Public and Private Enforcement of Securities Laws

Michael Legg is Professor of Law at the University of New South Wales, Australia.

• 1. Introduction I. Research Questions II. Structure of the Text III. Scope of Study and Text IV. Case Studies V. Key Findings VI. Conclusion 2. Background I. Introduction II. Continuous Disclosure III. Misleading or Deceptive Conduct IV. ASIC Enforcement V. Shareholder Class Actions VI. Conclusion 3. Analytical Framework I. Introduction II. DeterrenceIII. Compensation IV. The Regulatory Process V. Conclusion 4. Case Studies I. Introduction II. Methodology III. Telstra IV. Multiplex V. Centro VI. Leighton VII. Conclusion – Summary of Case Studies 5. Application of the Analytical Framework to the Case Studies I. Introduction II. Application of the Analytical Framework – Deterrence III. Application of the Analytical Framework – Compensation IV. Application of the Analytical Framework – Regulatory Process V. Conclusion 76. Effectiveness and Coexistence of Regulatory Enforcement and Class Actions I. Introduction II. Effectiveness of ASIC Enforcement and Class Actions III. Ramifications of ASIC Enforcement and Class Actions Coexistence IV. Conclusion 7. Public and Private Enforcement Recalibrated I. Introduction II. ASIC’s Enforcement Approach Revisited III. Class Actions Revisited IV. Reformulating the Continuous Disclosure Laws V. ASIC Enforcement and Continuous Disclosure Class Actions Post-2017 VI. Conclusion 8. Coordination of Public and Private Enforcement I. Introduction II. Why Coordination? III. Existing Coordination Mechanisms IV. Coordination in Other Regulatory Regimes V. Concerns with Coordination VI. Coordination Strategies for Securities Regulation VII. Conclusion Appendix 1I. Interview Questions for ASIC II. Interview Questions for Class Action Applicants, Litigation Funders and their Lawyers III. Interview Questions for Regulated Entity/Class Action Respondents’ Directors/Officers and their Lawyers IV. Summary of Interviews V. Interviews with Short Title Appendix 2 Table 1 Continuous disclosure infringement notices from 1 July 2004 to 30 June 2021 Table 2 Continuous disclosure enforceable undertakings – 1998 to 30 June 2021 Table 3 Continuous disclosure class actions – 2002 to 30 June 2021