The German Financial System


Book Description

Written by a team of scholars, predominantly from the Centre for Financial Studies in Frankfurt, this volume provides a descriptive survey of the present state of the German financial system and a new analytical framework to explain its workings.




Die Umsetzung der Übernahmerichtlinie in Europa


Book Description

Die im Mai 2004 in Kraft getretene (Übernahme-)Richtlinie enthält ein übernahmerechtliches Vereitelungsverbot und eine Durchgriffsregel, nach der satzungsmäßige Beschränkungen der Übertragung von Aktien gegenüber dem Bieter grundsätzlich keine Wirkung entfalten. In der Schlussphase der Beratungen wurden Vereitelungsverbot und Durchgriffsregel zur Disposition der Mitgliedstaaten gestellt. Damit ergibt sichein nicht leicht zu durchschauendes Zusammenspiel von europarechtlichen Vorgaben, nationaler Umsetzung und Satzungsgestaltung auf Gesellschaftsebene. Dies war Anlass für ein Symposion am 9. November 2005, an dem Experten des Übernahmerechts aus sechs Mitgliedstaaten beteiligt waren, deren Referate in dem vorliegenden Band zusammengefasst sind.




Common Legal Framework for Takeover Bids in Europe: Volume 2


Book Description

The Council Directive of 21 April 2004 on takeover bids sets forth the general principles applicable to takeover bids and clarifies certain minimum rules with respect to the procedure for a takeover bid, the obligation to make a mandatory bid in the event a minimum threshold is crossed and the majority shareholder's squeeze-out right as well as the minority shareholders' sell-out right. Furthermore, the Directive defines the authority which is competent to approve offer documents and supervise takeover bids, and provides for optional restrictions on the actions of the target company's management and on defence mechanisms. This book discusses the Takeover Directive and its implementing rules in each Member State of the European Union and the European Economic Area, providing companies and their advisors with useful insight into the legal framework and principles applicable to takeover bids in the region.







Systemtransformation In Mittel Und Osteuropa Und I


Book Description

English summary: In this volume, leading scholars from Central and Eastern European countries and from Western Europe as well work out suggestions for dealing with company groups in transforming countries' groups. German description: Wahrend Unternehmensgruppen in Westeuropa Gegenstand intensiver, auch rechtsvergleichender Forschung und lebhafter rechtspolitischer Diskussionen sind, lassen sich Kenntnisse uber Unternehmensgruppen in mittel- und osteuropaischen Landern haufig nur mit betrachtlichem Aufwand und bisher nur fur einzelne Lander gewinnen.Wie entstehen und verhalten sich Unternehmensgruppen in diesen Transformationslandern? Fuhrende Wissenschaftler aus Mittel-, Ost- und Westeuropa untersuchen dies aus rechtlicher und okonomischer Sicht.Dieser Band enthalt die Beitrage eines Symposions, das 2000 in Hamburg stattfand, und die dort erarbeiteten Vorschlage unter Berucksichtigung zwischenzeitlicher Rechtsanderungen.




Recueil Des Cours


Book Description

The Academy is an institution for the study and teaching of Public and Private International Law and related subjects. Its purpose is to encourage a thorough and impartial examination of the problems arising from international relations in the field of law. The courses deal with the theoretical and practical aspects of the subject, including legislation and case law. All courses at the Academy are, in principle, published in the language in which they were delivered in the Collected Courses of the Hague Academy of International Law. This volume contains: - Le droit international à la recherche de ses valeurs: paix, développement, deémocratisation (conférence inaugurale), par B. BOUTROS-GHALI, membre du Curatorium de l'Académie; secrétaire général de la Francophonie, Paris. - The Evolution of International Law of the Sea: New Issues, New Challenges by T. SCOVAZZI, Professor at the University of Milan-Bicocca. - Capital Markets and Conflict of Laws by H. KRONKE, Professor at the Institute of Foreign and International Private and Economic Law, Heidelberg.To access the abstract texts for this volume please click here"




Comparative Corporate Governance


Book Description

"This book goes back to a symposium held at the Max Planck Institute for Foreign Private and Private International Law in Hamburg on May 15-17 1997"--P. [v].




Regulating EU Capital Markets Union


Book Description

The current framework of EU regulation concerning capital markets is complex and partly inconsistent in the way that it is applied in the various Member States. Through the Capital Markets Union (CMU) project the European Union is pursuing the goal of establishing a true single market for capital in Europe. Regulating EU Capital Markets Union: Fundamentals of a European Code is the first of a two-volume series proposing the codification of EU legislature as a way to establish this goal. This book analyses all existing capital markets regulation. It explains the idea of codification, looks at the added value of a European Capital Markets Code, discusses key concepts of the current regimes and elaborates on the goals of the future codification act. The work explores the idea that the provisions spread over numerous rulebooks should be brought together in a single legal act in the form of a regulation and organized in a systematic way to reduce complexity thereby facilitating accessibility of capital markets law. Drawing on the experience of academics from various European countries, this volume discusses possible contents of a European Capital Markets Code, addresses approaches to regulatory reforms and explores the role of private enforcement.




Institutional Investors and Corporate Governance


Book Description

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.




Übernahmeangebote im Aktienrecht


Book Description