Summary

Securities market law proceeds from the concept that in addition to the constant monitoring of the securities market by special supervisory bodies, it is also necessary to have assessment given by the public in order to achieve the aims of securities market law. The securities market can indeed be seen as an information market, where the investors are prepared to pay to get more information that is also more trustworthy. In order that the investors can get such information, there is an obligation placed in law upon the emitter to make information public that is associated with the public offer of securities, and also with the trading taking place on the secondary securities market.

The article examines the reasons for the laying down of the obligation for public information, proceeding from the better-known works of legal theorists using an economic analysis of the law. In contrast to the legislator, which is constantly extending the obligation for public information, many of the legal theorists using this method have found that public information obligations are not necessary in securities market law, since informing the public would take place even without the respective obligation. The article introduces to the reader the better-known claims of economic analysis regarding the obligation for public information, both for and against the public information obligation.