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Incomprehensible! from Part II - Application
Published online by Cambridge University Press: 21 June 2019
In financial regulation, regulated entities are required to prepare disclosures that detail the risks of their transactions. However, these regulatory requirements sometimes neglect to ensure that financial entities have strong incentives to understand the risks themselves, much less ensure the disclosed risks are comprehensible to others. This chapter applies the concept of comprehension asymmetries to financial regulation and uncovers ways that the existing laws and rules tolerate and sometimes exacerbate wilfull ignorance and incomprehensible disclosures. The chapter closes with suggestions for reform.
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