Corporate Finance - Need For Modernised Bondholder Laws?

The proposed future banking regulatory liquidity framework is widely regarded as favouring corporate bond issues as compared to corporate lending. The reasons for this are explained by Walter Gapp in his article in this roadmap. Provided that recent investor experience in a prominent Austrian insolvency scenario does not distract the (international) investor base from Austrian bond markets, this, along with modernised documentation and bondholder legislation (such as the German Schuldverschreibungsgesetz, which entered into force in 2009), could be an important driver of corporate bond financing and investment banks' origination services in Austria and other European countries.

Can a legal technique contribute to fostering corporate bond issuance activity?