open access


The smooth functioning of the EU internal market entails not only regulatory harmonisation, but also a set of rules which, re¬gardless of the national laws of Member States, uniformly regulates company law and corporate governance at the supranational level. Availability, transparency and disclosure of information in listed com¬panies are of the utmost importance for company law and corporate governance, including capital market law. In company law and corpo¬rate governance, they are used as an instrument for the protection of shareholders and to control the activities of management and super¬visory boards, while in capital market law their purpose is to ensure reliable and accurate information for the whole capital market.