KapMuG-Verfahren bei fehlenden oder fehlerhaften Ad-hoc-Mitteilungen sowie bei Prospektangaben

2018 ◽  
Vol 30 (4) ◽  
pp. 259-268
Author(s):  
Jens Rathmann
Keyword(s):  
Real Estate ◽  
Ad Hoc ◽  
Hypo Real Estate

Zusammenfassung Die Verfahren nach dem Kapitalanleger-Musterverfahrensgesetz (KapMuG) haben, nach anfänglicher Euphorie im Zusammenhang mit einigen Großverfahren (Börsengänge der Deutsche Telekom AG, Hypo-Real-Estate-Verfahren), zweitweise ein Nischen-Dasein geführt. Erst in den letzten zwei Jahren wurden mehrere rechtlich und vor allem wirtschaftlich bedeutsame Verfahren eingeleitet (z. B. im Zusammenhang mit der gescheiterten Übernahme von VW durch Porsche oder dem sog. „Dieselgate“) und es kam auch in einer Reihe von „normalen“ Kapitalanlagefällen zu KapMuG-Anträgen (z. B. zu Schiffs- und Immobilienfonds). Der Beitrag, der auf einem Vortrag anlässlich der ZIP-Jahrestagung zum Bank- und Kapitalmarktrecht am 20. April 2018 basiert, will den Ablauf eines KapMuG-Verfahrens darstellen, dabei einige Probleme bei dessen Durchführung vor dem Oberlandesgericht beleuchten und schließlich einen Ausblick auf die – vom Bundestag inzwischen beschlossene – Musterverfahrensklage wagen.

Zur Haftung für fehlerhafte Sekundärmarktinformation im Lichte der Hypo Real Estate-Entscheidung des BGH

2021 ◽  
Vol 33 (4) ◽  
pp. 229-243
Author(s):  
Michael Nietsch
Keyword(s):  
Real Estate ◽  
Ad Hoc ◽  
Hypo Real Estate

Zusammenfassung Im unlängst ergangenen Hypo Real Estate-Beschluss entwickelt der BGH seine Rechtsprechung zu mehreren Grundsatzfragen der Haftung für fehlerhafte Ad-hoc-Mitteilungen (nunmehr §§ 97, 98 WpHG) weiter. Im Mittelpunkt steht dabei die Erwägung, dass eine von diesen Vorschriften nicht erfasste informelle Verlautbarung des Emittenten (konkret eine Pressemitteilung) im Falle ihrer Fehlerhaftigkeit zu einer neuen Insiderinformation führt. Die dergestalt entstandene Korrekturpflicht fügt sich nur auf den ersten Blick problemlos in das System der Ad-hoc-Publizitätspflicht. Bei näherer Betrachtung erweist sie sich zumindest als ergänzungsbedürftig. Der nachfolgende Beitrag zeichnet die wesentlichen Aussagen der Entscheidung nach und analysiert die sich daraus ergebenden Folgefragen.

Belgium

2019 ◽  
pp. 35-44
Author(s):  
Michael J. Bazyler ◽  
Kathryn Lee Boyd ◽  
Kristen L. Nelson ◽  
Rajika L. Shah
Keyword(s):  
Real Estate ◽  
Best Practices ◽  
Ad Hoc ◽  
Private Property ◽  
Nazi Germany ◽  
The Holocaust ◽  
Property Owners

Nazi Germany invaded Belgium in 1940 and occupied the country until 1944. More than 26,000 Jews were deported from Belgium during the Holocaust and less than 2,000 of them survived. Owing to unique aspects of Belgian law still in force during the occupation, less than 10 percent of Jewish real estate was sold by the German occupying power. Most private property that came under German administration was rented out and the proceeds put into blocked accounts for the benefit of the original property owners. After the war, there was no organized process for seeking payment of the rental account balances or for seeking restitution or compensation for real estate that had been sold by the German administration. In the late 1990s, the Belgian government’s Study Commission—established to examine the fate of Jewish property during the war—found it difficult to identify any remaining unrestituted immovable property because of the ad hoc manner of its return after the war. Notwithstanding this difficulty, an Indemnification Commission was established in 2001 to compensate individuals whose property (immovable and movable) had not been previously compensated/returned. Belgium endorsed the Terezin Declaration in 2009 and the Guidelines and Best Practices in 2010.

Modern industrial policy and zoning: Chicago, 1910–1930

Urban History ◽  
2012 ◽  
Vol 40 (1) ◽  
pp. 92-113 ◽  
Author(s):  
ROBERT LEWIS
Keyword(s):  
Economic Development ◽  
Real Estate ◽  
Industrial Policy ◽  
Information Science ◽  
Ad Hoc ◽  
Local Economic Development ◽  
Political Elites ◽  
Science Funding ◽  
New Type ◽  
The 1960S

ABSTRACT:Industrial policy has long been considered a federal responsibility. Indeed, most scholars date modern local economic development programmes as starting in the 1960s. Before that, in this view, industrial policy wasad hoc, unco-ordinated and fragmented. In this article, I argue that the origins of modern industrial policy initiated by the local state slowly emerged at the beginning of the twentieth century in Chicago. Using an assortment of sources, I show that a new type of industrial policy was forged in the conflict over the 1923 zoning ordinance. The city's real-estate, financial and political elites were able to mobilize information, science, funding, individuals and arguments to convince industrialists that zoning was to their advantage. In the process, the city's industrial interests were able to frame the new zoning ordinance to their ends.

