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Promoting Information in the Marketplace for Financial Services: Financial Market Regulation and International Standards

Promoting Information in the Marketplace for Financial Services: Financial Market Regulation and International Standards

Author: Paul Latimer; Philipp Maume
Publisher: Springer-Verlag
ISBN: 9783319094588
Published In: December 2014
Format: Hardback
Jurisdiction: Switzerland ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

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This book provides a unique comparative and global analysis of the regulation of disclosure in financial (securities) markets. It is written by two authors who represent both the new world (Australia) and the old world (Germany), and who present their research in the global business context, with legal and regulatory perspectives including some references from Africa, Asia, the Middle East and South America. After every "boom" and "bust," legislators pass new disclosure legislation, often in a heated environment fuelled by politics and the media. Little regard is paid to existing regulations or the lessons learned from past regulations. The result is the continuing enactment of redundant and overlapping disclosure laws. Since financial markets are often described as markets for information, the failure to ensure disclosure is at the heart of financial services regulation.

This book argues that the solution to the failure of disclosure is a brief, easily understood, principles-based, plain English safety-net amendment to statute law such as "you must keep the financial market fully informed," a measure that would support effective mandatory continuous disclosure of information to financial markets. This book examines the reasons for disclosure regulation, and how the efficient operation of financial markets is dependent on disclosure. It examines the adequacy of common law and civil law concerning broker/client disclosure, and concludes that industry licensing in itself fails to keep the market informed. While recognizing the failures of securities commissions to achieve good disclosure in financial markets, it confirms the effectiveness of coregulation of disclosure by a commission with financial markets (such as the stock exchange). Coregulation builds on financial market self-regulation, and is best described in the words of one-time SEC Chairman William O. Douglas, who, in the 1930s, described it as a shotgun behind the door.

Chapter 1: Introduction - Promoting Information

Chapter 2: Disclosure of Financial and Non-Financial Information in the Marketplace

Chapter 3: How Should Financial Markets Be Regulated to Ensure That Information is Provided?

Chapter 4: Promoting Information Under Broker/Client Rules at Common Law and in Equity

Chapter 5: The Failure of Industry Licensing to Keep the Market Informed - Obligation to Provide Financial Services 'Efficiently, Honestly and Fairly'

Chapter 6: The Ability of the Commission to Achieve Disclosure in Financial Markets

Chapter 7: Stock Exchanges and the Promotion of Information

Chapter 8: Towards Principles-Based Regulation.