Global Securities Litigation and Enforcement (Preface and Table of Contents)

Cambridge University Press, 2019, xxviii + 1107 pp

28 Pages Posted: 11 Jan 2019

See all articles by Pierre-Henri Conac

Pierre-Henri Conac

University of Luxembourg; European Corporate Governance Institute (ECGI)

Martin Gelter

Fordham University School of Law; European Corporate Governance Institute (ECGI)

Date Written: January 3, 2019

Abstract

Global Securities Litigation and Enforcement addresses the issue of compensation of investors’ losses on securities markets due to misrepresentations. The book provides an in-depth analysis of the enforcement securities law, especially civil liability and litigation, covering 29 jurisdictions on all Continents. The book contributes to the debate on whether public or private enforcement is preferable. The New Deal securities legislation in the US based on the motto of Louis Brandeis that ‘sunlight is said to be the best of disinfectants; electric light the most efficient policeman’ has become the international model based on the principle of disclosure. As to public enforcement, the US model of enforcement by an administrative authority, acting through administrative or judicial courts, has spread around the world. The Securities and Exchange Commission (SEC), established in 1934, has become the international benchmark. Reports promoting ‘international best practices’, such as the 1998 of the International Organization of Securities Commission (IOSCO) Objectives and Principles of Securities Regulation as well as the International Monetary Fund’s Financial System Stability Assessments (FSAP), have also contributed to the spread of the SEC model. As to private enforcement, civil liability under securities law has also been a very important aspect of US corporate governance, especially in the form of securities class actions. Securities class actions rose to prominence after the Supreme Court’s decision in Basic v. Levinson in 1988 that established the fraud-on-the-market theory. However, securities lawsuits have become more difficult in recent years. This concerns, in particular, listed companies not traded in US stock exchanges. While courts previously often permitted such suits under the ‘conduct and effects test’, with the case of Morrison v. National Australia Bank in 2010 it has become more difficult to sue foreign issuers in US courts. This has reduced the availability of US courts to foreign investors and raised the pressure on foreign legislators to provide remedies in their own jurisdictions.

Note: This sample file contains the preface and prelims to the book.

Keywords: securities litigation, public enforcement, private enforcement, securities class actions, comparative corporate governance, capital markets law

JEL Classification: K22

Suggested Citation

Conac, Pierre-Henri and Gelter, Martin, Global Securities Litigation and Enforcement (Preface and Table of Contents) (January 3, 2019). Cambridge University Press, 2019, xxviii + 1107 pp. Available at SSRN: https://ssrn.com/abstract=3309367

Pierre-Henri Conac

University of Luxembourg ( email )

162a, avenue de la Faïencerie
Luxembourg-Limpertsberg, L-1511
Luxembourg
00352 46 66 44 68 20 (Phone)
00352 46 66 44 68 11 (Fax)

HOME PAGE: http://wwwen.uni.lu/

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://http:/www.ecgi.org

Martin Gelter (Contact Author)

Fordham University School of Law ( email )

150 West 62nd Street
New York, NY 10023
United States
646-312-8752 (Phone)

HOME PAGE: http://www.fordham.edu/info/23135/martin_gelter

European Corporate Governance Institute (ECGI)

HOME PAGE: http://ecgi.global/users/martin-gelter

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