Enforcement of Disclosure Requirements: The Bulgarian Case

Tchipev, Plamen D (2002): Enforcement of Disclosure Requirements: The Bulgarian Case.

Abstract

The process of improving Corporate Governance in emerging markets touches on a number of different aspects of the market organization. One essential area is the regulation, scope, timing and of procedure for mandatory disclosure of information. Disclosure is very important for investors, since they can not make informed decisions without reliable, accurate and easily accessible information. Bulgaria has a relatively well developed legal framework for ensuring fair disclosure. Its regulatory bodies and judiciary have broad and various practices for gathering and publishing all classes of mandatory information, as well as penalizing cases of avoiding or providing misleading information. However, it will be incorrect to think that the issue is resolved finally or completely. The proposed paper analyses the disclosure process in Bulgaria. It is based on the primary documents, reports, and interviews with the Bulgarian State Commission for Securities and the Stock Exchange. Its goal is revealing the existing legal basis and the practice of enforcement and making some proposals for the enhancement of the disclosure process

• Item Type: MPRA Paper
• Language: English
• Keywords: Corporate Governance, Disclosure of Information, Law Enforcement, Bulgaria
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation; K - Law and Economics > K2 - Regulation and Business Law > K22 - Business and Securities Law; G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance

References

OECD, 1999, Principles of Corporate Governance

Annual Report, 2002, Bulgarian State Commission on Securities, Sofia.

Rules and the Regulations of the Bulgarian Stock Exchange, 2001, Sofia

Law on Amendments of the Law on Public Offering of Securities, 2001, Sofia