Die Reform des Schuldverschreibungsrechts

Theodor Baums, Andreas Cahn, Theodor Baums, Andreas Cahn

• Verlag: De Gruyter
• Jahr: 2014
• ISBN:
  9783110900040
• Auflage: 1
• Thema: Law
• Thema: Civil Law

["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.

Inhaltsverzeichnis

• Germany
• Rechtsfragen bei der Festlegung von Emissionsbedingungen für Schuldverschreibungen unter besonderer Berücksichtigung der Dematerialisierung und des Depotgesetzes
• Die Inhaltskontrolle von Emissionsbedingungen: Abschied vom AGB-Recht
• Die Änderung von Anleihebedingungen durch Beschluß der Gläubiger
• Die Stellung des Anleihetreuhänders nach deutschem Recht
• Rechtsfragen der Restrukturierung, insbesondere der Schuldner¬ersetzung
• Umschuldung von Staatsanleihen unter Berücksichtigung der Problematik einer Aggregation aller Anleihegläubiger
• Switzerland
• Die Emission von Schuldverschreibungen nach schweizerischem Recht - ein Rechtsvergleich mit dem geplanten deutschen Schuldverschreibungsrecht
• United Kingdom
• Bond issues under U.K. law: how the proposed German legislation compares
• United States
• Bond issues under New York and U. S. law: Considerations for the German Law Maker from a U. S. Perspective