Abstract
| Original language | English |
|---|---|
| Place of Publication | Tilburg |
| Publisher | European Banking Center |
| Volume | 2011-030 |
| Publication status | Published - 2011 |
Publication series
| Name | EBC Discussion Paper |
|---|---|
| Volume | 2011-030 |
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Keywords
- beneficial ownership
- control enhancing mechanisms
- corporate.
Cite this
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Mandatory Disclosure of Blockholders and Related Party Transactions : Stringent Versus Flexible Rules. / McCahery, J.A.; Vermeulen, E.P.M.
Tilburg : European Banking Center, 2011. (EBC Discussion Paper; Vol. 2011-030).Research output: Working paper › Discussion paper › Other research output
TY - UNPB
T1 - Mandatory Disclosure of Blockholders and Related Party Transactions
T2 - Stringent Versus Flexible Rules
AU - McCahery, J.A.
AU - Vermeulen, E.P.M.
N1 - This is also CentER Discussion Paper 2011-108
PY - 2011
Y1 - 2011
N2 - Investor confidence in financial markets depends in large part on the existence of an accurate disclosure and reporting regime that provides transparency in the beneficial ownership and control structures of publicly listed companies. Today, a common post-financial crisis regulatory reform theme is to tighten the disclosure and reporting rules that apply to large blockholders. We examine the implications of this trend, analyzing whether detailed, stringent and mandatory reporting rules could have a counterproductive effect on the financial markets. A central idea of this paper is the evolution of a well-balanced regime that is flexible and proportional and allows for a case-by-case determination of a beneficial owner. In the current era of information-based technology, the most obvious challenge for regulators is to design a legal framework that is adaptable to technological change and its impact on financial instruments.
AB - Investor confidence in financial markets depends in large part on the existence of an accurate disclosure and reporting regime that provides transparency in the beneficial ownership and control structures of publicly listed companies. Today, a common post-financial crisis regulatory reform theme is to tighten the disclosure and reporting rules that apply to large blockholders. We examine the implications of this trend, analyzing whether detailed, stringent and mandatory reporting rules could have a counterproductive effect on the financial markets. A central idea of this paper is the evolution of a well-balanced regime that is flexible and proportional and allows for a case-by-case determination of a beneficial owner. In the current era of information-based technology, the most obvious challenge for regulators is to design a legal framework that is adaptable to technological change and its impact on financial instruments.
KW - beneficial ownership
KW - control enhancing mechanisms
KW - corporate.
M3 - Discussion paper
VL - 2011-030
T3 - EBC Discussion Paper
BT - Mandatory Disclosure of Blockholders and Related Party Transactions
PB - European Banking Center
CY - Tilburg
ER -