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The volume contains 23 articles by international experts, both
scholars and practioners dealing with the development of
institutional investors (such as banks, insurances, investment
companies, pension funds etc.), their investment and voting
policies, the impact on managements of the companies concerned and
related issues. The consequences of the international development
on capital markets as well as policy implications for the
respective national legislations are treated.
The new German Bond Act has yet to prove itself in practice. As
part of a half-day conference, prominent specialists from academia
and practice shared their opinions about current problems arising
from the new bond legislation. This volume of the conference
proceedings documents and archives the delivered presentations. The
authors present their views on how to proceed with managing the
legal problems that have arisen to date. Similarly, they offer
reform suggestions for strengthening Germany s position in the
international competition between legal systems."
On 9 November 2005 a symposium took place on the realisation of the
Takeover Directive in Europe which was attended by experts on
takeover law from six Member States. Their papers are compiled in
this volume.
This volume contains the contributions from the convention "The
Future of Clearing and Settlement", which the ILF staged on June
27, 2005, at the Johann Wolfgang Goethe University. The first part
of the convention was devoted to selected questions about deposit
and company law regarding securities safekeeping in the media,
including possible alternatives to the applicable law and a
comparative law look at Switzerland. At the same time, the analysis
of the legal foundation for clearing and settlement offered the
opportunity to put the market models for securities settlement,
which are actively discussed at present, to the test in the second
part of the convention.
["The reform of the law on bonds"] In the past few years, the
financing instrument "bonds" was gaining considerable importance on
the German capital market, not least because of declining prices on
the share market and the lowering of key interest rates by the ECB.
On an international level, the German bond market comes in third
world-wide behind the American and Japanese markets. The German law
on bonds, however, is less popular than the German market. The
prevailing German law on bonds is largely codified in the 1899 law
on common rights of bond owners. The age of a law is certainly no
indication of its quality. However, the law on bonds, particularly,
does not meet the practical requirements of a great number of
issues and is therefore hardly ever applied. In this respect,
Germany is definitely posed to fall behind in the competition
between the legal systems. The present volume includes the lectures
of a conference on reforming the law on bonds organized by the ILF
on 5 February 2004. The Federal government's plan to completely
revise the law on bonds was the impetus for this conference. The
present contributions aim at being part of the reform discussion
and provide suggestions for organizing the future law from the
point of view of both the German practice and the foreign legal
systems that are most important with respect to bonds.
(The European Stock Corporation. Implementation questions and
perspectives) In October of this year the European stock
corporation, or Societas Europaea (S.E.), will be made available in
the EU as a European form of company. The discussion concerning a
European stock corporation harks back to the 1950's. Then, in 2001,
a surprising accord was reached after various failed attempts to
establish a standard European stock corporation. However, in many
partially decisive areas this accord was only able to be reached
through extensive compromises. That's why it's feared that there
will not be a standard form of stock corporation, but rather a
multitude of nationally characterized and partially quite different
European stock corporations. The conference arranged by the
"foundational guest lecture series for international banking law"
should provide insights from a comparative legal standpoint into
the status and content of the implementation efforts in the
relevant member nations of the EU. The volume at hand reproduces
the lectures held at the conference.
The publication is dedicated to the late Michael Gruson, who passed
away in December 2005. He was one of the worldwide leading lawyers
in the field of international banking and capital market law.
The number of hedge funds and the assets they have under management
has increased in recent years. This increase became significantly
more pronounced after the market downturn in 2001. Hedge funds can
help investors to benefit from volatile and even sinking stock
markets. However, despite the prominent use of the word "hedge" in
their name, such funds rarely offer a safe hedge against risk,
given that they depend heavily on skill-based investment techniques
and often invest in highly speculative financial instruments.
