This chapter surveys the design of mandatory disclosure regimes for public company information under US securities law and EU capital markets directives. The chapter begins with an overview of the types of company information that investors seek about issuers and their securities when making investment or trading decisions—e.g., narrative information, financial information, forward-looking information, qualitative disclosures, and outside information. It then considers the policy arguments for and against imposing mandatory disclosure requirements on public companies, prohibiting selective disclosure, and requiring verification of disclosures through internal and external disclosure controls. The chapter concludes with a summary of the salient features of the US and EU periodic reporting and real-time disclosure regimes, in terms of scope, content, format, dissemination, and retrieval.
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