Publisher Description

Global Securities Litigation and Enforcement provides a clear and exhaustive description of the national regime for the enforcement of securities legislation in cases of misrepresentation on financial markets. It covers 29 jurisdictions worldwide, some of them are important although their law is not well known. It will be an invaluable resource for academics and students of securities litigation, as well as for lawyers, policy-makers and regulators. The book also provides a comprehensive contribution debate on whether public or private enforcement is preferable in terms of development of securities markets. It will appeal to those interested in the legal origins theory and in comparative securities law, and shows that the classification of jurisdictions within legal families does not explain the differences in legal regimes. While US securities law often serves as a model for international convergence, some of its elements, such as securities class actions, have not been adopted worldwide.

Author Biography

Pierre-Henri Conac is Professor of Financial Markets Law at the Université du Luxembourg. He is the author of 'The regulation of securities markets by the French Commission des opérations de bourse (COB) and the US Securities and exchange commission (SEC)' which was awarded several prizes. His research areas deal principally with European, international and comparative securities law. He has been deeply involved in policy making in securities financial law at the European Union level. From 2011 to 2016 the European Securities and Markets Authority (ESMA), appointed him twice to its consultative Securities and Markets Stakeholder Group (SMSG). Martin Gelter is Professor of Law at Fordham University School of Law. Previously, he was an assistant professor in Law at Wirtschaftsuniversität Wien, Vienna, University of Economics, a Terence M. Considine Fellow and a John M. Olin Fellow at Harvard Law School, and a Visiting Fellow at the University of Bologna, and a Visiting Professor at University Paris-II (Panthéon-Assas). Martin holds degrees in law from the University of Vienna, in business administration from Wirtschaftsuniversität Wien, Vienna, an S.J.D. from Harvard Law School, and an M.A. in Quantitative Methods for the Social Sciences from Columbia University. His scholarship focuses on comparative corporate law and governance.

Table of Contents

Preface Pierre-Henri Conac and Martin Gelter; Part I. General Report: 1. Introduction Martin Gelter; Part II. The Americas: 2. United States: the protection of minority investors and compensation of their losses Franklin A. Gevurtz; 3. Canada: the protection of minority investors and the compensation of their losses Stéphane Rousseau; 4. Brazil: the protection of minority investors and compensation for their losses Viviane Muller Prado; 5. Mexico: toward investor protection in global capital markets? The promise and challenges of Mexico's securities enforcement system Eugenio J. Cárdenas; Part III. European Union: 6. Austria: securities litigation and enforcement Martin Gelter and Michael Pucher; 7. Finland: protecting minority investors and compensating their losses Ville Pönkä; 8. France: the compensation of investors' losses for misrepresentation on financial markets Pierre-Henri Conac; 9. Germany: liability for incorrect capital market information Dirk A. Verse; 10. Greece: public enforcement and civil litigation in the Greek paradigm of minority investor protection Emmanuel P. Mastromanolis; 11. Italy: the protection of minority investors and the compensation of their losses Guido Ferrarini and Paolo Giudici; 12. Netherlands: protection of minority investors and the compensation of their losses Loes Lennarts and Joti Roest; 13. Poland: investor protection in the Polish capital market – selected issues Mariola Lemonnier; 14. Portugal: the legal framework of the Portuguese capital market Paulo de Tarso Domingues; 15. Romania: the protection of minority investors and the compensation of their losses Gheorghe Buta; 16. Spain: minority investors protection in Spain: civil liability remedies under securities law Mónica Fuentes Naharro; 17. United Kingdom: a confidence trick: Ex Ante versus Ex Post frameworks in minority investor protection Iris H.-Y. Chiu; Part IV. Other European Countries: 18. Russia: Russian capital markets and shareholder litigation: Quo Vadis? Yuliya Guseva; 19. Serbia: the protection of minority investors and the compensation of their losses Mirko Vasiljevi, Jelena Lepeti and Jasna Vasiljevi; Part V. The Middle-East: 20. Israel: the protection of minority investors and the compensation of their losses Uriel Procaccia; 21. Turkey: the protection of minority investors and the compensation of their losses in Turkish capital markets Ferna pekel Kayal; Part VI. Africa: 22. South Africa: investor protection Piet Delport; Part VII. The Indian Subcontinent: 23. India: the efficacy of India's legal system as a tool for investor protection Umakanth Varottil; 24. Pakistan: securities litigation and enforcement Syed Imad-ud-Din Asad and Rana Touseef Sami; Part VIII. East and Southeast Asia: 25. China: private securities litigation: law and practice Robin Hui Huang; 26. Japan: the protection of minority investors and the compensation of their losses Eiji Takahashi and Tatsuya Sakamoto; 27. Malaysia: protection of minority investors in the capital market: public enforcement and shareholders' litigation Aiman Nariman Mohd-Sulaiman; 28. South Korea: protection of minority investors in capital markets Kyung-Hoon Chun; 29. Taiwan: investor protection in Taiwan's capital market Wang-Ruu Tseng; Part IX. Australia: 30. Australia: the protection of minority investors and the compensation of their losses Olivia Dixon and Jennifer G. Hill.

Review

'This book provides a unique view on the compensation of investors' losses in jurisdictions worldwide and is therefore of great interest to practitioners and supervisors.' Ashley Alder, Chief Executive Officer of the Securities and Futures Commission, Chairman of the Board of the International Organization of Securities Commissions (IOSCO)
'Around the world the past two decades have witnessed significant strengthening of the legal protections afforded to investors in securities markets. The dynamic development of the field is reflected in this remarkable book, which provides a timely in-depth analysis of the enforcement of securities laws across 29 jurisdictions in all continents. Conac and Gelter have assembled leading country experts to give authoritative evaluations. This book enters a field where scholarship and practice work hand-in-hand enriching each other and helping to identify the legal strategies that can most effectively protect investors and is a fine addition to the canon.' Eilis Ferran, University of Cambridge
'This is a most interesting book for investors, issuers, regulators and academics. It informs on how securities regulation is enforced in 29 jurisdictions on all Continents and what works better, public or private enforcement or best a mix of them. It seems that today there is more convergence than path dependency, a fascinating story not to be missed.' Klaus J. Hopt, Max Planck Institute, Hamburg

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Presents a worldwide survey of public and private enforcement of securities law for misrepresentation on financial markets and compensation of investors' losses.

Review Quote

This book provides a unique view on the compensation of investors' losses in jurisdictions worldwide and is therefore of great interest to practitioners and supervisors. Ashley Alder, Chief Executive Officer of the Securities and Futures Commission Chairman of the Board of the International Organization of Securities Commissions (IOSCO)

Promotional "Headline"

Presents a worldwide survey of public and private enforcement of securities law for misrepresentation on financial markets and compensation of investors' losses.

Description for Bookstore

This book provides a clear and exhaustive description of the national regime for the enforcement of securities legislation in case of misrepresentation on financial markets. It will be an invaluable resource for academics and students of securities litigation, as well as for lawyers, policy-makers and regulators.

Description for Library

This book provides a clear and exhaustive description of the national regime for the enforcement of securities legislation in case of misrepresentation on financial markets. It will be an invaluable resource for academics and students of securities litigation, as well as for lawyers, policy-makers and regulators.

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