¶ … Disclosure
Authorized Mandated/Disclosure
Mandatory disclosure is an issue that affects many different facets of life. The set of laws and regulations known as mandatory disclosure are designed to provide various entities with information to protect the interests of businesses, the legal system and individuals. The purpose of this discussion is to explore the concept of authorized mandatory disclosure as it pertains to define mandatory disclosure, examine different types of authorized mandated disclosure, Code of Ethics and Mandatory State of Illinois Reporting.
To mandate simply means to assign as a mandate to require as by law; make mandatory. A mandate can also be defined as "an authoritative command; especially: a formal order from a superior court or official to an inferior one ("mandates")." There are many mandates in society that are in place to ensure that business and legal actions are conducted in a consistent and streamline manner.
Disclosure is defined as the release of information about a person or entity, or a corporation. The filing of documents and statements required by law; in litigation, the release of documents and other information subpoenaed or otherwise sought by the other side. Disclosures allow everyone involved in a transaction or interaction to present the relevant information.
Authorization simply means to give official approval to or permission for. An example of this is A housing project approved by the city. Authorization gives an entity the right to act in certain ways. As such authorization is usually handle by people who are in positions of authority or government representatives.
Authorized mandatory disclosure is a regulatory tool that exists within the context of business, healthcare, and the criminal justice system. In each instance there are different regulations that must be adhered to; mandatory disclosure laws are always designed to protect all parties in any given situation or action. The next section of the discussion will focus on the different type of authorized mandated disclosure.
Different types of authorized mandated disclosure
Full Disclosure vs. Anonymous Disclosure
Full disclosure basically refers to the practice of revealing the whole truth regardless of the discipline that the term is being applied to. For instance, in the context of cash tender offers in the United States, the concept of full disclosure is governed by Williams Act. In fact
"The Williams Act of 1968 amended the Securities and Exchange Act of 1934 (15 U.S.C.A. § 78a et seq.) to require mandatory disclosure of information regarding cash tender offers. When an individual, group, or corporation seeks to acquire control of another corporation, it may make a tender offer. A tender offer is a proposal to buy shares of stock from the stockholders for cash or some type of corporate security of the acquiring company. Since the mid-1960s, cash tender offers for corporate takeovers have become favored over the traditional alternative, the proxy campaign. A proxy campaign is an attempt to obtain the votes of enough shareholders to gain control of the corporation's board of directors. Because of abuses with cash tender offers, Congress passed the Williams Act in 1968, whose purpose is to require full and fair disclosure for the benefit of stockholders, while at the same time providing the offeror and management equal opportunity to fairly present their cases ("Williams Act")."
In other realms, such as healthcare, the laws that govern full disclosure involves wording and details that are relevant to the medical community. However in each situation involving full disclosure the basic premise is to reveal the whole truth.
Anonymous Disclosure
The major difference between anonymous disclosure and full disclosure is that with anonymous disclosure the person revealing the information or the whole truth may not be known or may be held in secret. In many cases anonymous disclosure is allowed and used when the person disclosing the information needs to be protected from the entity the information is about. In addition Garde-Perik et al. (2008) found that People often choose anonymous disclosure because they want to ensure their privacy. On the other hand people choose full disclosure because of the expected benefits.
The difficult issues of HIV status disclosures (Holmes, 2006)
Whether disclosure is full or anonymous, there are many difficulties that can arise as a result of certain types of disclosure. These difficulties frequently arise as it pertains to HIV status disclosures. Throughout the world there have been cases of individuals who, knowingly withheld their HIV status from HIV negative partners and infected the partner. In some...
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