Disclosure requirements: Difference between revisions
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'''Disclosure requirements''' - these are principles that should be included in the '''disclosure statement''', which is provided to customers or consumers. These requirements may include, but are not limited to, [[information]] about where disclosure will occur or how documents should be formatted or where they should be updated. This document is particularly important for financial advisors who [[work]] with brokers or dealers to adapt to their requirements. This is due to the fact that they work on sensitive data that may constitute professional or business secrets which, if made available to the wrong party, could cause a lot of damage and involve significant financial penalties from regulators. | '''Disclosure requirements''' - these are principles that should be included in the '''disclosure statement''', which is provided to customers or consumers. These requirements may include, but are not limited to, [[information]] about where disclosure will occur or how documents should be formatted or where they should be updated. This document is particularly important for financial advisors who [[work]] with brokers or dealers to adapt to their requirements. This is due to the fact that they work on sensitive data that may constitute professional or business secrets which, if made available to the wrong party, could cause a lot of damage and involve significant financial penalties from regulators. | ||
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Persons employed by an entity engaged in such activities are obliged to comply with all the rules contained in the document. Otherwise, the [[company]] may be liable to compensate the person providing the information. | Persons employed by an entity engaged in such activities are obliged to comply with all the rules contained in the document. Otherwise, the [[company]] may be liable to compensate the person providing the information. | ||
Finally, it is worth mentioning that such a document should be interpreted strictly. This is because it concerns information that could be disastrous to make available. It can be assimilated to the NDA, but there is one significant difference between it and the NDA<ref>N. Chakroun 2012, pp. | Finally, it is worth mentioning that such a document should be interpreted strictly. This is because it concerns information that could be disastrous to make available. It can be assimilated to the NDA, but there is one significant difference between it and the NDA<ref>N. Chakroun 2012, pp. 199-220</ref>. The disclosure requirements document is intended primarily to specify the terms of cooperation and is an integral part of the master agreement. The NDA, on the other hand, is the main agreement constituting an independent entity of the activity (e. g. within the framework of general cooperation of the parties within the scope of a joint [[investment]] [[project]])<ref>G. J. Matthews, O. Harel 2011 pp. 1-29</ref>. | ||
{{infobox5|list1={{i5link|a=[[Mandatory disclosure]]}} — {{i5link|a=[[Liabilities of directors]]}} — {{i5link|a=[[Resignation of directors]]}} — {{i5link|a=[[Confession Of Judgment]]}} — {{i5link|a=[[Consideration clause]]}} — {{i5link|a=[[Nominee shareholding]]}} — {{i5link|a=[[Approval authority]]}} — {{i5link|a=[[Beneficiary Of Trust]]}} — {{i5link|a=[[Fiduciary bond]]}} }} | |||
==References== | ==References== | ||
* Chakroun N., (2012), [https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1747-1796.2012.00438.x ''Improving Patent Information Quality: Development and the Disclosure Requirements''] "The Journal of World Intellectual Property" | * Chakroun N., (2012), [https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1747-1796.2012.00438.x ''Improving Patent Information Quality: Development and the Disclosure Requirements''] "The Journal of World Intellectual Property" | ||
* Matthews G. J., Harel O., (2011) [https://projecteuclid.org/download/pdfview_1/euclid.ssu/1296828958 ''Data confidentiality: A review of methods for statistical disclosure limitation and methods for assessing privacy''] "Statistics Surveys" | * Matthews G. J., Harel O., (2011) [https://projecteuclid.org/download/pdfview_1/euclid.ssu/1296828958 ''Data confidentiality: A review of methods for statistical disclosure limitation and methods for assessing privacy''] "Statistics Surveys" | ||
* Mazzi F., André P., Dionysiou D., Tsalavoutas I., (2016), [https://dspace.stir.ac.uk/bitstream/1893/24464/1/Mazzi-etal-ABR-2016.pdf ''Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital''], "Accounting and Business Research" | * Mazzi F., André P., Dionysiou D., Tsalavoutas I., (2016), [https://dspace.stir.ac.uk/bitstream/1893/24464/1/Mazzi-etal-ABR-2016.pdf ''Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital''], "Accounting and Business Research" | ||
Latest revision as of 20:17, 17 November 2023
Disclosure requirements - these are principles that should be included in the disclosure statement, which is provided to customers or consumers. These requirements may include, but are not limited to, information about where disclosure will occur or how documents should be formatted or where they should be updated. This document is particularly important for financial advisors who work with brokers or dealers to adapt to their requirements. This is due to the fact that they work on sensitive data that may constitute professional or business secrets which, if made available to the wrong party, could cause a lot of damage and involve significant financial penalties from regulators.
Disclosure requirements in virtue of law
Disclosure of confidential information may occur, inter alia, when it relates to events resulting in a breach of law or a violation of property of a private entity. Requests for disclosure may include, but are not limited to, requests for information:
- state bodies
- the entities concerned or the direct/indirect owners of the information
- entities which have obtained the right to acquire such information from the entity which is the owner of the information
concerned. However, it may be the case that, despite the authority of such entities, the person in possession of the information in question does not make it available. It may happen that very often authorities try to use documents which do not oblige the person concerned by law to make such information available. Nevertheless, the parties (providing and receiving) of confidential information may stipulate that in such cases the recipient will be entitled to have the information disclosed. This may arise, among other things, from a document that is a disclosure requirement[1].
Business use of disclosure requirements document
As mentioned at the outset, disclosure requirements are contained in a separate document, which sets out, among other things, the rules for the provision of confidential information by its owner. It is most often used to provide financial advisory services, tax reviews or financial audits.
Persons employed by an entity engaged in such activities are obliged to comply with all the rules contained in the document. Otherwise, the company may be liable to compensate the person providing the information.
Finally, it is worth mentioning that such a document should be interpreted strictly. This is because it concerns information that could be disastrous to make available. It can be assimilated to the NDA, but there is one significant difference between it and the NDA[2]. The disclosure requirements document is intended primarily to specify the terms of cooperation and is an integral part of the master agreement. The NDA, on the other hand, is the main agreement constituting an independent entity of the activity (e. g. within the framework of general cooperation of the parties within the scope of a joint investment project)[3].
| Disclosure requirements — recommended articles |
| Mandatory disclosure — Liabilities of directors — Resignation of directors — Confession Of Judgment — Consideration clause — Nominee shareholding — Approval authority — Beneficiary Of Trust — Fiduciary bond |
References
- Chakroun N., (2012), Improving Patent Information Quality: Development and the Disclosure Requirements "The Journal of World Intellectual Property"
- Matthews G. J., Harel O., (2011) Data confidentiality: A review of methods for statistical disclosure limitation and methods for assessing privacy "Statistics Surveys"
- Mazzi F., André P., Dionysiou D., Tsalavoutas I., (2016), Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital, "Accounting and Business Research"
Footnotes
Author: Weronika Brach
