The securities law is an area of law of public law and a sub-branch of the financial law , banking law and securities law . It is the totality of all legal norms that deal with securities , securities trading and acquisition (see Securities Trading Act ), with specifications for prospectuses of securities (see Securities Prospectus Act , Capital Markets Act ) and the control of securities service companies or investment firms as well as financeforward contracts , as well as with the consumer protection of the investor concerned.
Securities law is also a branch of civil , commercial and corporate law. In this context, it includes in particular the entirety of the legal norms with which the securitization of rights and the associated security functions (in particular transport, legitimation and liberation functions ) are regulated. Securities law deals with the creation of securities through an issuance agreement between the issuer and the first holder of the right of the certificate. The securitization under civil law and the respective degree of the associated securities functions ensure that legal transactions with securities are largely risk-free, especially the easier transferability of rights such as claims , membership or co-ownership rights (e.g. bills of exchange , checks , bonds , shares , investment units etc.). In this case, the securities law governs the transferability of securities ( bearer by mere real agreement and handover , the order papers by agreement, endorsement and delivery, registered form by agreement, assignment and handover). This fundamentally low legal risk must be distinguished from the respective economic risk profile of a security. The securitization of a large number of similarly equipped securities (reasonable, fungible securities) and the concentration of all securities functions mean that capital market securities can be traded particularly effectively ( securities ). Regulatory provisions that contain framework conditions for securities trading and custody (e.g. stock exchange law provisions such as admission provisions , insider rules , transparency requirements , market maker regulations or the custody account act ) are largely of a public law nature.
In addition, other related securities individual standards (. As in the so-z found in a variety of fields of law tax law , criminal , bankruptcy law , Exekutions , right Family Law , Solvabilitätsrecht , accounting law ). In EU law , large parts of securities law have been harmonized in order to implement the internal market (e.g. Transparency Directive: (PDF) , Directive 2003/71 / EC (Prospectus Directive ) , UCITS Directive and Market Abuse Directive ).