Recent Boundary Law Cases

GEOMATICA ◽  
2014 ◽  
Vol 68 (1) ◽  
pp. 45-57
Author(s):  
Izaak de Rijcke
Keyword(s):  
Real Estate ◽  
Ad Hoc ◽  
Case Law ◽  
Policy Implications ◽  
Law Schools ◽  
Specific Exercise ◽  
Original Audience

In this paper, recent boundary cases are considered—but especially as related to Ontario. The choice of jurisdiction is a consequence of the original audience for whom the paper was prepared: real estate lawyers in Ontario. While the activity of case law review and discussion may be seen as an ad hoc and fact—specific exercise, most lawyers in practice choose to remain aware of recent cases in order to stay abreast of new trends. Law schools still use the case law method for teaching—as well as to identify current reported cases as harbingers of potential new trends. Likewise, legislators monitor what emerges from our courts—if only to make sure that there is not a need for remedial legislation in order to possibly “correct” policy implications of a decision or a series of decisions which signal a new trend. Despite its jurisdictional limitations and the review of only most recent cases, this paper is both an example and a reminder that the jurisprudence of boundary law and the work of geomatics professionals continues to evolve.

scholarly journals A Capability Approach to Real Estate Valuation and Value Enhancement

2021 ◽  
Vol 4 ◽  
pp. 5-26
Author(s):  
Janek Ratnatunga ◽  
Keyword(s):  
Real Estate ◽  
Capability Approach ◽  
Ad Hoc ◽  
Valuation Model ◽  
Ex Post ◽  
Real Estate Valuation ◽  
Commercial World ◽  
Financial Metrics ◽  
Scant Attention ◽  
The Capability Approach

There are numerous financial metrics available in the academic and commercial world to estimate real estate value. Appraisers often use such metrics when advising on the purchase or sale of real estate at a point in time. The first part of this paper proposes a new metric, based on the capability approach, to make an ex-post single period valuation. Further, appraisers often give advice to their clients on actions to take in order to enhance the value of their real estate. This area of value enhancement has received scant attention in the academic literature. In practice, this advice is often based ad-hoc, anecdotal recommendations. The second part of the paper develops seven real estate strengths that can be targeted and provides an ex-ante approach to building real estate value. The valuation model presented in this paper is a pragmatic approach to enhancing both the values of tangible and intangible capabilities of a property by utilizing Expense Leveraged Value Indexes (ELVI).

icsid Jurisdiction with Regard to State-Owned Enterprises – Moving Toward an Approach Based on General International Law

2017 ◽  
Vol 16 (1) ◽  
pp. 108-138
Author(s):  
Giulio Alvaro Cortesi
Keyword(s):  
Real Estate ◽  
International Law ◽  
Present Article ◽  
Ad Hoc ◽  
Foreign Investor ◽  
New Development ◽  
Formal Requirements

The decision of the ad hoc Committee in the case Tulip Real Estate v. Turkey of 2015 represents a new development in the methods applied by icsid tribunals to ascertain their own jurisdiction when the acts giving rise to the investor’s claim have been undertaken by a State-owned entity. Indeed, prior to this case, different views and trends had arisen over the years: some tribunals have addressed this matter by narrowing their field of analysis to the formal requirements of the claim, while others have focused on the issue of implicit designation. Lastly, there has been a growing trend, starting in 2009 with the case Toto Costruzioni v. Lebanon, where arbitrators have applied the rules on attribution at the jurisdictional stage. This last group of cases suggests that those arbitrators were developing an approach closer to that of general international law. The Tulip Real Estate v. Turkey Committee was the first annulment panel to comment on this latest development, although they commented without expressing much enthusiasm for it. The present article will focus on the issue of establishing an icsid tribunal’s jurisdiction when a State entity is involved in the proceedings, in order to cast some light on the rules that a tribunal should apply when deciding whether a dispute between the foreign investor and a State entity falls within its remit.

scholarly journals Price Adjustments of Price-setting Factors under Sales Comparison Approach (SCA)

2016 ◽  
Vol 6 (2) ◽  
pp. 164-170
Author(s):  
Martin Cupal
Keyword(s):  
Real Estate ◽  
Ad Hoc ◽  
Factor Price ◽  
Second Step ◽  
Price Setting ◽  
Price Adjustments ◽  
A Value ◽  
Comparison Approach ◽  
Different Types ◽  
Practical Implications

The sales comparison approach (SCA) usually represents the most important valuation approach. Besides this approach, there are two other performing valuation approaches at other bases. The sales comparison is a set of procedures, in which an appraiser derives a value indication by comparing the property being appraised to similar properties. Real properties vary considerably from one another, which is reflected by price-setting factors. Although price adjustments (caused by differences projected into price by the grid adjustment technique) are always ad hoc, certain relations among the price-setting factors can be detected.The research is based on evaluating price adjustments across different types of real estate. In addition, its objective is to determine the values of simultaneous relations of price adjustments for individual price-setting factors. The methodology consists of three steps. The first one clearly defines the content of individual price-setting factors and price adjustments for further analysis. The second step involves statistical analysis of an extensive appraiser database and evaluation of price adjustments. The final step uses selected statistics to compare the LRM and the SCA and interprets mutual relations.The results of the research should have practical implications for professional appraisal community and further research analyses of the SCA. Keywords: Sales comparison approach, price-setting factor, price adjustment, real estate;

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