# kaal:claim:2029983-027

**Claim.** Because the Dutch Supreme Court's World Online presumption of reliance can be extended to ad hoc disclosure violations and misleading periodic reports, the Dutch legal system could compete effectively with the United States by lowering the crucial reliance threshold in securities actions.

**Type.** mechanism  **Support.** argued

**Holds when.**

- Dutch courts extend World Online beyond prospectus liability

**Source quote.**

> These developments suggest that the Dutch legal system could effectively compete with the United States, at least as it pertains to lowering the crucial threshold re- quirement of reliance in securities actions.

**From.** Wulf A. Kaal, Richard W. Painter, *Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral* (2012), II.B.3. Fraud-on-the-Market, page 52

**Cite as.** Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983

**Verify.** sha256 of source PDF `fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Painter%20-%202012%20-%20Forum%20Competition%20and%20Choice%20of%20Law%20Competition%20in%20Securities%20Law%20after%20Morrison%20v.%20National%20Austral.pdf

**Topics.** economics

**Keywords.** world-online, reliance, netherlands, fraud-on-the-market, forum-competition

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