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Reference

BRAZIL

1) Law 6.385/76, known as “Securities Laws of Brazil”, 1976.

Article 4, 19

[32]

2) Law 6.404/76, known as “Corporation Law of Brazil”, 1976.

Article 84

[33]

3) CVM Instruction 400, 2003.

Article 1, 38 - 42, 52, 56, Appendix III

[34]

While “Securities Law” (Law 6.385/76) regulates the securities markets and establishes Brazil’s regulatory authority CVM; the “Corporation Law” (Law 6.404/76) and Instruction-400 make it obligatory for companies to disclose material events, hence enforce disclosures.

RUSSIA

4) “Russian Joint Stock Companies Law (Federal Law No. 208- FZ)”, 1995.

Article 7.1

[35]

5) “Russian Securities Market Law (Federal Law No. 39-FZ)”, 1996.

Article 22, 23, 30, 51

[36]

6) “Russian Regulation on Information Disclosure by Issuers of Securities” (No. 454-P), 2014.

Appendix-2, Part B

[37]

The laws allaying asymmetric information are “Securities Law (Federal Law No. 39-FZ)”, “Joint Stock Companies Law (Federal Law No. 208- FZ)” and “Regulation on Disclosure of Information by Issuers of Securities” (No. 454-P).

INDIA

7) “Securities & Exchange Board of India, (SEBI) Issue of Capital and Disclosure Requirements) Regulations”, 2009.

Schedule VIII

[38]

8) “Indian Companies Act”, 2013.

Section-26

[39]

In Indian primary equity capital markets, the “Indian Companies Act”, 2013 and “SEBI (Issue of Capital and Disclosure Requirements) Regulations”, 2009 reduce information asymmetry.

CHINA

9) “Companies Law of the People’s Republic of China”, 2005.

Article 86 - 87

[40]

10) “Law of the People’s Republic of China on Securities”, 2005.

Article 52 - 54

[41]

In China, “Companies Law of the People’s Republic of China”, 2005 and “Law of the People’s Republic of China on Securities”, 2005 help in reducing information problem.

SOUTH

AFRICA

11) “South African Companies Act”, 2008.

Section-100

[42]

In South Africa, “South African Companies Act”, 2008 curtails asymmetric information.