Gb08_engl Umschlag:GB 2005 - DVFA

activities of the committees
Financial Market Regulation _
Committee Corporate Governance
The Committee Corporate Governance, which works under the auspices of the DVFA
Committee for Non-financials, was responsible for development of the Scorecard for
German Corporate Governance © - a DVFA evaluation scheme based on the German
Corporate Governance Code.
As a result of the close substantive linkages between the two groups, members were
significantly involved with the Committee Non-financials, given the important role of
corporate governance in the context of ESG (environmental, social and governance) as
a thematic focus of non-financial reporting. A detailed report on this work is available
in the section on the Committee for Non-financials.
In 2009, the Committees will focus on the significance of corporate governance for
investment professionals, as well as the future informational requirements for companies
in this context.
Committee on Standards for Investment Research
With implementation of the EU Markets in Financial Instruments Directive (MiFID) on 01
November 2007, new rules came into effect for those who prepare and communicate
financial analysis.
In this context, the German Federal Financial Supervisory Authority (BaFin) published an
official interpretation of section 31 (2) sentence 4 and section 34b WpHG, which replaces
the existing interpretations of section 34b WpHG dated 16 December 2003, 01 August
2005 and 08 February 2006.
The Committee on Standards for Investment Research took this as an opportunity to
present the information contained in the new official interpretation to members of
DVFA e.V. in the form of a circular, and introduce the different types of financial analysis
and the requirements to be fulfilled by those preparing and/or communicating
financial analysis.
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