Public and Private Enforcement of Securities Laws: The Regulator and the Class Action in Australia’s Continuous Disclosure Regime (Civil Justice Systems) Hardcover – February 15, 2022 by Michael Legg

Description

Author: Legg Michael

Package Dimensions: 0x0x788

Number Of Pages: 312

Release Date: 10-02-2022

Details: Product Description
This book undertakes unique case studies, including interviews with participants, as well as empirical analysis, of public and private enforcement of Australian securities laws addressing continuous disclosure.Enforcement of laws is crucial to effective regulation. Historically, enforcement was the province of a government regulator with significant discretion (public enforcement). However, more and more citizens are being expected to take action themselves (private enforcement). Consistent with regulatory pluralism, public and private enforcement exist in parallel, with the capacity to both help and hinder each other, and the achievement of the goals of enforcement in a range of areas of regulation.The rise of the shareholder class action in Australia, backed by litigation funding or lawyers, has given rise to enforcement overlapping with that of the government regulator, the Australian Securities and Investments Commission. The ramifications of overlapping enforcement are explained based on detailed analysis. The analysis is further bolstered by the regulator’s approach to enforcement changing from a compliance orientation to a “Why not litigate?” approach.The analysis and ramifications of the Australian case studies involve matters of regulatory theory and practice that apply across jurisdictions. The book will appeal to practitioners, regulators and academics interested in regulatory policy and enforcement, and the operation of regulators and class actions, including their interaction.
About the Author
Michael Legg is a Professor at University of New South Wales (UNSW) Law, Sydney, Australia. He is also the Director of the Law Society of New South Wales Future of Law and Innovation in the Profession (FLIP) research stream at UNSW. Michael’s research interests are in civil litigation (including class actions), regulation and enforcement, alternative dispute resolution and the legal profession. Michael is a member of the Law Society of New South Wales’ Future Committee and the Law Council of Australia’s Class Actions Committee. In 2017 he was awarded Academic of the Year at the Lawyers Weekly Australian Law Awards. Michael is admitted to practice in the Supreme Court of NSW, Federal Court of Australia, High Court of Australia and in the State and Federal courts of New York. He holds law degrees from UNSW (LLB), the University of California, Berkeley (LLM) and the University of Melbourne (PhD).

Christopher Hodges OBE is Emeritus Professor of Justice Systems at the Centre for Socio-Legal Studies, and Supernumerary Fellow of Wolfson College, Oxford, UK. He is Co-Founder of the International Network for Delivery of Regulation. Photo courtesy of Faculty of Law, University of Oxford.