NCJ Number
53135
Date Published
1977
Length
20 pages
Annotation
DECISIONS OF THE WEST GERMAN COMMISSION FOR THE PREVENTION OF WHITE COLLAR CRIME REGARDING THE REFORM OF BUSINESS LAW REACHED AT THE 1977 BAD KOENIG CONFERENCE ARE OUTLINED.
Abstract
DECLARATIONS CONCERN THE DANGER TO THE PUBLIC FROM THE MISUSE OF INSIDE INFORMATION ON SECURITIES IN STOCK MARKET AND SECURITIES MARKET TRADING. PARTIES USUALLY AFFECTED ARE INDIVIDUALS ASSOCIATED WITH OR EMPLOYED BY COMPANIES OR CREDIT INSTITUTIONS WITH CONNECTIONS TO THE COMMPANIES. IT IS RECOMMENDED THAT THESE PARTIES COMPENSATE FOR THE AMOUNT GAINED FROM USE OF INSIDE INFORMATION, THAT THEIR SHORT-TERM SECURITIES TRADING ACTIVITY BE LIMITED, THAT THEY REPORT THE SECURITIES AFFECTED BY THE PROHIBITION OF INSIDE TRADE, THAT MARKET INFORMATION BE MADE PUBLIC AS SOON AS POSSIBLE, AND THAT NEW RULES OF EVIDENCE BE DEFINED IN THIS AREA. THE STOCK MARKET LAW IS TO BE REVISED IN CERTAIN DETAILS IN SUCH AREAS AS THE EXACT DEFINITION OF 'INVOLVEMENT OF INNOCENT PARTIES IN SPECULATION,' ESTABLISHMENT OF THE CATEGORY 'EXCHANGE-RATE FRAUD,' AND MODIFICATION OF THE MEANING OF 'PROSPECTUS FRAUD.' FURTHERMORE, INTRODUCTION OF A SPECIAL DEFINITION FOR MISUSE OF BILLS OF FINANCIAL EXCHANGE IS NEEDED TO MAINTAIN CONFIDENCE IN TRADE INSTITUTIONS AND TO PROTECT THE EFFECTIVENESS OF GOVERNMENT CREDIT POLICY MEASURES. BECAUSE OF THE GROWING USE OF CHECKS AND CREDIT CARDS, PROVISIONS TO PREVENT ABUSE, AND QUESTIONS IN NEED OF CLARIFICATION OUTLINED. PROCUREMENT OF CUSTOMERS' SIGNATURE ON CONTRACTS BY MISREPRESENTING EITHER THE FACTS SURROUNDING CONTRACTUAL AGREEMENTS OR THE KINDS OF CONTRACTS IS ALSO TO BE MADE SUBJECT TO CRIMINAL PENALTY. --IN GERMAN. (KMD)