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Part IV Raising Capital on the Capital Markets, 15 Damages Actions by Investors on the Back of Market Disclosure Requirements

Paul Davies

From: Capital Markets Union in Europe

Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 18 April 2024

Capital markets

EU rules requiring disclosures to the market by publicly traded companies have developed enormously since the first Listing Particulars Directive of 1980. However, even today they are hesitant about dealing with the subject of investor actions for damages for breaches of the rules. In relation to public offerings, periodic disclosures, and episodic disclosures, the current EU rules do not bring about harmonisation of national systems of damages liability in investor actions, but rather place almost exclusive emphasis on coordinated administrative action and sanctions. This chapter considers the question of how the liability rules should be shaped if they are to contribute most effectively to the achievement of the goals of the Union's disclosure rules. The discussions cover investor actions and the promotion of disclosure, investor litigation in the context of public offerings, and investor litigation in the context of continuing disclosures.

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