Chapter 3. The Intermediated System in Germany

  • Changmin Chun


Simply put, the current German intermediated system is a traditional legal regime in accordance with German property law; this is the most prominent feature of the German system. Due to this characteristic, however, a few theoretical, interpretative problems and disputes arise. In fact, domestically and internationally there are quite a few criticisms with respect to the current German intermediated system, stemming from unnatural applications of property law. Notwithstanding, the current system may be understandable from the viewpoints that German property law is fundamentally constructed on the basis of constructive legal notions, and that law might be defined as an aggregate of facts and fictions, except for consideration of its reasonableness and efficiency. The following discusses the basic structure and the main features of the German intermediated system.


Supra Note Government Bond Prevailing View Legal Certainty Security Transaction 
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Copyright information

© Springer-Verlag Berlin Heidelberg 2012

Authors and Affiliations

  • Changmin Chun
    • 1
  1. 1.Korea Capital Market InstituteSeoulRepublic of Korea (South Korea)

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