In this chapter we focus on disclosure—the foundation of securities regulation—of uncertain future events. We note two major differences in the United States and European disclosure regimes: the definition of materiality of information about unfolding events and whether disclosure of...

People tend to attribute the outbreak of the 2008 financial crisis to deregulation. This article challenges this view and presents a unique perspective of the crisis as in fact rooted in the way the residential mortgage market is regulated. Focusing on non-recourse mortgage legislation, which is...