Disclosure to Regulators
Abstract
Financial institutions are under a duty to inform their regulators of matters which may include potential breaches of rules causing loss to investors. When investors sue for compensation, courts require disclosure of all documents relevant to the issue. Documents prepared for regulators about potential breaches of rules will generally pass the test of relevance, and must be disclosed unless they fall within an exempt category such as public interest immunity. In a recent case, Kaufmann v Credit Lyomiais Bank, a High Court judge refused to extend public interest immunity for documents sent to the regulators of a bank.
Citation
Andenas, M. (1995), "Disclosure to Regulators", Journal of Financial Crime, Vol. 3 No. 1, pp. 84-86. https://doi.org/10.1108/eb025680
Publisher
:MCB UP Ltd
Copyright © 1995, MCB UP Limited