11.1 Introduction

This study maps the relevant aspects of the duty to disclose price-sensitive information in detail. Said duty is a permanent (or: continuing) disclosure requirement under Article 5:25i of the Wfi (Wet op het financieel toezicht, the (Dutch) Financial Supervision Act) and applies primarily to issuers of which the financial instruments have been admitted to trading on a regulated market. The immediate reason for this study was the incorporation of a completely revised disclosure duty in the Market Abuse Directive and in particular the conversion of that Directive into the Dutch financial supervision legislation, effective 1 October 2005. As indicated in Chapter 1, research was conducted in particular into the European basis of the disclosure duty, its scope of application and its contents. In addition, research was conducted into the marmer in which issuers must disclose price-sensitive information. Finally, attention was paid to the supervision of compliance and the enforcement of that disclosure duty. In a way, the federal securities legislation of the USA can be regarded as the transatlantic birthplace of the securities legislation currently applicable in the Netherlands, which is why it was decided to commence this study with an introductory outline of the marmer how the duty to disclose material non-public information is regulated over there. The study was concluded on 1 September 2010.