Title

Reconsidering Personal Liability on Directors and Senior Managers for Misstatements and Non-disclosures to the Securities Market

Publication Type

Journal Article

Publication Date

4-2009

Abstract

This article considers the recommendation made in the “Davies Review of Issuer Liability: Final Report” in respect of not extending the statutory civil liability regime, arising from the making of misstatements and non-disclosures by issuers under section 90A of the Financial Services and Markets Act 2000, to directors. It argues that the aim of a statutory civil liability regime under the provision should be founded on achieving optimal deterrence and that, based on such an aim, it is in fact justifiable to impose personal liabilities on directors and senior managers to investors directly if they have been responsible for the fraudulent making of isstatements or dishonest non-disclosures.

Keywords

Misstatements, Non-disclosures, Securities Markets

Discipline

Business Organizations Law

Research Areas

Commercial Law

Publication

Journal of Corporate Law Studies

Volume

9

Issue

1

First Page

235

Last Page

255

ISSN

1473-5970

Publisher

Hart Publishing

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