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|Title:||A History of the Infringement Notice Mechanism and its Use in the Enforcement of Australia’s Continuous Disclosure Regime|
|Authors:||Di Lernia, Cary|
|Publisher:||Business and Labour History Group, The University of Sydney|
|Citation:||Business Schools and History: proceedings of the second annual conference of AAHANZBS, 16-17 December 2010, The University of Sydney / edited by Greg Patmore|
|Abstract:||In modern markets the need for the timely disclosure of detailed, accurate financial information is born of the radical separation of management and control apparent in the majority of large modern organisations. Inadequate disclosure of material information concerning the future and fortunes of listed companies can detract from the integrity of the market and its ability to provide a fair and efficient mechanism for participation in securities markets, while also impacting upon the perceived credibility of financial markets and the corporations constituting them. Reduced confidence in financial markets can in turn have longer-term flow on effects which can be felt throughout the economy. It follows that the effective operation of Australia's continuous disclosure regime is of great consequence in the Australian economic, political and social landscape. This paper details the history of the regime, the reasons for its introduction, and features of its recent enforcement by the Australian Securities and Investments Commission (ASIC). It uses this history to assess whether the most recently created and most often employed enforcement tool, the infringement notice mechanism, is achieving the goals set for it at its inception.|
|Rights and Permissions:||The author retains copyright of this work.|
|Type of Work:||Conference paper|
|Appears in Collections:||Business Schools and History: Proceedings of the Second AAHANZBS Conference - 2010|
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