# kaal:claim:1558614-028

**Claim.** The EU's Market Abuse, Transparency, Markets in Financial Instruments and Prospectus Directives improved European securities regulation but still do not mandate coherent and comprehensive disclosure, leaving issuers free to disclose in disparate ways.

**Type.** failure  **Support.** evidenced

**Holds when.**

- European Union as of 2010, with no central securities agency and no centralized filing system

**Source quote.**

> Despite many improvements, the directives do not mandate cohe- rent and comprehensive disclosure, and issuers continue to make 150 disclosures in disparate ways.

**From.** Painter and Kaal, *Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in* (2010), IV.C. Securities Disclosure, page 36

**Cite as.** Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614

**Verify.** sha256 of source PDF `e898211630f4116879329d6de8397523dca5b066864147421aa5cbc7429dc83b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Painter%20and%20Kaal%20-%202010%20-%20Initial%20Reflections%20on%20an%20Evolving%20Standard%20Constraints%20on%20Risk%20Taking%20by%20Directors%20and%20Officers%20in.pdf

**Failure mode.** incoherent EU disclosure  (family: disclosure-ineffectiveness)

**Topics.** securities-law, disclosure

**Keywords.** eu-securities-regulation, disclosure-harmonization, investor-protection, regulatory-fragmentation

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