From the Editors – September 2018
A message from Pit Reckinger and Jerry Koh.
Teaser: Activism – critical corporate, securities and M&A issues
IBA Annual Conference, Rome; Tuesday 9 October 2018; 1430 – 1730.
Implementation in Italy of non-financial reporting – the Consob Regulation
Directive 2014/95/EU (the ‘Directive’) introduced new obligations at European level for certain companies and large-sized corporate groups to disclose their non-financial information and diversity policies.
Young lawyers programme - 35th IBA International Financial Law Conference
This half-day programme considered the impact of digital disruption on lawyers of all ages, particularly those at the start of their careers.
MiFID 2 and reverse solicitation - 35th IBA International Financial Law Conference
At the beginning of the session, Rikke Schiøtt Petersen and Giuseppe Schiavello gave an overview of the legislative basis for the reverse solicitation exemption in Markets in Financial Instruments Directive 2.
Warp speed ahead: the art of the accelerated book build - 35th IBA International Financial Law Conference
Accelerated book build (ABB) deals (also known as bought deals and block trades) have arguably the shortest execution timeline among equity capital markets deals.
Practical aspects of the new European Union prospectus regulation – revolution or just evolution? - 35th IBA International Financial Law Conference
Gabriel Núñez opened the session and introduced the topic. He explained that the current European Prospectus Directive came into force in 2003 with the intention to create a unified framework for the approval and content of securities’ prospectuses across the European Union.
Returning cash to shareholders - 35th IBA International Financial Law Conference
This panel explored why corporations, after working so hard to raise finance, are increasingly returning cash to their shareholders.
Co-Chairs note - Securities Law Committee, June 2018
Pit Reckinger and Jerry Koh introduce the May 2018 e-bulletin of the Securities Law Committee.
3rd IBA Asia-based International Financial Law Conference – Gender equality: let’s include the men – Securities Law
The panel focused on how men can be involved in achieving gender equality. The topic was introduced by Anita Phillips, who highlighted that gender equality affects everybody, not just women. Evidence shows that gender equality, once implemented, has a positive impact on a company’s profitability.
3rd IBA Asia-based International Financial Law Conference – Maximising shareholder value: new age of shareholder activism
The panel commenced with a broad discussion of the current themes and trends in shareholder activism observable across the different jurisdictions represented by the panel. The panellists shared their perspectives on recent developments and their views on whether they saw shareholder activism as a necessary feature of a vibrant market.
Private investment funds: marketing passports available to Asian asset managers
Patrick Schleiffer provides a report on the session 'Private investment funds: marketing passports available to Asian asset managers' at the 3rd IBA Asia-based International Financial Law Conference report.
3rd IBA Asia-based International Financial Law Conference – Competition and challenges facing stock exchanges in Asia
After a brief introduction by the moderators, each panellist reflected on the latest capital market trends and securities regulatory reforms of their respective jurisdictions, before discussing four focal topics.
Corporate governance for public companies and banks: how to improve standards and practices in Asia?
This session dealt with the issues of corporate governance applying to public companies and banks in general and, in particular, the practices in Asia. It involved a discussion of the ways in which corporate governance could be improved.
3rd IBA Asia-based International Financial Law Conference – REITs and infrastructure funds in Asia: challenges & outlook
Cecil Quillen provides a report on the 'REITs and infrastructure funds in Asia: challenges & outlook' session at the 3rd IBA Asia-based International Financial Law Conference report.
Co-chairs message - Securities Law Committee, April 2018
The April 2018 e-bulletin's Co-Chairs message from Pit Reckinger and Jerry Koh highlights recently published articles and past and upcoming conferences of note.
IBA ANNUAL CONFERENCE, SYDNEY, 8–13 OCTOBER 2017 REPORT - Crowdfunding - Securities Law Committee
Crowdfunding has become a popular alternative method for new and growing enterprises to raise money where institutional funding may be unavailable. The regulatory response to this has been less consistent. The panel discussed the various approaches of securities regulators in different jurisdictions around best practices in harnessing the potential for crowdfunding to stimulate innovation and economic growth, without drowning small-scale entrepreneurs in too much red tape.
Navigating the path between a rock and a hard place: the role of the target director in distressed M&A
The focus of the two panel discussions was on the duties of directors of companies that may be considered insolvent and the role of the directors of target companies involved in distressed sales and other restructuring transactions. The panels addressed the relationships between the distressed company, its managing director, creditors, shareholders and purchasers. Panel members considered applicable laws in Australia, certain European countries, England, India and the United States.
New Italian anti-raider rules enacted - Securities Law Committee, March 2018
Following recent foreign investments in certain major Italian listed companies, the Italian Government introduced additional disclosure requirements for purchasers of stakes in listed companies. While the new provisions should improve market efficiency and create a level playing field, a major role will be vested on CONSOB, which may identify, by its own regulation, those cases where such requirements are not applicable.
Front running in the Indian stock market – the scope of securities fraud clarified by the Supreme Court
The Supreme Court of India, the highest court in the country, explained the concept of ‘front running’ in the securities market in a recent judgment in the context of securities laws that prohibit market manipulation and fraudulent trade practices. The relevant regulations issued by the securities market regulator, the Securities and Exchange Board of India (SEBI), are called SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations 2003 (the ‘FUTP Regulations’).
From the Co-Chairs - Securities Law Committee newsletter article, May 2015
By Nick Eastwell and Cecilia Mairal. From the Co-Chairs - Securities Law Committee newsletter article, May 2015
A double jeopardy ruling shakes up the French legal regime against market abuse practices - Securities Law Committee, May 2015
By Patrick Bernard and Hiba Salem. A double jeopardy ruling shakes up the French legal regime against market abuse practices.
Italian ‘minibonds’: new measures aimed at stimulating economic growth and access to finance - Securities Law Committee, May 2015
By Claudia Bruscaglioni and Francesco Capitta. Italian ‘minibonds’: new measures aimed at stimulating economic growth and access to finance.
Float Guides 2012
The Corporate and M&A Law Committee and the Securities Law Committee have prepared a guide to floats with chapters from more than 30 countries. The Float Guides describe the process in each jurisdiction for an initial public offering by a company, and explain the steps involved and set out a typical timetable.
The Corporate and M&A Law Committee and the Securities Law Committee have partnered to produce guidance to the takeover laws for the following countries around the world.