Der US-amerikanische Compliance-Monitor in deutschen Unternehmen

englischAlthough many German companies have already been supervised by a corporate monitor due to pressure from U.S. authorities, the practice lacks guidelines for dealing with this instrument. The author closes this gap with his paper. After a comprehensive analysis of U.S. monitorships, the paper examines how U.S. monitors fit into German stock corporation, capital market and liability law. In addition to central aspects such as the (third-party) liability of the monitor and the compatibility of the monitor's actions with the management responsibility under stock corporation law, the author also examines the liability risks for the management board and supervisory board in a monitorship, for example with regard to the monitor's recommendations and the monitor's participation in board meetings. The paper closes with a glance at German monitors.