Capital Markets Forum Publications

Capital Markets Forum Committee Publications

The Capital Markets Forum Committee publishes a variety of interesting articles and other content of relevance to the practice area. Some items are only available to Committee members via logging in after clicking on the item. Forgotten login details?

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New kids on the securities block(chain): the application and impact of securities law on coin offerings

Canadian securities regulators have officially jumped onto the bitcoin bandwagon. As cryptocurrency markets continue to expand, regulators have acknowledged the need to determine if coin offerings are securities and are therefore subject to securities regulations. This article provides an insight into recent developments in the application of Canadian securities law to coin and token offerings, as well as the potential impact on businesses that engage with the cryptocurrency market.
Foreign portfolio investment in debt securities: revised norms

This article covers the recent amendments made to the regulatory regime governing FPI in Indian debt securities (ie, corporate bonds, government securities and state development loans) and the impact on the Indian debt market.
Recent developments of real estate securitisation in Brazil

The Brazilian real estate securitisation market has been subject to recent and important developments due to certain decisions by the Comissão de Valores Mobiliários, the Brazilian capital markets regulator. These decisions have addressed the definition of ‘real estate credit’ applicable to securitisation structures that involve the issuance of certificates of real estate receivables as provided for in Law No 9.514 of 20 November 1997.
SMEs targeted for easy access listings on the MTF in Vienna

Recently, the Vienna Stock Exchange announced the creation of two new market segments for its Third Market, a non-regulated market multilateral trading facility pursuant to the Second European Union Markets in Financial Instruments Directive, as of January 2019, thereby targeting Austrian small and medium-sized entities for an easy access listing in Vienna.
Equity crowdfunding in Nigeria: a legal and regulatory perspective

Equity crowdfunding in Nigeria is still at a nascent stage, which may be attributed to legal and regulatory roadblocks to its adoption. The Securities and Exchange Commission on 15 August 2016 released a statement ‘banning’ any equity crowdfunding activities in Nigeria until the legal impediments are removed. The Investment and Securities Act and the Companies and Allied Matters Act contain provisions that specifically prohibit equity crowdfunding activities in Nigeria.
Comparative analysis of the Pakistan Sukuk (Islamic bonds) Regulations

Pakistan has recently introduced the Sukuk (Privately Placed) Regulations, 2017,which have incorporated the definition of Sukuk from the Accounting and Auditing Organisation for Islamic Financial Institutions Standard No17 on investment Sukuk.
Capital Markets Forum Project: "The Future Role and Form of Investor Information in Disclosure Documents"

Since early 2011, the Capital Markets Forum (CMF) has been investigating the future role and form of disclosure documents in relation to the issuance of securities. Read the final report, published December 2012
'Corporate governance standards: differences between stock exchanges'

IBA Annual Conference session report, October 2012