Die Kapitalerhöhung der börsennotierten Aktiengesellschaft im Lichte des Insiderhandelsverbots

This paper answers the question of the relationship between the ban on insider trading and capital increases. It examines the interface between corporate law and capital market law, in particular the question of whether corporate law must accept restrictions under capital market law. The work shows whether a shareholder who, for example, is a permanent insider as a member of the management board, may not participate in a capital increase despite his subscription right. It also shows why the face-to-face exception must be rejected outright and therefore cannot be applied. As a result, a prohibition of participation due to insider trading is confirmed and possible solutions in corporate and capital market law are presented.