Nevertheless, such funds received no specific treatment in the
legislation of such major markets as Germany and the United States
for years. Against the backdrop of international regulatory concern
for hedge funds, the Institute for Law and Finance (ILF), in
cooperation with Deutsches Aktieninstitut e.V. (DAI), brought
together leading scholars, lawyers and bankers, to assess the
risks, opportunities and regulatory challenges that hedge funds
present. At the time of the conference, German lawmakers were still
discussing the need and possible content of a new law. The fruit of
their discussions was the German Investment-Modernization Act
(Investmentmodernisierungsgesetz), which entered into force on
January 1, 2004, and increased the attractiveness of offering hedge
fund products in the German market. This inaugural volume of the
Institute for Law and Finance Series contains the proceedings of
the ILF/DAI May 2003 conference entitled "Hedge Funds: Risks and
Regulation," and presents papers discussing the economic
characteristics of and regulatory strategies for addressing hedge
funds. The first two papers examine hedge funds from an economic
perspective. Alexander M. Ineichen, Managing Director and Global
Head of AIS Research at UBS, reveals the economic reality of hedge
funds from the myths that has surrounded them. Then Franklin R.
Edwards, Professor and Director of the Center for the Study of
Futures Markets of the Columbia Business School in New York
explains how the regulation of hedge funds should be tailored to
their core economic reality and the goals of financial stability
and investor protection. Next, Marcia L. MacHarg, a partner of
Debevoise & Plimpton LLP, Ashley Kovas, a Manager in the
Business Standards Department of the Financial Services Authority,
London, and Edgar Wallach, a partner of Hengeler Mueller, present
the state of the relevant regulatory structures in the United
States, the United Kingdom, and Germany, respectively. The book
then closes with an analysis of corporate structures used for
German hedge funds, offered by Kai-Uwe Steck, a member of the
German Asset Management practice group of Shearman & Sterling
LLP.
This "Liber Amicorum" is written in honour of Richard M. Buxbaum to
celebrate his 70th birthday. It pays tribute to his writings,
teachings, editorial and administrative work, which have
contributed immensely to the development of the international legal
order. The contributions are from international experts in the
field of commercial and economic law, corporate law, intellectual
property and business law, and give an interesting and valuable
account of current economic trends and academic thinking.
With the increasing interest of foreign investors, particularly
institutional investors, in European companies, there is a growing
need for information on the different regimes affecting the legal
status of shareholders. Investors need to be aware of the rights
and privileges of shareholders in various jurisdictions in order to
participate effectively in companies' voting and decision-making
processes. This book provides detailed analysis of the rules and
practices in 16 European jurisdictions and the United States,
covering issues such as convening the general meeting, depositing
and blocking of shares, participation rights, setting of the
agenda, voting rights and proxy rules. The authors also aim to make
companies aware of practices which may hamper effective shareholder
participation and, in comparing the different rules and practices,
to identify areas where further harmonisation might be undertaken
within the European Community framework. The papers collected here
are the result of a conference organised by Professor Theodor
Baums, of the University of Osnabruck and Professor Eddy Wymeersch,
of the University of Ghent.
Die Autorin untersucht die Entwicklung glaubigerschutzender Normen
in der Geschichte des Aktienrechts. Es werden Elemente der
Chaostheorie, Evolutionswissenschaft und der Pfadabhangigkeit zu
einem dogmatischen Grundgerust der Entwicklung von Rechtsnormen
kombiniert und rechtliche Normen und Regelungen des
Aktionarsschutzes zu regulatorischen Wirkungseinheiten
zusammengefasst. Die Autorin erklart Entstehungsmuster fur
identifizierte Paradigmen. Methodisch wird die zweihundertjahrige
Geschichte der aktienrechtlichen Glaubigerschutzregelungen in
Deutschland erfasst und ihre aktuelle Bedeutung und
Zukunftsfahigkeit bewertet. Die Untersuchung ist deshalb zugleich
historisch und von besonderer Aktualitat.
Das Buch stellt die historische Entwicklung und gegenwartig
komplizierte Ausgestaltung des Bankenaufsichts- und
Kapitalmarktrechts in den USA dar. Ein Schwerpunkt liegt auf der
Normvorbereitung und -bildung auf internationaler Ebene und dem
wechselseitigen Einfluss von internationalen und nationalen Regeln.
