The SEC and BaFin. US and German capital market supervision in comparison

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1 The SEC and BaFin US and German capital market supervision in comparison Dissertation zur Erlangung der Doktorwürde der Juristischen Fakultät Augsburg vorgelegt von Veronika Fischer 2008

2 Erstgutachter: Prof. Dr. Thomas M.J. Möllers Zweitgutachter: Prof. Dr. Michael Kort Tag der mündlichen Prüfung: II

3 Acknowledgements Die vorliegende Arbeit wurde von der juristischen Fakultät der Universität Augsburg im Wintersemester 2007/2008 als Dissertation angenommen. Mein Dank gilt meinem Doktorvater, Herrn Prof. Dr. Thomas M.J. Möllers, für seine umfangreichen Anmerkungen und die gute Zusammenarbeit während meiner Zeit als wissenschaftliche Hilfskraft, sowie Herrn Prof. Dr. Kort für die rasche und wohlwollende Erstellung des Zweitgutachtens. Für seine wissenschaftliche Unterstützung während meines Aufenthalts an der University of North Carolina, Chapel Hill, danke ich herzlich Prof. Dr. Thomas Hazen und ebenso International Coordinator Ms. Beverley Sizemore für die hilfsbereite Abwicklung aller organisatorischen Belange. Prof. Dr. Dr. Franz Josef Radermacher hat im Rahmen seines Vortrags, den in bei der Ausbildung durch die Bayerische Elite-Akadmie hören durfte, sowie im nachfolgenden Austausch meine Arbeit um interessante Gedanken zur Effektivität und Effizienz öffentlicher Regelungssysteme bereichert. Genausowenig wäre die Arbeit zielführend gewesen ohne Kontakt zu den untersuchten Behörden: für ihre Auskunftsbereitschaft und die überlassenen Materialien danke ich Thomas Eufinger und Philipp Sudeck von der Bundesanstalt für Finanzdienstleistungsaufsicht, Frankfurt/Main und Robert Peterson und Scott Birdwell von der Securities and Exchange Commission, Washington/DC. Ebenso bin ich dankbar, zwei Graphiken der Annual Reports der SEC in diesem Rahmen veröffentlichen zu dürfen. Die zügige Erstellung der Arbeit wäre nicht möglich gewesen ohne die finanzielle Unterstützung durch ein Graduiertenstipendium der Konrad-Adenauer-Stiftung und ein Konferenz- Stipendium der Deutsch-Amerikanischen Juristenvereinigung; auch hierfür bedanke ich mich herzlich. Ebensosehr danke ich meiner Mutter, Annerose Fischer, nicht nur für die finanzielle, sondern auch tatkräftige Unterstützung während der Arbeitsphasen. Die Arbeit ist denen gewidmet, die plötzliche Geistesblitze auf der Tanzfläche klaglos ertrugen, mich trotz der Anspannung schweben ließen und grundlos für mich da waren: den Tangueros. Renaceré Augsburg, im Juni 2008, Veronika Fischer III

4 Abbreviations. II Bibliography VII Outline.XVIII The SEC and BaFin German and US capital market supervision in comparison 1 Index i List of charts..iv I

