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Capital Markets Law Journal Advance Access originally published online on March 13, 2008
Capital Markets Law Journal 2008 3(2):139-153; doi:10.1093/cmlj/kmn005
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© The Author (2008). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Disclosure in the EEA securities markets—making sense of the puzzle

Lachlan Burn*
* Lachlan Burn, Partner, Linklaters.

The first 150 words of the full text of this article appear below.


Key points

  • This article looks at the various elements of the disclosure regimes for issuers that are admitted to EEA-regulated markets, including the initial requirement for the production of a prospectus on admission and on-going requirements to disclose price sensitive information as it arises and to make regular reports to the market.
  • After a brief analysis of some of the similarities and differences between the various regimes, the article makes an attempt to reconcile the differences by looking at each regime in the context of the others and viewing them as a continuum.
  • Finally, remaining problems concerning multi-jurisdiction liability for disclosure in the EEA and potential liability for forward-looking disclosure are discussed.

 


   1. Introduction
 
With a sly dig at the abusive market practices of his time, Oscar Wilde wrote that ‘private information is practically the 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
 

   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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