Theodor R. M. WahnerZivilrechtlicher Anlegerschutz in der Marktmissbrauchsverordnung

About this book deutschenglish

The work in hand is aimed at developing a coherent, contemporary and doctrinal viable concept of investor protection by civil law considering the latest market abuse regulation (MAR).

The author suggests major modifications after a critical observation of the literature and the jurisdiction concerning the previous legal situation and a comparison with the current status of the national and European antitrust law.

It is being proposed to strengthen the private enforcement and to use it as an equivalent instrument of legal enforcement next to public enforcement.

The articles of the MAR concerning public disclosure of inside information, market manipulation, insider dealing and directors’ dealings have to be qualified as protection acts within the meaning of § 823 par. 2 German Civil Code (BGB). A liability within the context of this damage claim should only arise when the offender acts with intent or gross negligence, while the author suggests a presumption for gross negligence. Victims of infringements of securities law should only get their spread loss compensated, no matter which regulation is the basis for the claim.

Besides these particulars the paper also works out further specifics concerning the § 823 par. 2 and § 826 BGB in a securities law context. Eventually, thoughts regarding the procedural elaboration in terms of compensation of investor damages are depicted. Thereby the author argues in favor of a class action in form of an Opt-in model.