The Company as Perpetrator, Compliance and M&A under the Planned German Corporate Criminal Sanctions Code.
Germany law does not yet provide for a corporate criminal liability in general. For anti-trust law, similar corporate criminal provisions compared to those now planned in general do already exist. The level of fines will be much higher than in the past (up to 10% of worldwide group revenues) and violations must be prosecuted, there is no more discretion. The new law shall also provide for successor liability which in M&A transactions may cause the Buyer to be responsible in addition to the Target and the Seller. Indemnities and remedies against future losses as well as careful structuring of transactions is required. The publication is published in Revista de Direito Comercial, 2019, and available at SSRN:
https://ssrn.com/abstract=3496803.
Both authors have also published an article about this topic in German in: Zeitschrift für Wirtschaftsrecht (ZIP), 2019, Heft 50/S. 2385, Knott/Zagrosek, „Das Unternehmen als Täter – Compliance-Fragen bei M&A Transaktionen nach dem geplanten Unternehmensstrafrecht“.