Nation | Source | Related Article | 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. |