CORPORATE DISCLOSURE (UNTERNEHMENSPUBLIZITÄT)
CORPORATE DISCLOSURE

Summary/Abstract: Companies publish a fullness of information of which only a part refers to accounting data. The generally accessible publication of company information is described as corporate disclosure. Legal publicity regulations are found especially in company law and capital market law. Corporate disclosure requirements are part of the legal form oriented companies constitutions and therefore must be respected by all companies depending on their legal status. Disclosure requirements regularly orientate themselves on the legal form of the company. While in the U.S. exists an extensive and complex capital market legal system of laws and regulations, in the EU the investor protection right belongs to a relatively young area of law. As in the case of the accounting, the question about the international harmonization also arises in the context of corporate disclosure. While the EU is working at the European level on relevant EU directives on the harmonization of capital market regulatory disclosure requirements, the IOSCO tries to accomplish the same goal at an international and intercontinental level. The so far results of the EU, but also of the IOSCO show, that a harmonization of national disclosure regulations is progressing and that a tendency towards the U.S. disclosure requirements is evident.

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