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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Commercial law
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Promoting Information in the Marketplace for Financial Services - Financial Market Regulation and International Standards (Paperback, Softcover reprint of the original 1st ed. 2015)
Loot Price: R2,037
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Promoting Information in the Marketplace for Financial Services - Financial Market Regulation and International Standards (Paperback, Softcover reprint of the original 1st ed. 2015)
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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). The authors 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
regulation or the lessons learned from earlier regulation. 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 the support of the
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.
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