5 Abbreviations AAER AG AICPA ALJ AltZertG AMEX APB ASR ATS AuslInvG BaFin BAKred BAWe BAV BauSparkG BB BCBS BdB BDSG BilKoG BIS BKR BMF BörsG BOX BSC BTR BPPAS CAP CEA CEO CFO CESR CFTC CHX Accounting and Auditing Enforcement Releases Die Aktiengesellschaft (journal) American Institute of Certified Public Accountants Administrative Law Judge Private Pension Plan Contracts Certification Act (Altersvorsorgeverträge-Zertifizierungsgesetz) American Stock Exchange Accounting Principle Board Accounting Series Release Alternative Trading System Foreign Investment Act (Auslandsinvestment-Gesetz) Federal Financial Supervisory Authority (Bundesamt für Finanzdienstleistungsaufsicht) Federal Banking Supervisory Office (Bundesaufsichtsamt für Kreditwesen) Federal Securities Supervisory Office (Bundesaufsichtsamt für den Wertpapierhandel) Federal Insurance Commission (Bundesaufsichtsamt für das Versicherungswesen) Building and Loan Associations Act (Bausparkssengesetz) Betriebsberater (journal) Basel Committee on Banking Supervision Federal Association of German Banks (Bundesverband deutscher Banken) Federal Data Protection Act (Bundesdatenschutzgesetz) Balance Sheet Control Act (Bilanzkontrollgesetz) Bank for International Settlements Zeitschrift für Bank- und Kapitalmarktrecht (journal) Federal Ministry of the Treasury Bundesfinanzministerium Stock Exchanges Act (Börsengesetz) Boston Stock Exchange Banking Supervision Committee Blackout Trade Restriction Budget and Program Performance Analysis System Committee on Accounting Procedure Commodities Exchange Act Chief Executive Officer Chief Financial Officer European Securities Regulators Comittee Commodity Futures Trading Commission Chicago Stock Exchange II

6 CPA DAI DAIS DepotG DStR DPR ECFR ECN EdB EDGAR EdW EGV EITF ESAEG ESEC EuZW EWS Certified Public Accountant German Institute for Shareholding (Deutsches Aktieninstitut) German Institution for the Protection of Investors (Deutsches Institut für Anlegerschutz) Securities Deposit Act (Depotgesetz) Deutsches Steuerrecht (journal) Inspection Authority for Accounting (Deutsche Prüfstelle für Rechnungslegung) European Company and Financial Law Review (journal) Electronic Communications Network German Banks Compensation Scheme Ltd (Entschädigungseinrichtung deutscher Banken GmbH) Electronic Data Gathering Analysis and Retrieval System Securities Trading Firms Compensation Scheme (Entschädigungseinrichtung der Wertpapierhandelsunternehmen) Treaty of the European Community (Vertrag zur Gründung der Europäischen Gemeinschaft) Emerging Issues Task Force Deposit Protection and Investor Compensation Act (Einlagensicherungs- und Anlegerentschädigungsgesetz) European Securities and Exchange Commision Europäische Zeitschrift für Wirtschaftsrecht (journal) Europäisches Wirtschafts und Steuerrecht (journal) FASB FATF FAZ FCPA FED FESCO FinDAG Financial Accounting Standards Board Financial Task Force on Money Loundering Frankfurter Allgemeine Zeitung (daily paper) Foreign Corrupt Practices Act Federal Reserve Bank Forum of European Securities Commission Act Establishing the Federal Financial Supervisory Authority (Finanzdienstleistungsaufsichtsgesetz) FinDAGKostV Regulation Concerning the Costs Incurred by the Act Establishing the Federal Financial Supervisory Authority (Finanzdienstleistungsaufsichtsgesetz-Kostenverordnung) FINRA FISMA FMFIA FRR FRRP FRUG FSA FSAS FSF FTC FTD Financial Industry Regulatory Authority Federal Information Security Management Act Federal Manager s Financial Integrity Act Financial Reporting Release Financial Reporting Review Panel Act Implementing MiFID (Finanzmarktrichtlinie-Umsetzungsgesetz) Financial Service Authority Financial Sector Assessment Program Financial Stability Forum Federal Trade Commission Act Financial Times Deutschland (daily paper) III

