The Rationale for and enforcement of continuous disclosure frameworks in securities regulation in South Africa

Simple item page
dc.contributor.authorMamvura, Enodias
dc.date.accessioned2022-11-08T16:17:52Z
dc.date.available2022-11-08T16:17:52Z
dc.date.issued2022
dc.descriptionA Thesis submitted in partial fulfillment of the requirements of the Degree of Master of Laws, at Strathmore Universityen_US
dc.description.abstractCompanies listed on financial markets are expected to disclose new non-public material information to investors and market participants. Continuous disclosure entails that investors always envisage being promptly informed of any new price-sensitive information concerning a listed entity as a sine qua non for their informed investment decisions. Enforcement of continuous disclosure obligations through criminal actions, civil penalties and private enforcement mechanisms instils investor confidence and, most importantly, enhances the integrity and efficiency of the market. South Africa’s continuous disclosure framework does not have civil and criminal statutory liability penalties for issuers’ and directors’ breach of continuous disclosure obligations. The study utilised doctrinal legal research and comparative legal analysis in analysing South Africa’s continuous disclosure framework. The absence of civil and criminal statutory liability provisions was found to undermine both private and public enforcement of continuous disclosure obligations. The study also found that international instruments on securities regulation highlight the rationale for continuous disclosure and encourage public and private enforcement of continuous disclosure obligations. The research recommends the enactment of criminal and civil liability provisions to change the status quo. The study is fundamental to policymakers, retail and institutional investors and financial regulators.en_US
dc.identifier.urihttp://hdl.handle.net/11071/12995
dc.language.isoenen_US
dc.publisherStrathmore Universityen_US
dc.subjectEnforcement of continuous disclosure obligationsen_US
dc.subjectPrice-sensitive informationen_US
dc.subjectEfficient marketsen_US
dc.subjectProtection of investorsen_US
dc.subjectSecurities regulationen_US
dc.titleThe Rationale for and enforcement of continuous disclosure frameworks in securities regulation in South Africaen_US
dc.typeThesisen_US
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
The Rationale for and enforcement of continuous disclosure frameworks in securities regulation in South Africa.pdf
Size:
2.22 MB
Format:
Adobe Portable Document Format
Description:
Full - text thesis
Download
License bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
license.txt
Size:
1.71 KB
Format:
Item-specific license agreed upon to submission
Description:
Download
Collections
LLM Theses and Dissertations (2022)