Laws regulating securities markets such as the Securities and Exchange Commission laws in the USA, the Financial Services and Markets Act 1999 (UK), the Australian Corporations Law and the Australian Securities and Investments Commission Act 1989 (Commonwealth) (hereafter ASIC Act) and their parallels around the world seek to achieve market integrity, investor confidence and an informed market as a result of disclosure of information relevant to the market. These laws should result in the efficient operation of the market and a competitive market. They aim to ensure that the market reflects the forces of genuine supply and demand, and that imperfections in the market such as fraud, or mismatch or non‐disclosure of information, are corrected.
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