to the Bundes\u00adver\u00adband Deut\u00adscher Kapi\u00adtal\u00adbe\u00adtei\u00adli\u00adgungs\u00adge\u00adsell\u00adschaf\u00adten e. V. (BVK), the number of newly finan\u00adced compa\u00adnies throug\u00adhout Germany has remained constant at 1,200 to 1,300 for years. Private equity is a solu\u00adtion in many cases when a company needs capi\u00adtal and know-how to deve\u00adlop further. The turno\u00adver of private equity-finan\u00adced compa\u00adnies today corre\u00adsponds to around 8.1 percent of the gross natio\u00adnal product. These compa\u00adnies employ appro\u00adxi\u00adm\u00adately 1.19 million workers. And the fact that equity capi\u00adtal conti\u00adnues to be in demand is demons\u00adtra\u00adted by the more than 42,000 inqui\u00adries from equity-seeking compa\u00adnies or start-ups recei\u00adved by BVK member compa\u00adnies in 2013 alone. The German Private Equity Baro\u00adme\u00adter for the second quar\u00adter of 2014 from BVK and KfW shows that market senti\u00adment is impro\u00adving again after a subdued start to 2014. In gene\u00adral, the outlook is conside\u00adred to be good.<\/p>\n

From a regu\u00adla\u00adtory perspec\u00adtive, a busy year lies behind both the fund indus\u00adtry and fund super\u00advi\u00adsion. In mid-2013, the German Invest\u00adment Code came into force with the imple\u00admen\u00adta\u00adtion of the AIFM Direc\u00adtive. This was the first time that all invest\u00adment assets and their mana\u00adgers were placed under finan\u00adcial super\u00advi\u00adsion in Germany. This also affec\u00adted the invest\u00adment sector. Super\u00advi\u00adsors and fund mana\u00adgers had to deal with issues that were new to them in each case. This did not always go without fric\u00adtion. But I am confi\u00addent that after the tension of the tran\u00adsi\u00adtion period, regu\u00adla\u00adtory issues can be resol\u00adved in the future with the cons\u00adtruc\u00adtive parti\u00adci\u00adpa\u00adtion of all parties in a way that adequa\u00adtely takes into account inves\u00adtor protec\u00adtion and the special charac\u00adte\u00adristics of equity funds.<\/p>\n","protected":false},"featured_media":41153,"comment_status":"closed","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2468,2550,2578],"product_tag":[1897,1904,1913,1920,1930,1936,1939],"class_list":{"0":"post-44121","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-free-of-charge-en","8":"product_cat-fyb-2015","9":"product_cat-dr-michael-meister-member-of-the-bundestag","10":"product_tag-master","11":"product_tag-michael-en","12":"product_tag-equity-capital","13":"product_tag-aifm-directive","14":"product_tag-venture-capital-en-2","15":"product_tag-sme-financing","16":"product_tag-growth-engine","17":"pa_sprache-english-3","18":"pa_sprache-german","20":"first","21":"instock","22":"taxable","23":"shipping-taxable","24":"purchasable","25":"product-type-variable"},"yoast_head":"\nForeword 2015 - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/foreword\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreword 2015 - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Equity capital is an important building block for financing German companies that should not be underestimated. 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The turnover of private equity-financed companies today corresponds to around 8.1 percent of the gross national product. These companies employ approximately 1.19 million workers. And the fact that equity capital continues to be in demand is demonstrated by the more than 42,000 inquiries from equity-seeking companies or start-ups received by BVK member companies in 2013 alone. The German Private Equity Barometer for the second quarter of 2014 from BVK and KfW shows that market sentiment is improving again after a subdued start to 2014. In general, the outlook is considered to be good. From a regulatory perspective, a busy year lies behind both the fund industry and fund supervision. In mid-2013, the German Investment Code came into force with the implementation of the AIFM Directive. This was the first time that all investment assets and their managers were placed under financial supervision in Germany. This also affected the investment sector. Supervisors and fund managers had to deal with issues that were new to them in each case. This did not always go without friction. 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