Klumpenrisiken im Gesellschafts- und Konzernrecht vor dem Hintergrund des Aufsichtsrechts

Bulk and concentration risks played an important role during the subprime crisis. The first study on the subject discusses executive and supervisory board duties with regard to bulk and concentration risks. After designing a definition of bulk risks it will be illustrated that banking and insurance supervision law and investment law have a substantially similar regulatory approach. Subsequently, it will be examined whether the statutory provisions governing bulk and concentration risks can be transferred from financial institutions to general corporations. After advocating this to a limited extent for capital market-oriented corporations, the special affinity of a conglomerate towards bulk risks merits closer examination. Finally, general principles of a Concentration Risk Governance will be established which apply to banks and insurances as well as corporations in general.