7 FTE GAAP GAAS GAO GG GITSA GLBA GwG HBG IAIS IARD IMF IOSCO IPO InvG IFG IFSC IStR JuS KAGG KapMuG KWG MAD MaK MaH MaIR MaKonV MiFID MLAT MMOU MOU MSRB Full time equivalent (aggregated number of full time and part time employees) Generally Accepted Accounting Principles Generally Accepted Auditing Standards Government Accountability Office Basic Consitutional Law (Grundgesetz) Government in the Sunshine Act Gramm-Leach Biley Act Money Laundering Act (Geldwäschegesetz) Mortgage Banks Act (Hypothekenbankgesetz) International Association of Insurance Supervisors Investment Adviser Registration Depository International Monetary Fund International Organization of Securities Commissions Initial Public Offering Investment Act (Investmentgesetz) Freedom of Information Act (Informationsfreiheitsgesetz) Integrated Financial Supervisors Conference Internationales Steuerrecht (journal) Juristische Schulung (journal) Investement Companies Act (Kapitalanlagegesellschaftengesetz) Capital Markets Model Case Act (Gesetz über Musterverfahren in kapitalmarktrechtlichen Streitig-keiten) Banking Act (Kreditwesengesetz) Market Abuse Directive Minimal requirements for the credit business of credit institutions (Mindestanforderungen an das Kreditgeschäft der Kreditinstitute) Minimal requirements for the trading activities of credit institutions (Mindestanforderungen für das Betreiben von Handelsgeschäften) Minimal requirements for the internal audit function of credit institutions (Mindestanforderungen an die Ausgestaltung der internen Revision) Regulation on Market Manipulation (Verordnung zur Konkretisierung des Verbots der Marktmanipulation) Markets in Financial Instruments Directive Mutual Legal Assistance Treaty Multilateral Memorandum of Understanding Memorandum of Understanding Municipal Securities Rulemaking Board IV

8 NASD NASDAQ NBBO NJW NSMIA NVersZ NYSE NZG OECD OWiG PCAOB PfandBG PfandG PHLX PTS PUHCA National Association of Security Dealers National Association of Security Dealers Automated Quotation System National Best Bid or Offer Neue Juristische Wochenschrift (journal) National Securities Market Improvement Act Neue Versicherungszeitung (journal) New York Stock Exchange Neue Zeitschrift für Gesellschaftsrecht (journal) Organisationion for Economic Cooperation and Development Regulatory Offenses Act (Ordnungswidrigkeiten-Gesetz) Public Companies Accounting Oversight Board Mortgage Banks Act (Pfandbriefgesetz) Act relating to Mortgage Bonds and Similar Public-Law Credit Institution Bonds (Gesetz über die Pfandbriefe und verwandten Schuldverschreibungen öffentlich-rechtlicher Kreditanstalten) Philadelphia Stock Exchange Proprietary Trading Systems Public Utility Holding Company Act SA Securities Act of 1933 SAB Staff Accounting Bulletin SAS Statements on Auditing Standards SEA Securities Exchange Act of 1934 SEC Securities and Exchange Commission SFAC Statements of Financial Accounting Concepts SIPC Securities Investor Protection Corporation SOX Sarbanes-Oxley Public Company Accounting Reform And Investor Protection Act SRO Self-regulation organization StGB Criminal Code (Strafgesetzbuch) TEHG Act on the Trade of Greenhouse Gas Emissions Treibhausgas-Emissionshandelsgesetz VAG Insurance Supervision Act (Versicherungsaufsichtsgesetz) VerkProspG Act on the Prosepectus of Securities offered for Sale (Wertpapier-Verkaufsprospektgesetz) VVG Insurance Contract Act (Versicherungsvertragsgesetz) VwVG Administrative Enforcement Act (Verwaltungs-Vollstreckungsgesetz) VZBV Federal Association of Consumer Advice Centers (Bundesverband der Verbraucherzentralen) V

9 WM WpHG WpÜG WpPG Wrp ZfBf ZFR ZGR ZHR ZRP Wertpapiermitteilungen (journal) Securities Trading Act (Wertpapierhandelsgesetz) Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) Securities Prospectus Act (Wertpapier-Prospektgesetz) Wettbewerb in Recht und Praxis (journal) Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung (journal) Zeitschrift für Referendare (journal) Zeitschrift für Unternehmens- und Gesellschaftsrecht (journal) Zeitschrift für das gesamte Handels- und Wirtschaftsrecht (journal) Zeitschrift für Rechtspolitik (journal) VI