Der Autorin gelingt ein Bruckenschlag zwischen den ansonsten
getrennt voneinander behandelten Gebieten. Sie resumiert, dass
Aufsicht und Regulierung immer dem Erfindungsreichtum der
Marktteilnehmer hinterherhinken und die Aufsicht zwischen strikter
Regulierung und Deregulierung alterniert. Die Analysen zeigen, dass
einmal geschaffene Normen und Institutionen schwer zu ersetzen sind
und dass Lehren aus einer Finanzkrise schnell vergessen werden.
Der Wettbewerb auf internationalen Absatz-, Kapital- und
Arbeitsmarkten zwingt deutsche Unternehmen unter anderem zu
erhoehter Flexibilitat bei ihrer Fuhrungs- und
Unternehmensorganisation. In jungerer Vergangenheit haben einige
namhafte deutsche Unternehmen versucht, diesen Anforderungen durch
die Einfuhrung virtueller Holdingstrukturen gerecht zu werden. Dies
hat zu Diskussionen in der OEffentlichkeit gefuhrt. Gegenstand
dieser Arbeit ist die aktienrechtliche und konzernrechtliche
Zulassigkeit der virtuellen Holding. Unter anderem werden die
Moeglichkeiten zur Delegation von Aufgaben, zur Organisation des
Vorstands, der nachgeordneten Fuhrungsebenen und der
Unternehmensbereiche sowie Fragen der Haftung von Vorstanden und
sonstigen Fuhrungskraften behandelt.
Das Recht der stillen Gesellschaft eroeffnet einen weiten
Gestaltungsspielraum. Dieses Werk stellt umfassend die besonderen
rechtlichen Anforderungen dar, die fur die stille Beteiligung an
einer Aktiengesellschaft gelten. Ausgehend von den Motiven fur die
Rechtsformwahl werden die Moeglichkeiten und Grenzen der
Vertragsgestaltung dargestellt. Die Darstellung fuhrt von der
Begrundung der Beteiligung bis zu ihrer Beendung und berucksichtigt
das Personengesellschaftsrecht, das Recht der Fremdfinanzierung der
Aktiengesellschaft, das Konzernrecht und das Umwandlungsrecht.
Nach langer Wachstumsperiode ist der deutsche Investmentmarkt in
eine Konsolidierungsphase getreten. Als Instrumente in diesem
Prozess stehen nur die Aufloesung und die UEbertragung von
Investmentfonds zur Verfugung. Die Arbeit untersucht unter
besonderer Berucksichtigung der Investmentpraxis alle
zivilrechtlichen, aufsichtsrechtlichen und steuerrechtlichen
Aspekte, die in diesem Zusammenhang von Bedeutung sein koennen.
Hierbei wird nach Publikums- und Spezialfonds differenziert. Die
gegenwartige Rechtslage fuhrt jedoch zu Reibungsverlusten bei der
Aufloesung von Fonds, die weder im Interesse der Anleger noch der
Anlagegesellschaften liegen. Die Verschmelzung von Sondervermoegen
koennte diese Probleme mildern. Aus diesem Grund wird die
Einfuhrung einer gesetzlichen Regelung der Fusion von
Investmentfonds untersucht und im Ergebnis befurwortet.
Die Studie schliesst eine Forschungslucke, indem sie umfassend die
aktienrechtlichen Risikomanagementpflichten von Vorstand und
Aufsichtsrat im Umgang mit Liquiditatsrisiken untersucht. Sie
umfasst auch die aktienrechtlichen Pflichten bei einer Delegation
von liquiditatsrisikobehafteten Geschaftsaktivitaten und
-prozessen. Ausgangspunkt ist die Rechtsprechung, die im Nachgang
zur Finanzkrise der Jahre 2007-2009 ergangen ist. Im Weiteren geht
der Autor den Fragen nach, ob, unter welchen Voraussetzungen und in
welchem Umfang die bankaufsichtsrechtlichen Regelungen zur
Sicherstellung der Zahlungsfahigkeit von Kreditinstituten "de lege
lata" eine Schrittmacherrolle bzw. eine Ausstrahlungswirkung fur
den aktienrechtlichen Pflichtenrahmen ausserhalb des Bankensektors
haben.
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