Dewey & LeBoeuf

Dr. Walburga Kullmann, LL.M.

Partner

Walburga Kullmann is a capital markets lawyer with extensive experience in structured products including certificates, structured bonds and notes, warrants, CFDs, swaps, options, as well as other derivatives. She has been involved in the development of the structured products markets in Germany since 1990.

In addition, she advises on promissory notes/assignable loans (Schuldscheine), corporate bonds, hybrid transactions, funds, admission to listings on stock exchanges and issues related to the law on securities prospectuses. She has participated in expert hearings concerning the EU Prospectus Directive and its implementation into German law and has provided substantial legal advice on this subject.

Her practice includes the representation of national and international banks and other financial institutions which act as issuers, guarantors, underwriters, lead managers, dealers or arrangers of financial products, or are another party to a derivatives bond or note transaction.

Prior to joining Dewey & LeBoeuf, Walburga Kullmann practiced at another major international law firm since 1994 as a partner. Before that she worked at a leading international bank.

Walburga Kullmann is cited in the Juve Handbook 2010/2011 as one of the leading lawyers for securitizations and derivatives. Furthermore, the Chambers Europe Yearbook 2010 and the Chambers Global Yearbook 2010 state that she is a leading individual for structured finance.

Selected Activities and Memberships

Frankfurt Bar Association

Publications

"History of Covered Bonds Outside the United States – Germany" as well as "Covered Bond Case Study – Germany" in Pinedo/Tanenbaum, Covered Bonds Handbook published by Practising Law Institute, Corporate and Securities Law Library (2010)
"Pros and Cons of Certificates", Frankfurter Allgemeine Zeitung/Special Supplement Investment Products (April 22, 2010) (together with Raphael Pasiek)
"Liability of banks for entering into swap agreements (CMS Spread Ladder Swap)", comment on the decision of the regional court Frankfurt of March 10, 2009 (2-19 O 235/08), jurisPraxisReport Bank- und Kapitalmarktrecht (3/2010) (together with Jürgen Metzger)
"Violation of stock exchange rules within the meaning of § 22(2) German Stock Exchange Act", comment on the decision of the administrative court Frankfurt of October 9, 2008 (1 K 1458/08.F), jurisPraxisReport Bank- und Kapitalmarktrecht (9/2009) (together with Jürgen Metzger)
"Duty of limited partner to disclose internal commissions of an investment company which are not described in a prospectus", comment on the decision of the Federal Supreme Court (Bundesgerichtshof) of November 6, 2008 (III ZR 231/07), jurisPraxisReport Bank- und Kapitalmarktrecht (8/2009) (together with Jürgen Metzger)
"Certificates are better than their current reputation", Frankfurter Allgemeine Zeitung/Special Supplement Derivatives (November 12, 2008) (together with Jürgen Metzger)
"Securities prospectuses are getting increasingly complex - technical terminology poses a problem especially for private investors - financial sector calls for simplification", interview with Handelsblatt/Special Supplement Derivatives (September 24, 2008)
"The Report of the European Securities Markets Expert Group (ESME) on the European Directive 2003/71/EC ("Prospectus Directive")", WM 2008, 1292 (together with Jürgen Metzger)
"Prospectus Liability", comment on the decision of the Federal Supreme Court (Bundesgerichtshof) of December 3, 2007 (II ZR 21/06), jurisPraxisReport Bank- und Kapitalmarktrecht (2/2008) (together with Jürgen Metzger)
"A Free 'Put-Option' for Investors?", Frankfurter Allgemeine Zeitung/Special Supplement Derivatives (April 8, 2008) (together with Jürgen Metzger)
"Zumwinkel and Stock Options", interview with Börsen-Zeitung regarding the legal analysis of the exercise of stock options and of synthetic alternatives (December 8, 2007)
"Loans in the form of certificates of indebtedness (Schuldscheindarlehen)", in Eilers/Rödding/Schmalenbach, Corporate Financing, published by C.H. Beck (2007)
"Germany's implementation of the Prospectus Directive", IFLR, July 2005
"The German Securities Prospectus Act - major issues of the new regime for issues of securities", WM 2005, 1068 et seq. (together with Prof. Sester)
"Content and form of prospectuses pursuant to the German Securities Prospectus Act", ZBB 2005, 209 et seq. (together with Prof. Sester)
"European Passport imposes stricter requirements on issuers", Handelsblatt (June 2, 2004)
"Reverse Convertibles", Frankfurter Allgemeine Zeitung (August 18, 2001)
"Draft German Take-over Act", American Lawyer Media, September 2000
"New Market (Neuer Markt) and EASDAQ - A comparison of the admission requirements and admission follow-up obligations", ZBB 2000, 10 et seq.