This book undertakes unique case studies, including interviews with
participants, as well as empirical analysis, of public and private
enforcement of Australian securities laws addressing continuous
disclosure.
Enforcement of laws is crucial to effective regulation. Historically,
enforcement was the province of a government regulator with significant
discretion (public enforcement). However, more and more citizens are
being expected to take action themselves (private enforcement).
Consistent with regulatory pluralism, public and private enforcement
exist in parallel, with the capacity to both help and hinder each other,
and the achievement of the goals of enforcement in a range of areas of
regulation.
The rise of the shareholder class action in Australia, backed by
litigation funding or lawyers, has given rise to enforcement overlapping
with that of the government regulator, the Australian Securities and
Investments Commission. The ramifications of overlapping enforcement are
explained based on detailed analysis. The analysis is further bolstered
by the regulator's approach to enforcement changing from a compliance
orientation to a "Why not litigate?" approach.
The analysis and ramifications of the Australian case studies involve
matters of regulatory theory and practice that apply across
jurisdictions. The book will appeal to practitioners, regulators and
academics interested in regulatory policy and enforcement, and the
operation of regulators and class actions, including their interaction.
