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Ansvar för prospekt

Buch, Malin LU (2011) JURM01 20111
Department of Law
Abstract (Swedish)
Behovet av information på värdepappersmarknaden ökar i och med att det blir allt vanligare att investera i aktier. Aktiebolag vänder sig till värdepappersmarknaden för att skaffa nytt kapital till bolaget. De främsta anledningarna till detta är att bolagen vill finansiera sin verksamhet, ofta i form av nyinvesteringar, samt att ägarna vill kompenseras för de investeringar, både i form av nedlagt arbete och finansiellt, som de gjort i bolaget. Kapitalanskaffningen sker med hjälp av en börsintroduktion eller en nyemission eller genom båda två tillsammans. Prospektreglerna utgör den huvudsakliga regleringen angående bolags kapitalanskaffning. Eftersom prospektet utgör det huvudsakliga sättet att skaffa information om bolaget, är dessa regler... (More)
Behovet av information på värdepappersmarknaden ökar i och med att det blir allt vanligare att investera i aktier. Aktiebolag vänder sig till värdepappersmarknaden för att skaffa nytt kapital till bolaget. De främsta anledningarna till detta är att bolagen vill finansiera sin verksamhet, ofta i form av nyinvesteringar, samt att ägarna vill kompenseras för de investeringar, både i form av nedlagt arbete och finansiellt, som de gjort i bolaget. Kapitalanskaffningen sker med hjälp av en börsintroduktion eller en nyemission eller genom båda två tillsammans. Prospektreglerna utgör den huvudsakliga regleringen angående bolags kapitalanskaffning. Eftersom prospektet utgör det huvudsakliga sättet att skaffa information om bolaget, är dessa regler av största vikt för investerare. Allmänhetens förtroende, och skyddet för investerare, är nyckelfaktorer för att marknaden ska fortsätta att utvecklas. Prospektreglerna har tillkommit för att tillgodose kravet på information och motverka informationsasymmetrin mellan aktiebolag och investerare.

Reglerna om prospekt har i stor utsträckning ändrats på senare tid genom ikraftträdande av nya EU-regler. Från att ha varit ett tämligen svåröverskådligt område, reglerat på nationell nivå med flera olika lagar och självreglering som rättskällor, återfinns nu de flesta regler på EU-nivå. På svensk nivå har de flesta bestämmelser rörande prospekt samlats i lag (1991:980) om handel med finansiella instrument.

Trots att nya prospektregler trätt ikraft har den problematik gällande prospekt, som redan tidigare varit föremål för diskussion, inte nått en lösning. Skadeståndskyldighet vid fel i prospekt är i stor utsträckning reglerad i andra länder, men i Sverige har ansvarsfrågan inte fått någon lösning. Idag finns inga möjligheter att utkräva ansvar av ett aktiebolag, trots att det är bolaget som ansvarar för att ett prospekt upprättas och därmed är det ansvarssubjekt som ligger närmast till hands. Bolagets skadeståndsansvar är det ämne den juridiska debatten främst kretsat kring, eftersom två motstridiga och oerhört viktiga intressen ställs mot varandra. Å ena sidan måste investerarna, som alltid befinner sig i ett underläge i informationshänseende i förhållande till bolaget, skyddas och kunna kompenseras om detta leder till ekonomisk skada. Å andra sidan måste bolagets förmögenhet skyddas mot urholkning och bolagsborgenärernas intressen tillgodoses. Andra möjliga ansvarssubjekt är organledamöter, dvs. stiftare, styrelse, VD och bolagets revisor samt emissionsinstitutet och anlitade konsulter. Aktiebolagslagen reglerar endast organledamöternas ansvar, trots att många länder både inom och utom EU lagstadgat även emissionsinstitutets ansvar.

Min slutsats är att ansvaret för prospekt måste utökas till att omfatta bolaget och emissionsinstitutet. Detta för att prospektregleringen inom EU ska bli mer enhetlig, samt för att stärka investerarskyddet. (Less)
Abstract
The increased importance of information on the securities market correlates to it having become more common to invest in shares. Business corporations turn to the securities market in order to raise money. The main reasons being the will to finance their operations, often in the form of new investments, and the owners wanting to be compensated for their investments, both financially and in terms of work done for the company. Fundraising can be achieved through an IPO or rights issue or both combined. The prospectus regulations are the main regulatory framework governing company’s fundraising and since the prospectus is the primary source of information about the company, these regulations are of essential importance to investors. Public... (More)
The increased importance of information on the securities market correlates to it having become more common to invest in shares. Business corporations turn to the securities market in order to raise money. The main reasons being the will to finance their operations, often in the form of new investments, and the owners wanting to be compensated for their investments, both financially and in terms of work done for the company. Fundraising can be achieved through an IPO or rights issue or both combined. The prospectus regulations are the main regulatory framework governing company’s fundraising and since the prospectus is the primary source of information about the company, these regulations are of essential importance to investors. Public confidence and investor protection are key factors for a continued healthy development of the market. The prospectus regulations have been adopted to meet the demand for information and to counteract the information asymmetry between companies and investors.

