Making Continuous Disclosure Work – Outcomes v. Enforcement

Abstract:     
The current co-regulatory model for supervising Australia’s public companies is working well. The proposal that ASIC be given the power to issue fines for failures of listed entities to comply with the continuous disclosure requirements is unlikely to make a material contribution to improving disclosure in the market. Rather than “bracing” one leg of a two legged stool perhaps we’d be better served by creating a third leg. A new Disclosure Division established as a division of the successful Takeovers Panel would be better able to enforce and promote the continuous disclosure regime.

Number of Pages in PDF File: 15

Keywords: disclosure, corporations act, ASIC, Australia

Accepted Paper Series