- 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.