Public and Private Enforcement of Securities Laws: The Regulator and the Class Action in Australia's Continuous Disclosure Regime

This book explores the enforcement of Australian securities laws through case studies, interviews, and empirical analysis, examining the role of public and private enforcement. It discusses the rise of shareholder class actions and the potential for enforcement overlap with government regulators. The analysis offers insights into regulatory theory and practice and is of interest to practitioners, regulators, and academics.

Format: Paperback / softback
Length: 336 pages
Publication date: 15 June 2023
Publisher: Bloomsbury Publishing PLC

This comprehensive book delves into unique case studies, encompassing interviews with participants and empirical analysis, to explore the enforcement of Australian securities laws concerning continuous disclosure. Enforcement of laws plays a vital role in effective regulation, and historically, public enforcement has been the domain of government regulators with substantial discretionary powers. However, in recent times, there has been a growing expectation for individuals to take action themselves in the form of private enforcement. This aligns with the concept of regulatory pluralism, where public and private enforcement coexist, potentially complementing and conflicting with each other, and influencing the attainment of enforcement goals across various regulatory domains.

One notable development in Australia has been the rise of the shareholder class action, supported by litigation funding or lawyers. This has led to enforcement overlap with the Australian Securities and Investments Commission (ASIC), the government regulator responsible for securities enforcement. The consequences of this overlap are examined in detail through a comprehensive analysis. The analysis is further reinforced by the shift in the regulators' approach to enforcement, moving from a compliance-oriented mindset to a more proactive and litigious approach.

The analysis and ramifications of the Australian case studies extend beyond the local context and involve regulatory theory and practice that apply across jurisdictions. This book will appeal to practitioners, regulators, and academics with an interest in regulatory policy and enforcement, as well as the operations of regulators and class actions, including their interplay. By examining these case studies, readers will gain valuable insights into the complexities of securities regulation and enforcement, and the challenges and opportunities they present.

Dimension: 244 x 169 (mm)
ISBN-13: 9781509956784