Naming and shaming im Kapitalmarktrecht

In capital markets law, infringements must now be published regularly, indicating the name of the violator. While it is often seen internationally as a highly valued sanction mechanism, in Germany this instrument is viewed with extreme criticism and is generally not seen as a punitive sanction but as a purely preventive measure. In this study, the author endeavours to prove that these publications are of a punitive nature, contrary to the prevailing view. To this end, he systemises the relevant norms and explains why this classification must be based on the respective publication purposes and why this is important for the application of the law. After explaining the spectrum of conceivable objectives and writing a side note on the publication of infringements under antitrust law, the author goes into the individual norms in detail. Finally, he classifies the legal institute in terms of legal economics and legal policy.