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Kurspflegemaßnahmen - Zwischen Strafbarer Marktmanipulation Und Zulässiger Kursstabilisierung: Ist Jenseits Der "Safe Harbour"-Regelung Raum Für Zulässige Kurspflege?

Kurspflegemaßnahmen - Zwischen Strafbarer Marktmanipulation Und Zulässiger Kursstabilisierung: Ist Jenseits Der "Safe Harbour"-Regelung Raum Für Zulässige Kurspflege?

          
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About the Book

Die Arbeit beschäftigt sich mit Kurspflegemaßnahmen, also denjenigen Handlungen, die den Börsenkurs eines Finanzinstruments so beeinflussen sollen, dass er seinem realen wirtschaftlichen Wert besser entspricht. Insbesondere das sog. "Flipping", das Abstoßen von Papieren kurz nach der Emission um hierdurch einen schnellen Spekulationsgewinn zu erzielen, kann den Kurs neuer Wertpapiere weit unter den realen wirtschaftlichen Wert sinken lassen und damit langfristige Anleger verschrecken.
Mit Kurspflegemaßnahmen soll u. a. dieser negative Effekt ausgeglichen werden: Es handelt sich im Wesentlichen um Stützungskäufe, durch die der Kurs des jeweiligen unter Druck geratenen Wertpapiers gestützt werden soll. Auch diese Geschäfte dienen nicht dem Erwerb von langfristigen Anlageobjekten, sollen aber - im Gegensatz zu spekulativen Geschäften - keinen Spekulationsgewinn ermöglichen, sondern lediglich emissionsbedingte Kursschwankungen glätten.
Kurspflegemaßnahmen können daher in Konflikt mit § 20a WpHG (Verbot der Marktmanipulation) geraten, der - zum Schutz der Märkte und Anleger - unter bestimmten Voraussetzungen die Beeinflussung von Börsenkursen unter Strafe stellt, darunter auch die Einflussnahme durch Handelsgeschäfte. Da der Abschluss von Geschäften aber gerade Sinn und Zweck des Handels an der Börse ist sieht das Gesetz in der sog. "Safe-Harbours"-Verordnung eine Sammlung von Kurspflegemaßnahmen vor, die zulässig und keinesfalls strafbar sind.
Die Arbeit befasst sich nun mit der Frage, ob Kurspflegemaßnahmen jenseits dieser "Safe-Harbours"-Verordnung zulässig sein können. Die EG-Verordnung ist nämlich anerkanntermaßen nicht abschließend und enthält zahlreiche Anforderungen, die mit dem Ziel der Unterbindung von Kursmanipulation allenfalls lose in Verbindung stehen.


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Product Details
  • ISBN-13: 9783862262472
  • Publisher: Centaurus Verlag & Media
  • Publisher Imprint: Centaurus Verlag & Media
  • Height: 210 mm
  • No of Pages: 224
  • Series Title: Studien Zum Wirtschaftsstrafrecht
  • Sub Title: Ist Jenseits Der "Safe Harbour"-Regelung Raum Für Zulässige Kurspflege?
  • Width: 148 mm
  • ISBN-10: 3862262472
  • Publisher Date: 06 Mar 2015
  • Binding: Paperback
  • Language: German
  • Returnable: Y
  • Spine Width: 0 mm
  • Weight: 454 gr


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Kurspflegemaßnahmen - Zwischen Strafbarer Marktmanipulation Und Zulässiger Kursstabilisierung: Ist Jenseits Der "Safe Harbour"-Regelung Raum Für Zulässige Kurspflege?
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Kurspflegemaßnahmen - Zwischen Strafbarer Marktmanipulation Und Zulässiger Kursstabilisierung: Ist Jenseits Der "Safe Harbour"-Regelung Raum Für Zulässige Kurspflege?
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Kurspflegemaßnahmen - Zwischen Strafbarer Marktmanipulation Und Zulässiger Kursstabilisierung: Ist Jenseits Der "Safe Harbour"-Regelung Raum Für Zulässige Kurspflege?

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