Capital Market and Stock Market Criminal Law
Elements of the crime of capital market criminal law are set forth, in addition to the German Penal Code (StGB) (in particular, capital investment fraud pursuant to § 264 a StGB) in a large number of laws: the German Securities Trading Act (Wertpapierhandelsgesetz), Stock Exchange Act (Börsengesetz), Banking Act (Kreditwesengesetz), Stock Corporation Act (Aktiengesetz), Commercial Code (Handelsgesetz, HGB) and numerous administrative offenses elements (e.g. in the Securities Acquisition and Takeover Act (Wertpapiererwerbs-und Übernahmegesetz, WpÜG), the Securities Deposit Act (Depotgesetz, DepotG), Investment Company Act (Gesetz über Kapitalanlagengesellschaften, KAGG), the Money Laundering Act (Geldwäschegesetz, GwG) can constitute the statutory basis for criminal law investigation proceedings. In addition, the EU Directives for the Regulation of the Financial Instruments Market are to be taken into account. Defendants are charged, e.g. with manipulation of prices, insider trading or breaches of accounting obligations and often they are subjected to the public spotlight. At the same time – because the investigatory authorities in this field have not been active long – case law exists only to a limited extent and many legal issues are still unclarified. These establish opportunities but also difficulties for the defense lawyer.