Disclosure and Transparency in the Egyptian, Kuwaiti and French Financial Markets
Dr. Taher Shawki Mouamen
Assistant Professor – King Khaled University – Abha – KSA
Abstract:
This research discusses the principle of disclosure and transparency, one of the principles of corporate governance, in relation to Egyptian, Kuwaiti and French laws. The research is divided into two parts. In the first part we examine the principle of disclosure and transparency, and we define the terms ‘disclosure’, ‘transparency’ and the relationship between them. We also examine the most important provisions of the principle and consider what information should be subject to a disclosure statement. We also consider the characteristics of correct, specific and sincere information and we clarify the means of disclosure and its components. We also consider the conditions achieved by disclosure in terms of making information available to the public.
In the second part we explain the breach of disclosure and transparency, and we consider the statement of internal information and its exact characteristics. We consider its confidentiality and its impact on securities prices, on holders’ access to internal information, and their obligations to keep it secret and abstain from exploiting access to that information. Then we explain forms of breach of disclosure by personal exploitation of internal information, the exploitation of others’ for internal information, publishing false information and abstaining from disclosure. Next we explain responsibility for a breach of the principle of disclosure and transparency by verification of criminal responsibility, civil responsibility and administrative responsibility. Finally, we complete the study by drawing some conclusions and putting forth several recommendations.