تحولات اخیر در مسئولیت عدم افشای اطلاعات بازار سرمایه

The article first outlines the recent development of the European capital market as a whole and second describes the legal answers on the phenomena of globalisation and the high dependence on information technology. After revealing the two main phenomena of the capital market, namely asymmetric information and opportunistic behaviour the article deals with disclosure duties on the European and national level of EU-member states and focuses finally on the liability for non-disclosure and tries to embed this legal institute in the broad range of legal instruments to strengthen the efficiency of capital market law.

Liability for misleading information or omitting information is one of the striking issues of the ongoing discussion in capital market matters. Liability can be seen as an important tool to effectuate market duties by the issuers and their board members. On the European level first steps have already been made to establish common standards of liability. Comparative law shows that member states have already begun to set prospectus liability rules as well as liability rules for misleading information on the Secondary Market. But, different approaches and regulations must be incorporated into a sound system that is able to contribute to an integrated European financial market.