Recent developments in liability for nondisclosure of capital market information

The article first outlines the recent development of the European capital market as a whole and second describes the legal answers on the phenomena of globalisation and the high dependence on information technology. After revealing the two main phenomena of the capital market, namely asymmetric information and opportunistic behaviour the article deals with disclosure duties on the European and national level of EU-member states and focuses finally on the liability for non-disclosure and tries to embed this legal institute in the broad range of legal instruments to strengthen the efficiency of capital market law.