Disclosure in the EEA securities markets--making sense of the puzzle |
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| Authors: | Burn Lachlan |
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| Institution: | * Lachlan Burn, Partner, Linklaters. |
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| Abstract: | The first 150 words of the full text of this article appear below. Key points- This article looks at the various elements of thedisclosure regimes for issuers that are admitted to EEA-regulatedmarkets, including the initial requirement for the productionof a prospectus on admission and on-going requirements to discloseprice sensitive information as it arises and to make regularreports to the market.
- After a brief analysis of some of thesimilarities and differences between the various regimes, thearticle makes an attempt to reconcile the differences by lookingat each regime in the context of the others and viewing themas a continuum.
- Finally, remaining problems concerning multi-jurisdictionliability for disclosure in the EEA and potential liabilityfor forward-looking disclosure are discussed.
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1. Introduction
| With a sly dig at the abusive market practices of his time,Oscar Wilde wrote that ‘private information is practicallythe source of every large modern fortune’.1 For some,it still is, despite the efforts of legislators and . . . Full Text of this Article]
2. The pieces
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3. Some analysis
| Purpose Retrospective disclosure Disclosure of future events
4. Why does it matter?
| Improving the quality of disclosure Avoidance of time-wasting Avoidance of vexatious litigation
5. Resolving the problem
| Sensible liability regime Sensible interpretation
6. Remaining problems
| Multi-jurisdiction liability Forward-looking disclosure—foresight, hindsight and second sight
7. Conclusion
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