Die Reform des Schuldverschreibungsrechts
Edited by: Theodor Baums and Andreas Cahn
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.
Theodor Baums holds the chair of the Institute for Banking Law and is Professor of Commercial and Civil Law at the Johann Wolfgang Goethe University in Frankfurt am Main and is a member of the Executive Committee of the Institute for Law and Finance. Baums was a member of a German government commission to adopt takeover legislation, and chaired a German government commission on corporate governance. He has numerous publications on corporate and securities law.
Andreas Cahn is the Director of the Institute for Law and Finance, where he teaches in the areas of comparative corporate law and corporate finance. Before becoming the ILF's first Director, Cahn held a Chair in Civil Law, Commerce Law and Corporate Law at the University of Mannheim. Cahn has authored a number of studies in the areas of corporate law, capital markets law and civil law.