3. Modern governance rules are also being overlaid undeveloped legal systems and often-outdated company and securities law. This also raises multiple issues:
Can regulators expect "the market" to help enforce the rules (i.e., "private enforcement") when the cards are so clearly stacked against investors? Examples: no class action; loser-pays legal systems; procedural and financial obstructions to bringing a law suit; company articles of association clearly designed to benefit the majority owner.
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