| Popis: |
Investor protection and securities market efficiency are two of the main principles of our Securities Law as reflected in article 13 of the Spanish Securities Act. Spanish law-makers, as in other countries, think that investor protection is strongly connected to information. This is why a system based on information called “full disclosure system” has been applied. It comes from American and English law and it is based on mandatory disclosure and an independent agency that controls the accuracy of the information (in Spain, CNMV). This public, mandatory and standard information is the way to guarantee the trust of investors in the markets and in consequence their efficiency. What the level of legal protection for investors should be is a question that can only be answered by looking at the different legal categories of investors. Finally, to make a fair value of the Spanish legal system of investor protection not only the mandatory information should be taken into account, but also coactive mechanisms, like civil liability. These mechanisms make the legal system more efficient. |