10 Bibliography Altendorfer, Christian: Die US-amerikanische Kapitalmarktaufsicht (SEC) ein Modell für Österreich?, Wien 1995 Akerlof, George A.: The Market for "Lemons": Quality Uncertainty and the Market Mechanism, 84 Q J Econ 488 Antonow, Alexander: Kritik am kleinen Bruder (Article of February 15 th, 2003), Die Welt, 17 th of February, 2007 Apfelbacher, Gabriele/Metzner, Manuel: Das Wertpapierprospektgesetz in der Praxis eine erste Bestandsaufnahme, in BKR 2006, 81 Assmann, Heinz-Dieter/Schneider, Uwe H.: Wertpapierhandelsgesetz, Köln, 4 th edition 2006 Atkins, Paul S.: Speech at the University of Cologne, speech/spch020503psag.htm, 28 th of March, 2007 Bachmann, Gregor: Verwaltungsvollmacht und Aktionärsdemokratie : Sebstregulative Ansätze für die Hauptversammlung, in AG 2001, 635 Barnard, Jayne W.: Reintegrative Shaming in Coroprate Sentencing, in 72 Southern Calif. L. Rev. 959 Bartos, James M.: United States Securities Law: A Practical Guide, New York, 2 nd edition 2002 Bartsch, Meinhard: Effektives Kapitalmarktrecht zur Rechtsfolgenseite der Richtlinien im Europäischen Kapitalmarktrecht, online publication volltexte/2005/115/2005, 2005 Berger, Klaus Peter/Borges, Georg Borges/Herrmann, Harald/Schlüter, Andreas/Wackerbarth, Ulrich: Festschrift für Norbert Horn zum 70. Geburtstag, Berlin 2006 Binder, Jens-Hinrich: Die geplante deutsche Allfinanzaufsicht und der britische Prototyp ein vergleichender Blick auf den deutschen Referentenentwurf, in WM 2001, 2230 Birdwell, Scott (employee of SEC): Interview by Veronika Fischer, as of 3 rd of October, 2007 Black, Bernard S.: The Legal and Institutional Preconditions for Strong Securities Markets, 49 UCLA L. Rev. 782 Bloomenthal, Harold S.: Sarbanes-Oxley Act in Perspective, Mason 2002 Bloomenthal, Harold S./Wolff, Samuel: Emerging Trends in Securities Law, Mason 2005 Bloomenthal, Harold S./Wolff, Samuel: Securities and Federal Corporate Law, Mason, 2 nd edition 2005 VII

11 Böhmer, Christoph: Spannungen im deutsch-amerikanischen Rechtsverkehr in Zivilsachen, in NJW 1990, Büche, Christian: Die Pflicht zur Ad-hoc-Publizität als Baustein eines integeren Finanzmarkts, Baden-Baden 2005 Budd, Martin L.; Wolfson, Nicholas: Securities Regulation, Charlottesville 1984 Bundesanstalt für Finanzdienstleistungsaufsicht, Annual report 2002 (Englische Version), St. Augustin 2003 Bundesanstalt für Finanzdienstleistungsaufsicht, Annual report 2003 (Englische Version), St. Augustin 2004 Bundesanstalt für Finanzdienstleistungsaufsicht, Annual report 2004 (Englische Version), St. Augustin 2005 Bundesanstalt für Finanzdienstleistungsaufsicht, Annual report 2005 (Englische Version), St. Augustin 2006 Bundesanstalt für Finanzdienstleistungsaufsicht, Jahresbericht der Bundesanstalt für Finanzdienstleistungsaufsicht 2006 (Deutsche Version), St. Augustin 2007 Bundesminister der Finanzen, Konzept Finanzplatz Deutschland, in WM 1992, 420 Bundesverband deutscher Banken: Argumente zum Finanzmarkt: Fortsetzung der Integration der europäischen Finanzdienstleistungsmärkte (Article as of 2004), verband.de/pic/artikelpic/022007/0702_integration_finanzmaerkte_dt.pdf, 12 th of July, 2006 Buxbaum, Richard M./Hertig, Gérard/Hirsch, Alain/Hopt, Klaus J.: European Business Law Legal and Economic Analyses on Integratiuon and Harmonization, Berlin 1991 Buxbaum, Richard M./Hopt, Klaus J.: Legal Harmonization and the Business Enterprise, Berlin 1988 Campbell, Andrew/Devine, Marion/Young, David: Vision, Mission, Strategie, Frankfurt am Main 1992 Caspari, Karl-Burkhard: Anlegerschutz in Deutschland im Lichte der Brüsseler Richtlinien, in NZG 2005, 98 Claussen, Carsten Peter: Bank- und Börsenrecht, 3 rd edition München 2003 Coffee, John C.: Privatization and Corporate Governance: the Lessons from Securities Market Failure, 25 J. Corp.L. 1 Cooter, Robert/Ulen, Thomas: Law And Economics, 4th edition, London 2004 Corino, Carsten/Jones, Brian/Hawkes, Peter: Der Handel mit Treibhausgas- Emissionsrechten Das Kyoto-Protokoll, die geplante EG-Richtlinie und das Handelssystem in Großbritannien, in EuZW VIII

