LexisNexis

Publications for Securities Law Committee

ESG concerns are disrupting boards’ agendas and executives’ responsibilities: practical reasons for thinking broadly

Recent macro themes have created a wave of ESG expectations. Boards and senior executives must be aware of them and, until legal tools provide more certainty, must keep an open mind as to the alignment of ESG goals and corporate strategy.

Released on Nov 19, 2021

BDRs and the market for foreign shares in Brazil

The article provides an overview of the Brazilian Depositary Receipt market, its regulation and prospects, in light of recent offerings of these securities in the Brazilian market and the amendments proposed to the relevant regulation by the Brazilian Securities and Exchange Commission.

Released on Sep 6, 2021

Independent directors: changing roles

The article provides the author’s view on the amendments proposed by the Indian Securities Exchange Board of India pursuant to the Consultation Paper on Review of Regulatory Provisions related to independent directors.

Released on Jul 8, 2021

Law firms as drivers of sustainable boards

Boards of directors face growing concerns about business resilience and sustainability. Law firms play a crucial role in providing the type of advice corporates need and society deserves, while help shape the environmental, social and governance agenda for the future.

Released on Jun 30, 2021

Russian regulation of cryptocurrency and digital financial assets

Two new concepts of ‘digital financial assets’ and ‘digital currency’ were introduced into Russian legislation on 1 January 2021. These (1) provide for a legal basis for the turnover of digital assets under Russian law; and (2) are aimed at placing cryptocurrencies under governmental control in Russia.

Released on Jun 30, 2021

Co-Chairs' note - January 2021

Securities Law Committee Co-Chair's note January 2021.

Success rate of the ‘nanny state’ approach in consumer protection and financial system stabilisation regulation – does it work?

In this session at the IBA 2020 -- Virtually Together conference, five expert panellists shared perspectives and comments on the following four topics: the current state of effectiveness of regulators regarding consumer protection in capital and financial markets; using technology to protect the markets and control abuse; diving into financial literacy; and data gate-keepers.

The UK’s National Security and Investment Bill

On 11 November 2020, ministers introduced the National Security and Investment Bill in the UK House of Commons. The Bill provides for a Committee on Foreign Investment in the United States (CFIUS)-style regime, granting the UK Government powers to scrutinise and intervene in a number of business transactions (for example, takeovers) on national security grounds.

A new instrument for protection and encouragement of investments in Russia

In March 2018, the Russian President instructed the government and the Bank of Russia to develop an action plan to accelerate growth of investments and their share in gross domestic product. Shortly afterwards, the Russian Ministry of Finance developed a draft law ‘On Protection and Promotion of Investment in Russia’, which was announced in October 2018. It was assumed that the adoption of this law would improve the investment climate and give impetus to the development of the country's economy.

Capital markets and Covid-19: outlook for 2021

A report on a session presented by the Corporate and M&A Law Committee and the Securities Law Committee at the IBA Annual Conference 2020. Covid-19's impact on stock markets led governments and regulatory agencies to quickly put together relief measures designed to alleviate the immediate crisis. This session summarised those relief measures based on a multi-jurisdictional survey compiled by the IBA Securities Law Committee, and looked forward to activity in 2021.

Regulation of proxy advisers in India: is it a threat to shareholder activism?

In India, proxy advisory companies have gained importance in the last decade. India’s securities regulator, the SEBI, introduced regulations to govern proxy advisers in 2014, and recently, it has issued more detailed guidelines for them. This article assesses the impact of the recent guidelines and whether they threaten the ability of proxy advisers to fulfil their role in improving corporate governance.

The many uses and benefits of a variable capital company

Since the introduction of the variable capital company (VCC) framework in Singapore in January 2020, there have been close to 160 VCCs established as of the end of October 2020. The strong take-up in a relatively short period of time against the backdrop of the Covid-19 pandemic has been encouraging and bodes well for Singapore’s push to be an asset management and fund domiciliation hub.

Co-Chairs' note - eBulletin May 2020

Co-Chairs' note - Securities Law Committee newsletter article, May 2020

Spain takes steps towards uniform market abuse conditions

By Gabriel Núñez and Susana Serrano de Frutos. Spain takes steps towards uniform market abuse conditions - Securities Law Committee

Regulatory developments in 2020 for companies listed in Spain

By Gabriel Núñez, Enrique Nieto and Álvaro López. Regulatory developments in 2020 for companies listed in Spain - Securities Law Committee

Swiss Financial Services Act: legends and selling restrictions for cross-border offerings of securities under prospectus regime

Benjamin Leisinger. Swiss Financial Services Act: legends and selling restrictions for cross-border offerings of securities under prospectus regime - Securities Law Committee

Is it time to end the Brazilian ban on multi-voting shares?

By Bruno Robert and Lucas Carneiro Gorgulho Mendes Barros. Is it time to end the Brazilian ban on multi-voting shares? - Securities Law Committee newsletter article, March 2020.

The increasing popularity of private funds

By Jerry Koh and Jonathan Lee. The increasing popularity of private funds - Securities Law Committee newsletter article, March 2020