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This article presents a structural overview of corporate disclosure in Germany against the background of a rapidly evolving European market. Professor Baums first makes the theoretical case for mandatory disclosure and outlines the standard, regulatory elements of market transparency. He then turns to German law and illustrates both how it attempts to meet the principle, theoretical demands of disclosure and how it should be improved. The article also presents in some detail the actual channels of corporate disclosure used in Germany and the manner in which German law now fits into the overall development of the broader, European Community scheme, as well as the contemplated changes and improvements both at the national and the supranational level.
Das Recht zur Verhinderung von Kursmanipulationen ist durch das 4. Finanzmarktförderungsgesetz, das am 1. Juli 2002 in Kraft getreten ist, grundlegend reformiert worden. Der Beitrag befasst sich mit den Hintergründen und der Ausgestaltung dieser Neuregelung sowie der Frage, wie diese zu bewerten ist. Verschiedene (wesentliche) Details waren im Gesetzgebungsverfahren hoch umstritten. Ein wichtiger Punkt, nämlich die subjektiven Voraussetzungen des § 20a Abs.1 S.1 Nr.2 WpHG, ist noch kurz vor Abschluss des Verfahrens geändert worden.
The paper was submitted to the conference on company law reform at the University of Cambridge, July 4th, 2002. Since the introduction of corporation laws in the individual German states during the first half of the 19th century, Germany has repeatedly amended and reformed its company law. Such reforms and amendments were prompted in part by stock exchange fraud and the collapse of large corporations, but also by a routine adjustment of law to changing commercial and societal conditions. During the last ten years, a series of significant changes to German company law led one commentator to speak from a "company law in permanent reform". Two years ago, the German Federal Chancellor established a Regierungskommission Corporate Governance ("Government Commission on Corporate Governance") and instructed it to examine the German Corporate Governance system and German company law as a whole, and formulate recommendations for reform.
Ich setze voraus, dass Erfordernisse auf Wissenschaft beinhalten: (1) nicht-physische Ursachen für physische Wirkungen auszuschließen; (2) auch unbewiesene Annahmen und ungeprüfte Dogmen auszuschließen; (3) politisch autonom zu sein; (4) sich auf eine methodische Grundlage zu stützen und (5) im Rahmen der sog. vertikalen Konzeptintegration' zu arbeiten. Ich zeige, dass Strafrechtsdogmatik und Kriminologie, wenn sie Gesellschaft, Recht und die Verbindungen zwischen ihnen beschreiben, Subjekte behaupten, die es nicht gibt. Sie entkleiden Objekte ihrer natürlichen Qualitäten und schreiben ihnen außernatürliche Qualitäten zu. Außerdem behaupten sie Mittel im Kontext dieser Subjekt-Objekt-Beziehungen, die magisch sind, weil ihnen nachvollziehbare natürliche Wirkungen fehlen.
s.a.: Das Recht hybrider Netzwerke. Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht 165, 2001, 550-575.. Italienische Fassung: Diritti ibridi: la costituzionalizzazione delle reti private di governance. In: Gunther Teubner, Costituzionalismo societario. Armando, Roma 2004 (im Erscheinen).
Dt. Fassung: Rechtsentfremdungen: Zum gesellschaftlichen Mehrwert des zwölften Kamels, Zeitschrift für Rechtssoziologie 21, 2000, 189-215 und in Gunther Teubner (Hg.) Die Rückgabe des zwölften Kamels: Niklas Luhmann in der Diskussion über Gerechtigkeit. Lucius & Lucius, Stuttgart 2000, 189-215. Englische Fassung: Alienating Justice: On the Social Surplus Value of the Twelfth Camel. In: David Nelken and Jirí Pribán (Hg.) Law's New Boundaries: Consequences of Legal Autopoiesis. Ashgate, London 2001, 21-44. Französische Fassung: Les multiples aliénations du droit : Sur la plus-value sociale du douzième chameau. Droit et Société 47, 2001, 75-100. Polnische Fassung: Sprawiedliwosc alienujaca : O dodatkowej wartosci dwunastego wielblada. Ius et Lex 1, 2002, 109-132. Italienische Fassung: Le molteplici alienazioni del diritto : Sul plusvalore sociale del dodicesimo camello. In: Annamaria Rufino und Gunther Teubner, Il diritto possibile: Funzioni e prospettive del medium giuridico. Guerini, Milano, 2005, 93-130.
Reflexive transnational law : the privatisation of civil law and the civilisation of private law
(2002)
The author examines the emergence of a transnational private law in alternative dispute resolution bodies and private norm formulating agencies from a reflexive law perspective. After introducing the concept of reflexive law he applies the idea of law as a communicative system to the ongoing debate on the existence of a New Law Merchant or lex mercatoria. He then discusses some features of international commercial arbitration (e.g. the lack of transparency) which hinder self-reference (autopoiesis) and thus the production of legal certainty in lex mercatoria as an autonomous legal system. He then contrasts these findings with the Domain Name Dispute Resolution System, which as opposed to Lex Mercatoria was rationally planned and highly formally organised by WIPO and ICANN, and which is allowing for self-reference and thus is designed as an autopoietic legal system, albeit with a very limited scope, i.e. the interference of abusive domain name registrations with trademarks (cybersquatting). From the comparison of both examples the author derives some preliminary ideas regarding a theory of reflexive transnational law, suggesting that the established general trend of privatisation of civil law need to be accompanied by a civilisation of private law, i.e. the constitutionalization of transnational private regimes by embedding them into a procedural constitution of freedom.