12 Deutsches Aktieninstitut (DAI) e.v.: Factbook 2006, Frankfurt am Main 2006 Deutsches Aktieninstitut (DAI) e.v.: Kurzstudie 3/2005, Frankfurt am Main 2005 Drost, Frank M.: Kreditinstitute geben BaFin schlechte Noten (Article of November 15 th, 2006), Handelsblatt, 15 th of January, 2007 Durner, Wolfgang: Zur Einführung: Datenschutzrecht, in JuS 2006, 213 Eichel, Hans: Speech at the IOSCO Technical Committee Conference, CD-Version, 5 th of October, 2005 Eufinger, Thomas/Sudeck, Philipp (employees of BaFin): Interview by Veronika Fischer, as of 6 th of March, 2007 Europäische Zentralbank: The Euro Equity Markets, (Article as of 2001), as of 12 th of July, 2006 Eurostat, The new EU of 27 and the Euro area of 13, (Article as of 2006), as of 12 th of July, 2006 Fenchel, Udo: Das Vierte Finanzmarktförderungsgesetz ein Überblick, in DStR 2002, 1355 Ferrarini, Guido: European Securities Markets the Investment Services Directive and Beyond, Boston 1998 Fleischer, Holger: Das Vierte Finanzmarktförderungsgesetz, in NJW 2002, 2977 Fleischer, Holger: Die Richtlinie über Märkte für Finanzinstrumente und das Finanzmarkt- Richtlinie-Umsetzungegesetz Entstehung, Grundkonzeption, Regelungsschwerpunkte, in BKR 2006, 389 Fleischer, Holger: Erweiterte Außenhaftung der Organmitglieder im europäischen Gesellschafts- und Kapitalmarktrecht, in ZGR 2004, 437 Francfort, Alfred J./Rudolph, Bernd: Zur Entwicklung der Kapitalstrukturen in Deutschland und den Vereinigten Staaten von Amerika, in Zfbf 1992, 1059 Fricke, Martin: Versicherungsaufsicht integriert Versicherungsaufsicht unter dem Gesetz über die integrierte Finanzdienstleistungsaufsicht, in NVersZ 2002, 337 Friedman, Howard M.: Securities Regulation in Cyberspace, New York, 3 rd edition 2007 Gahlen, Dieter/Schäfer, Andreas: Bekanntmachung von fehlerhaften Rechnungslegungen im Rahmen des Enforcementverfahrens: Ritterschlag oder Pranger?, in BB 2006, 1619 Geerlings, Jörg: Staatshaftung und Bankenaufsicht in Deutschland ein Rechtsvergleich mit England und den Vereinigten Staaten, in BKR 2003, 889 IX

