Promoting Information in the Marketplace for Financial Services Fina

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 pre

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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

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Paul Latimer • Philipp Maume

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

Paul Latimer Department of Business Law and Taxation Monash University Melbourne Australia

Philipp Maume TUM School of Management Technische Universita¨t Mu¨nchen Munich Germany

ISBN 978-3-319-09458-8 ISBN 978-3-319-09459-5 (eBook) DOI 10.1007/978-3-319-09459-5 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2014955610 © Springer International Publishing Switzerland 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)

Preface

After every ‘boom’ and bust’, legislators around the world pass new disclosure legislation, often in a heated environment fuelled by politics and the media with little regard for existing regulation or with no memory of the experience and outcomes of earlier regulation. This results in the enactment of continuing amounts of duplicating and overlapping disclosure laws in securities (financial services) regulation. As authors from the new world a