Private self-regulation in the area of capital markets has been the target of increasing criticism in the recent past, despite the fact of its steadily growing practical importance. This dissertation is lead by the scientific question in which way private self-regulation can be used and improved as an instrument of control. It displays and explains conceptual fundamental principles and explores the limits of private self-regulation. Advantages and disadvantages are examined with regard to their conflicting areas and based on these results the author demonstrates an approach on how to improve and optimize it. Especially the advantages of expertise and of acceptance turned out to be a tool useful in many ways. Furthermore, the “Prozeduralisierung” proved to be helpful in order to compensate for existing deficits in constitutional legality and to increase the development towards public welfare of those involved. In the end, a combination of liberal approaches accompanied by governmental measures is paramount for the success of this manifestation of law.weiterlesen