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Overall Legal Framework
The Act reorganising Pfandbrief legislation, which took effect in 2005, expands the business opportunities open to German credit institutions regarding the issuing of Pfandbriefe. In doing so the high standards of the German Pfandbrief were upheld. This reform was extraordinarily successful. The German Pfandbrief still represents the biggest segment of the European and global covered bond markets.
The Cooperatives Act defines the legal framework for all cooperatives formed for the purpose of making purchases or doing business. It initially took effect in 1889 and the most recent major amendment to the Act took place in August 2006.