13 Gemberg-Wiesike, Alexander: Wohlverhaltensregeln beim Vertrieb von Wertpapier- und Versicherungsdienstleistungen, online-publikation X, 2004 Geschwandtner, Marcus: Josef Ackermann im Visier der Bundesanstalt für Finanzdienstleistungsaufsicht Wirtschaftlich erfolgreich! Persönlich unzuverlässig?, in NJW 2006, 1572 Gilchrist, Wesley Bowen: Commentary: Turning up the heat: The SEC's new temporary freeze authority, in 56 Ala. L. Rev. 873 Grabar, Nicolas; Mann, Michael D.: Foreign Issuers & the U.S. Securities Laws 2006, New York, 2006 Hagemeister, Hans-Otto: Die neue Bundesanstalt für Finanzdienstleistungsaufsicht, in WM 2002, 1773 Hall, Billy Ray jr.: A Legal Solution to Government Gridlock; The Enforcement Strategy of the Securities and Exchange Commission, New York, 2 nd edition 1998 Hamilton, James/Trautmann, Ted: Sarbanes-Oxley Act of 2002, Chicago 2002 Hazen, Thomas Lee: Federal Securities Law, Washington, DC, 2 nd edition 2003 Hazen, Thomas Lee: The law of Securities Regulation, St. Paul 5 th edition 2005 Heinze, Stephan: Europäisches Kapitalmarktrecht Recht des Primärmarkts, München 1999 Herdegen, Matthias: Bundesbank und Bankenaufsicht: Verfassungsrechtliche Fragen, in WM 2000, 2121 Hertig, Gérard/Lee, Ruben. Four Predictions about the Future of EU Securities Regulation (Article as of 2003), as of 6 th of June, 2007 Herz, Robert H.: The Coopers & Lybrand SEC Manual, New York, 7 th edition 1997 Heyle, Fabian: Die Erhebung von Vorzugslasten durch die Wirtschaftsaufsichts- und Regulierungsbehörden, Köln 2006 Hillman, Richard J.: Preliminary observations on SEC's spending and strategic planning, Testimony before the Subcommitee, GAO T, 2003 Hirdina, Ralph: Verfassungsrechtliche Aspekte zur Funktion einer reformierten Bundesbank bei der Allfinanzaufsicht, in BKR 2001, 135 Hirte, Heribert/Möllers, Thomas M.J. (ed.): Kölner Kommentar zum WpHG, Köln 2007 Höhns, Stefan: Die Aufsicht über Finanzdienstleister, Berlin, 2002 Hoppmann, Carsten: Europäische Börsenaufsicht, in EWS 1999, 204 X

14 Hopt, Klaus J./Rudolph, Bernd/Baum, Harald (ed.): Börsenreform eine ökonomische, rechtsvergleichende und rechtspolitische Untersuchung, Stuttgart, 1997 Hutter, Stefan/Leppert, Michael: Das 4. Finanzmarktförderungsgesetz aus Unternehmenssicht, in NZG 2002, 649 Jahn, Joachim: Mit kräftigem Biss, FAZ, as of 23 rd of May, 2007 Johnson, Sarah: SEC Enforcement Declines 8.9 Percent (article of November 3 rd, 2006), CFO online magazin, as of 20 th of November, 2006 Jung, Heike: Zur Renaissance des Opfers ein Lehrstück kriminalpolitischer Zeitgeschichte, in ZPR 2000, 159 Kahan, Dan M./Posner Eric A.:, Shaming White-Collar Criminals: A Proposal for Reform of the Federal Sentencing Guidelines, 42 J.L. & Econ. 365, 385. Kämpfer, Georg: Enforcementverfahren und Abschlussprüfer, in BB, Beilage zu 20/2005, 13 Karpf, Alexander/Weidinger-Sosdean, Corina/Zartl, Karin: Die Integration der Finanzmärkte der EU die Rolle von CESR, CEBS und CEIOPS im Lamfalussy-Prozess, in ZFR 2007, 6 Kasner, Jay B./Vanyo, Bruce G.: Securities litigation and enforcement institute 2004, New York 2004 Kiefer, Marcus: Kritische Analyse der Kapitalmarktregulierung der U. S. Securities and Exchange Commission, Frankfurt am Main 2003 Kitch, Edmund: Proposals for Reform on Securities Regulation: an Overview, ssrn.com/sol3/papers.cfm?abstract_id=269126, as of 6 th of June, 2007 Köhler, Annette/Meyer, Stephanie/Mauelshagen, Jan: Umsetzungsstand des 10-Punkte- Plans der Bundesregierung zur Stärkung des Anlegerschutzes und der Unternehmensintegrität, in BB 2004, 2623 Koslow, Philip: Securities and Exchange Commission, New York 1990 Krammig, Andreas/Gramlich, Ludwig: Modelle (teil)integrierter Finanzmarktaufsicht in Europa in der Schweiz und anderswo, in WM 2004, 1657 Kress, Sabine: Effizienzorientierte Kapitalmarktregulierung eine Analyse aus institutionenökonomischer Perspektive, Wiesbaden 1996 Kümpel, Siegfried: Bank- und Kapitalmarktrecht, Köln, 3 rd edition 2004 Kümpel, Siegfried: Zur Neugstaltung der staatlichen Börsenaufsicht von der Rechtsaufsicht zur Marktaufsicht, in WM 1992, 381 Kümpel, Siegfried/Hammen, Horst/Ekkenga, Jens: Kapitalmarktrecht, Berlin, loose-leaf compilation as of 2006 XI

