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Books and reports: Voluntary vs Mandated Disclosure: An Evaluation of the Basis for the Recommendations of the Working Group on Improved Investment
1 May 1997, George J Benston
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The Working Group's recommendations, as presented in Recommendations for Improved Investment Product and Investment Advisor Disclosure, Final Report (21 December 1995, corrected 25 January 1996) are delineated in Chapter One of this report. Following each of the important points on which the recommendations are based, I give brief assessments. Overall, I find that the Working Group has overlooked the role of and benefits from voluntary disclosure. The bases for this conclusion and for the assessments given in Chapter One are presented in Chapter Two under the title, 'The Philosophy of Voluntary Disclosure'. Two questions are asked and answered: 'What information do investors need to make informed investment choices?' and 'What reason is there to believe that product providers and advisers would not voluntarily provide investors with this information?' Chapter Three considers 'The Costs to Investors of Mandatory Disclosure'. |
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