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More than a matter of trust: the German Debt Securities Act 2009 in international perspective


Allen, JG, More than a matter of trust: the German Debt Securities Act 2009 in international perspective, Capital Markets Law Journal, 7, (1) pp. 55-85. ISSN 1750-7219 (2011) [Refereed Article]

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Copyright 2011 Oxford University Press

DOI: doi:10.1093/cmlj/kmr046


Bondholder law regulates the rights of the holders of debt securities such as bonds and debentures. One of its most important functions is to mediate the tension between holders of debt securities and holders of equity securities such as shares. Further, it mediates bondholders’ interests with those of ordinary creditors in insolvency, with national and regional interests in distressed companies, and with the need for certainty and efficiency in the capital markets. The mechanisms bondholder law typically utilizes are the formation of bondholders into an organ of collective action and their common representation by a financial intermediary. This article examines the German Schuldverschreibungsgesetz or Debt Securities Act of 2009 with particular focus on the mechanisms of collective action and collective representation. It compares the provisions of the 2009 Act with its predecessor, the Debt Securities Act of 1899 and with common law bondholder statutes.

Item Details

Item Type:Refereed Article
Keywords:German bondholder law, Debt Securities Act, Collective Action Clauses
Research Division:Law and Legal Studies
Research Group:Public law
Research Field:Public law not elsewhere classified
Objective Division:Law, Politics and Community Services
Objective Group:Justice and the law
Objective Field:Justice and the law not elsewhere classified
UTAS Author:Allen, JG (Mr Jason Allen)
ID Code:75457
Year Published:2011
Web of Science® Times Cited:3
Deposited By:Law
Deposited On:2012-01-31
Last Modified:2013-03-15

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