The rules on prospectuses have largely changed as a result of the introduction of new EU regulations which recently entered into force. From being a rather non-transparent area of law regulated on a national level, consisting of various statutes and other sources of law such as self-regulation, the majority of rules are now governed on EU level. In Sweden most provisions related to prospectus are gathered in the 'lag (1991:980) om handel med finansiella instrument'.

Though the new regulations address and resolve certain issues, underlying problems still remain and continue to be the subject matter of discussion. Internationally liability for errors in prospectuses have for the most part already been regulated, in Sweden however the issue remains unresolved. As it stands today, there is no corporate accountability for these kinds of errors, this although it is the company who is responsible for the drawing up prospectuses and hence it would naturally follow, that this would also be the party to be held accountable.

The Company's liability is the subject the legal debate mainly revolves around. This is because two contradictory and very important interests stand against each other. On the one hand, investors, who are a at a clear disadvantage when information relating to the company of interest is scarce or insufficiently disclosed, need protection as well as compensation should this disadvantage result in economic loss. On the other hand, companies’ assets must be protected against erosion and general creditors' interests must be met. Other entities, which potentially could be held liable, are bodies of members, ie. founders, board of directors, the CEO and the company's auditors and the issuing agent as well as other consultants. The Swedish ‘Aktiebolagslagen’ regulates only body members’ responsibilities, although many countries both within and outside the EU regulate the liability issue more far reaching.

The conclusion I have come to is that the responsibility for the prospectus must be extended to the company and the issuing institution. This would make the prospectus regulations in the EU more consistent, and would strengthen investor protection. (Less)
Please use this url to cite or link to this publication:
author
Buch, Malin LU
supervisor
organization
alternative title
Prospectus liability
course
JURM01 20111
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Associationsrätt
language
Swedish
id
2155573
date added to LUP
2011-09-21 14:22:10
date last changed
2011-09-21 14:22:10
@misc{2155573,
  abstract     = {The increased importance of information on the securities market correlates to it having become more common to invest in shares. Business corporations turn to the securities market in order to raise money. The main reasons being the will to finance their operations, often in the form of new investments, and the owners wanting to be compensated for their investments, both financially and in terms of work done for the company. Fundraising can be achieved through an IPO or rights issue or both combined. The prospectus regulations are the main regulatory framework governing company’s fundraising and since the prospectus is the primary source of information about the company, these regulations are of essential importance to investors. Public confidence and investor protection are key factors for a continued healthy development of the market.  The prospectus regulations have been adopted to meet the demand for information and to counteract the information asymmetry between companies and investors.

The rules on prospectuses have largely changed as a result of the introduction of new EU regulations which recently entered into force. From being a rather non-transparent area of law regulated on a national level, consisting of various statutes and other sources of law such as self-regulation, the majority of rules are now governed on EU level. In Sweden most provisions related to prospectus are gathered in the 'lag (1991:980) om handel med finansiella instrument'.

Though the new regulations address and resolve certain issues, underlying problems still remain and continue to be the subject matter of discussion. Internationally liability for errors in prospectuses have for the most part already been regulated, in Sweden however the issue remains unresolved. As it stands today, there is no corporate accountability for these kinds of errors, this although it is the company who is responsible for the drawing up prospectuses and hence it would naturally follow, that this would also be the party to be held accountable. 

The Company's liability is the subject the legal debate mainly revolves around. This is because two contradictory and very important interests stand against each other. On the one hand, investors, who are a at a clear disadvantage when information relating to the company of interest is scarce or insufficiently disclosed, need protection as well as compensation should this disadvantage result in economic loss. On the other hand, companies’ assets must be protected against erosion and general creditors' interests must be met. Other entities, which potentially could be held liable, are bodies of members, ie. founders, board of directors, the CEO and the company's auditors and the issuing agent as well as other consultants. The Swedish ‘Aktiebolagslagen’ regulates only body members’ responsibilities, although many countries both within and outside the EU regulate the liability issue more far reaching. 

The conclusion I have come to is that the responsibility for the prospectus must be extended to the company and the issuing institution. This would make the prospectus regulations in the EU more consistent, and would strengthen investor protection.},
  author       = {Buch, Malin},
  keyword      = {Associationsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Ansvar för prospekt},
  year         = {2011},
}