By order of 29 November 1999 the Federal Court of Justice (Bundesgerichtshof) referred to the European Court of Justice (ECJ) for a preliminary ruling under Article 234 EC two questions regarding the interpretation of the "doorstep-selling directive", and the "consumer credit directive", which arose in the course of proceedings involving Mr and Mrs Heininger, who took out from the Bayerische Hypo- und Vereinsbank AG bank a loan to purchase a flat, secured by a charge on the property (Grundschuld). Five years later they sought to cancel the credit agreement, maintaining that an estate agent had called uninvited at their home and induced them to purchase the flat in question and - at the same time acting on a self-employed basis as agent for the bank - to enter into the loan agreement, without informing them of their right of cancellation. Article 1 para. 1 of the doorstep-selling directive provides that it applies to contracts under which a trader supplies goods or services to a consumer and which are concluded during a visit by a trader to the consumer's home where the visit does not take place at the express request of the consumer'. Article 3 para. 2 a) of that directive provides that the directive shall not apply to contracts for the construction, sale and rental of immovable property or contracts concerning other rights relating to immovable property. Article 4 of the directive provides that traders shall be required to give consumers written notice of their right of cancellation. Article 5 provides that the consumer shall have the right to cancel the contract within seven days from receipt by the consumer of the notice. Article 2 of the consumer credit directive provides that it shall not apply to credit agreements intended primarily for the purpose of acquiring or retaining property rights in land or in an existing or projected building, and that Article 1 a) and Articles 4 to 12 of the directive shall not apply to credit agreements, secured by mortgage on immovable property. The German legislation transposing the doorstep-selling directive (the "HWiG") provides for a right of cancellation by the consumer within a period of one week, if a transaction is entered into away from the trader's business premises. The cooling-off period does not start to run until the customer receives a notice in writing containing information on this right and if that notice is not given, the right of cancellation will not lapse until one month after both parties have performed their obligations under the agreement in full. Section 5 para. 2 of the HwiG provides that where the transaction also falls within the scope of the legislation transposing the consumer credit directive (the "VerbrKrG"), only the provisions of the latter are to apply. Section 3 para. 2 of the VerbrKrG, in setting out the exceptions to the scope of that law, provides that inter alia Section 7 (right of cancellation) shall not apply to credit agreements in which credit is subject to the giving of security by way of a charge on immovable property, and is granted on usual terms for credits secured by a charge on immovable property and the intermediate financing of the same. Given this legal framework it is obvious that the Heiningers could not cancel the credit agreement according to the VerbrKrG. Although the agreement constitutes a consumer credit under section 1 VerbrKrG, the right of revocation is excluded by section 3 para. 2 VerbrKrG, the exclusion of which is backed by the consumer credit directive. Although the credit agreement was entered into away from the banks business premises, they as well could not cancel it under the HWiG since this law is not applicable to consumer credit agreements. Thus, the claim of the Heiningers was denied by German courts until the Federal Court of Justice raised the question, if the subsidiarity clause in section 5 para. 2 of the HWiG constitutes a contradiction to the provisions of the door step selling directive.
Der Titel der Tagung, deren Beiträge dieser Band dokumentiert, ist Programm: Jenseits der postmodernen Abschiedsstimmung, in die manche Reflexion über die Zukunft des Staates je nach theoretischer und politischer Orientierung melancholisch oder mit Schadenfreude verfällt, setzt er voraus, was eigentlich selbstverständlich sein sollte: dass es auch in Zukunft den Staat weder theoretisch noch praktisch zu verabschieden gilt. Er versucht deutlich zu machen, dass es im Jahre 1 eines neuen Jahrtausends in der Berliner Republik nicht mehr um eine Fortsetzung der allgemeinen Verunsicherung der achtziger und neunziger Jahre gehen kann. Es reicht nicht theoretisch (und manchmal – so scheint es – nur theoretisch und ohne zur Kenntnis zu nehmen, welche Rolle moderne Staaten in den Industriegesellschaften faktisch spielen) zu bezweifeln, ob der Staat der Zukunft noch souverän, national, sozial, steuernd, intervenierend etc. sein könne, um nur einige Attribute des Staates zu nennen, die Gegenstand der skeptischen Überlegungen sind. Rückblickend auf die Debatten um die Steuerungsfähigkeit des Staates, die Krise des Sozialstaats, Deregulierung, Privatisierung und Entbürokratisierung sowie Internationalisierung und Globalisierung ist es an der Zeit, Lösungswege zur Diskussion zu stellen. Nach der soziologischen Entzauberung und philosophischen Dekonstruktion des Staates bedarf es gegenwärtig einer Gegenbewegung: der praxisfähigen Rekonstruktion normativer Leitbilder. ...