A good corporate governance framework should combine transparency, accountability and integrity and this requires knowledge of beneficial ownership. The protection of minority investors and other stakeholder protection will be challenging without access to reliable information about the...

Investor confidence in financial markets depends in large part on the existence of an accurate disclosure regime that provides transparency in the beneficial ownership and control structures of publicly listed companies. This is particularly true for corporate governance systems that are...

When should laws be enforced by private actors and when should society rely on law enforcement by public authorities? This question has been analyzed in great detail in law & economics scholarship. This article surveys the literature and outlines a framework of criteria for deciding whether...

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...

The Securities and Exchange Commission (SEC) has undergone measured change in the last fifteen years in the way it executes its mission to protect investors. Since reforms adopted in 1996, the SEC has operated under a new mandate to consider the effect of new rules on efficiency, competition,...

This chapter examines the impact of private and public enforcement of securities regulation on the development of capital markets. After a review of the literature, it considers empirical findings related to private and public enforcement as measured by formal indices and resources, with...

According to well-established case-law of the European Court of Justice, in the European Union, parent companies can be fined for antitrust infringements by their subsidiaries. Furthermore, under a new EU Directive, signed into law on 26 November 2014, parent company liability is likely to be...

This study investigates whether international differences in legal enforcement are associated with venture capital (VC) syndication networks, and whether culture moderates this relationship. We conjecture that public enforcement, with strong investigative powers against any syndicate member and...

Though now possible, no European state is competing for incorporations, and this is unlikely to happen in a general fashion. In this paper I argue, however, that the possibility of one state competing for one specific segment of the market for incorporations should not be ruled out altogether....