Teaching

Specialisation Area 13 has been offered by the Faculty since the winter semester of 2019. It is aimed at all law students who have a particular interest in banking and capital markets law, including the international aspects of this field of law. The specialisation programme in SP 13 offers students the opportunity to immerse themselves in a highly practice-oriented, business-related area of law. The lectures in this specialisation cover not only the legal fundamentals but also numerous economic aspects. Banking and capital markets law is a field for which a separate specialist lawyer qualification has been created. In Germany, however, only around 1,300 of the approximately 165,000 lawyers are specialist lawyers in banking and capital markets law. Specialisation 13 can therefore lay the foundation for an excellent start to a career in the legal profession. It also serves as a springboard to numerous other careers in the field of commercial law, such as roles within companies, in (large) law firms specialising in commercial law, and in business associations. Due to the SP 13’s close connection to civil law, topics in civil law relevant to the bar examination are revisited during the lectures, whilst knowledge of European law is deepened thanks to the numerous references to it. Furthermore, basic knowledge of company law is imparted. Current issues and legislative proposals, such as digitalisation in banking law and sustainable finance in capital markets law, are covered in depth.

I am delighted by your interest and your participation in Specialisation Area 13!

Courses

The following modules form part of the compulsory curriculum for Specialisation Area 13:

• Banking Law (3 SWS)

The ‘Banking Law’ lecture covers the key principles of banking law as well as current issues. These include banking contract law, lending, investment and asset management. Another key focus is on payment transactions and securities trading. Banking supervisory law is covered only in part (basics). The classification of digital assets is touched upon briefly.

Examples of current topics in banking law include Russia’s exclusion from SWIFT, case law on bonus savings schemes, early repayment penalties and bank charges (key terms: negative interest rates, account maintenance fees). The classification of securities lending (so-called cum/cum and cum/ex transactions) and building society savings contracts. The so-called ‘digital euro’ also falls within this scope.

• Capital Markets Law (3 SWS)

The ‘Capital Markets Law’ lecture covers the fundamentals of capital markets law and provides an insight into current legislative proposals and issues. It deals, amongst other things, with stock exchange law, insider dealing, market manipulation, prospectus liability and ad hoc disclosure. It also addresses so-called hostile takeovers and the role of hedge funds in capital markets law.

Examples of current topics in capital markets law include the extensive case law on prospectus liability, the new regulations introduced by the EU Listing Act and the Future Financing Act. The topics of sustainability and sustainable finance are also addressed. From a procedural perspective, the Capital Investors Model Proceedings Act (KapMuG) is of particular interest.

• Collective Investment Schemes (2 SWS)

The lecture ‘Collective Investment Schemes’ provides an overview of the various forms of collective investment schemes under German law. These include, in particular, investment funds under the KAGB and so-called unregulated investment funds. The legal structure of investment funds under the KAGB is examined in detail, as are the organisational and conduct requirements under the KAGB. Alternative investment funds (AIFs) are also examined (including property funds, hedge funds and private equity funds). The lecture concludes with an overview of the ways in which such funds exert influence over listed companies (including shareholder activism).

• Seminar on banking and capital markets law (2 SWS)

Examinations

For details of the admission requirements and the examination procedure, please refer to Sections 49 to 69 of the Study and Examination Regulations and Sections 38 et seq. of the JAPO. In accordance with Section 54(1) of the Study and Examination Regulations, the University Law Examination consists of an academic paper completed during the course of study (term paper) and an oral examination as the final assessment (oral university examination).

• Seminar for the Academic Paper

You will write your term paper in a seminar on banking and capital markets law. The overarching seminar topics generally alternate between current issues in banking and capital markets law and specific overarching topics such as prospectus liability or ad hoc disclosure. The specific topic within the scope of the overarching theme is allocated by the Examinations Office for term papers.

• Oral specialisation examination

The oral examination covers the subject areas of the various lectures within the specialisation. As the lectures are each accompanied by detailed lecture notes or presentations, these provide an excellent foundation for successfully passing the oral examination.

