Genossenschaftliche und kapitalmarktrechtliche Einordnung der Energiegenossenschaften

'Energy Cooperatives between Corporate Law and Capital Markets Regulation': Do energy cooperatives fall within the scope of the German Capital Investment Code (KAGB)? This study shows that the supervisory practice of exempting cooperatives categorically is unconvincing, and identifies the members' actual influence over investment decisions as the decisive criterion. Drawing on a comparison with Swiss and UK law, it proposes a concrete reform - a new Section 2(4c) KAGB - that resolves the conflict between citizen participation and financial regulation.