German Company Law and the Capital Market
Journal of Law and Commerce, Vol. 20, pp. 49-74, 2000
26 Pages Posted: 18 Nov 2010 Last revised: 24 Nov 2010
Date Written: 2000
Due to globalization and the process of desintermediation, the German capital market is currently undergoing far-reaching, structural changes. Among others, the German legislature passed a number of amendments to the Joint Stock Company Act and the Commercial Code in reaction to deficiencies in the fields of Accounting, Corporate Governance and Transparency that had become apparent in past practice. This paper demonstrates despite these changes, the Acts do not provide adequate protection. The personal and material scope of the latest amendments are drawn too narrowly, incompletely, and at times, in a contradictory fashion.
Keywords: Germany, Capital Market, Accounting, Transparency, Corporate Governance
JEL Classification: K22
Suggested Citation: Suggested Citation