Lecturer

The modules in the specialisation area of Banking and Capital Markets Law are taught by:

• Professor Dr Carsten Herresthal, LL.M. (Duke)

Current and upcoming courses

Summer semester 2026

• Banking and Capital Markets Law (3 SWS) – Prof. Dr Carsten Herresthal

• Collective Investment Schemes (2 SWS) – Prof. Dr Carsten Herresthal

• Seminar in Banking and Capital Markets Law (2 SWS) – Prof. Dr Carsten Herresthal

Winter semester 2025/26

• Seminar in Banking and Capital Markets Law (2 SWS) – Prof. Dr Carsten Herresthal

• Capital Markets Law (3 SWS) – Prof. Dr Carsten Herresthal

The examination-relevant content of civil law and related areas of civil law is best covered as part of exam preparation through detailed case studies accompanied by fully formulated draft solutions at an academic level. These case studies should be tailored to the requirements of the First State Examination in terms of scope and level of difficulty.

However, it should be borne in mind that such solution outlines also serve didactic purposes. As these case studies are designed to impart knowledge, such solution outlines are therefore not model exam answers in the strict sense, but rather they also convey exam-relevant knowledge that extends beyond the specific case, e.g. other case groups or scenarios that exist alongside the case group or scenario relevant to the specific case. It is preferable to supplement the detailed case solutions with systematic presentations and references to current case law. In terms of content and level of difficulty, such cases and solution outlines are primarily aimed at students preparing for their exams from the fifth semester onwards.

Courses

Prof. Dr Herresthal offers the following courses to help students prepare for their civil law examinations:

• REX – Civil Law / Law of Obligations AT
• REX – Civil Law / Law of Obligations (Morning)
• REX – Civil Law / Commercial and Company Law
• REX – Civil Law / Special Types of Contract

Publications

The following publications by Prof. Dr Herresthal are in line with the outlined approach to exam preparation in civil law:

• Grigoleit/Herresthal, Beck’s Civil Law Examination Guide, General Part of the German Civil Code (BGB-AT), 4th ed. 2021 (5th ed. expected from September 2026)
• Picker/Herresthal, Beck’s Civil Law Examination Guide, Labour Law, 2nd ed. 2022
• Grigoleit/Herresthal/Gansmeier, Beck’s Civil Law Examination Guide, Law of Obligations I – General Part (expected from September 2026)

Further publications that correspond to the outlined approach to civil law exam preparation:

• Grigoleit/Auer/Kochendörfer, Beck’s Civil Law Examination Guide, Law of Obligations III – Law of Unjust Enrichment, 3rd ed. 2022
• Grigoleit/Riehm, Beck’s Civil Law Examination Guide, Law of Obligations IV – Tort and Damages Law, 3rd ed. 2022
• Neuner, Beck’s Civil Law Examination Guide, Law of Property, 7th ed. 2024

As a systematic overview of private law to complement the above, ‘Staudinger: Cornerstones of Civil Law’ (9th ed. 2024) is recommended.

Prof. Dr Herresthal’s department organises a regular series of lectures on the topic of‘German and European company law in theory and practice’.In this type of event, Prof. Herresthal first gives a theoretical presentation on a specific set of issues relating to German or European company law. This is followed by a contribution from a practitioner’s perspective, which – usually based on a current case – highlights the significance of the topic in the practical application of the law, the practical aspects associated with it, and any necessary courses of action or alternatives available to the lawyer.

This combination is intended, on the one hand, to clearly demonstrate the practical relevance of the theoretical foundations taught during the degree programme and, on the other hand, to focus attention on the specific, broader aspects of the practical application of the law in corporate law. At the same time, it provides an insight into the professional world of lawyers specialising in German and European corporate law. For this reason, high-calibre lawyers from renowned international law firms are invited to lead the practical sessions. Following the session, there is usually an opportunity for a one-to-one discussion with the lecturers.

Previous lectures:

No. 5:

24 November 2015
Dr Gregor Janisch, Allen & Overy
Liability risks for managing directors in international groups

No. 4:

15 June 2015
Dr Luidger Röckrath, LL.M., Gleiss Lutz
Directors’ liability for antitrust fines and claims for damages by victims of antitrust infringements

No. 3:

18 June 2013
Dr Luidger Röckrath, LL.M., Gleiss Lutz
Tortious liability for primary financial losses in current
case law on company law

No. 2:

11 December 2012
Dr Markus Rieder, LL.M., Shearman & Sterling LLP
Warranties in company acquisitions and their enforcement in arbitration proceedings

No. 1:

15 May 2012
Dr Luidger Röckrath, LL.M., Gleiss Lutz
‘Economic reorganisation’ in the law of companies