15 Kung, Felicia H.: The regulation of corporate bond offerings: a comparative analysis, in 26 U Pa. J. Int'l Econ. L. 409 Kurth, Ekkehard: Problematik grenzüberschreitender Wertpapieraufsicht, in WM 2000, 1521 Laars, Reinhard: NOMOS Erläuterungen zum Deutschen Bundesrecht, CD-Version 2006 Lanfermann, Georg/Maul, Silja: Auswirkungen des Sarbanes-Oxley Acts in Deutschland, in DB 2002, 1725 Laux, Helmut/Liermann, Felix: Grundlagen der Organisation: die Steuerung von Entscheidungen als Grundproblem der Betriebswirtschaftslehre, Berlin, 5 th edition 2005 Lenenbach, Markus: Kapitalmarkt- und Börsenrecht, Köln, 2002 Loss, Louis/Seligman, Joel: Fundamentals of Securities Regulation, New York, 4 th edition 2003 Merkner, Andreas/Sustmann, Marco: Insiderrecht und Ad-Hoc-Publizität Das Anlegerschutzverbesserungsgesetz in der Fassung durch den Emittentenleitfaden der BaFin, in NZG 2005, 729 Michaelis, Lars Oliver/Holtwisch, Christoph: Die deutsche Umsetzung der europäischen E- missionshandelsrichtlinie, in NJW 2004, 2127 Möllers, Thomas M.J.: Anlegerschutz durch Aktien- und Kapitalmarktrecht Harmonisierungsmöglichkeiten nach geltendem und künftigem Recht, in ZGR 1997, 334 Möllers, Thomas M.J.: Die Rolle des Rechts im Rahmen der europäischen Integration zur Notwendigkeit einer europäischen Gesetzgebungs- und Methodenlehre, Tübingen 1999 Möllers, Thomas M.J.: Effizienz als Maßstab des Kapitalmarkts, ACP 208 (in printing) Möllers, Thomas M.J.: Creating Standards in a Global Market The Sarbanes Oxley Act and her activities: what Europeans and Americans could and should learn from each other, in ECFR 2007, 173 Möllers, Thomas M.J./Weichert, Tilman: Das Kapitalanleger-Musterverfahrensgesetz, in NJW 2005, 2737 Möllers, Thomas M.J./Wenninger, Thomas: Informationsansprüche gegen die BaFin im Lichte des neuen Informationsfreiheitsgesetzes (IFG), in ZHR 2006, 455 Morgan, John Smith: Managing change: the strategies of making change work for you, New York 1972 Murphy, Kristina/Harris, Nathan: Shaming, shame and recidivism: A test of reintegrative shaming theory in white-collar crime context, in 47 Brit. J. Criminology 900 Mülbert, Peter O.: Bankenaufsicht und Corporate Governance Neue Organisationsanforderungen im Finanzdienstleistungsbereich, in BKR 2006, 349 XII

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