Monitoring of ongoing disclosure requirements is also not typically the sole purview of exchanges. Given that at least some aspects of disclosure regimes are not based on stock exchange rules but on legislation or regulatory authority rules (., in the area of takeovers or accounting standards), exchanges may have a minor role in enforcing non-compliance. More often than not, the thrust of exchanges' responsibility in the enforcement function lies in their capacity to monitor market developments and bring cases to the attention of securities regulators. Hence, exchanges can obviously make an important contribution to the prevention of fraud and other.
