Having access to reliable information about the company's financial position is critical for all company stakeholders and for the efficient operation of the securities markets. The level of disclosure required by the Act varies according to the type of company involved. Explain what the differences are in regulation between proprietary companies and listed public companies under the Corporations Act 2001 (Cth) and why such differences are important. Give reasons for your views, including reference to cases and/or legislation as relevant to your argument.