A Survey of Securities Laws and Enforcement
The author examines the theoretical and empirical literature pertaining to securities laws and their enforcement by regulators and courts to establish what is known and what is yet unclear. Recent empirical research in the field has established tha...
| Main Author: | |
|---|---|
| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, D.C.
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2004/09/5163967/survey-securities-laws-enforcement http://hdl.handle.net/10986/14243 |
| Summary: | The author examines the theoretical and
empirical literature pertaining to securities laws and their
enforcement by regulators and courts to establish what is
known and what is yet unclear. Recent empirical research in
the field has established that law matters. Mandatory
disclosure requirements, insider trading laws, safeguards
against self-dealing transactions, adequate regulatory
powers, and simple laws that are easily enforced aid in the
development of capital markets. The debate is now focused on
identifying which components of securities laws matter most
and on what the optimal regulatory framework for each
country should be. Although public enforcement of securities
laws is important, the author finds that the largest impact
comes from aspects of the law that facilitate private
enforcement. This means that the development of capital
markets depends crucially on creating laws that facilitate
enforcement and improving court procedures that allow for a
more efficient dispute resolution. |
|---|