Judit Budai

Paul Rodel

Securities Law Committee

The Securities Law Committee works with the Banking; Capital Markets; Insurance and Investment Funds Committees to form the Financial Services Section.

About the Committee

The main goal of the Securities Law Committee is to bring together securities lawyers from a broad range of countries to follow, discuss and shape public policy in a world of rapidly globalising capital markets.

Key Areas of Focus

The focus of the committee is the intersection of national capital markets with each other in a world of cross-border transactions. Key areas of focus, as reflected in the subcommittee structure, are developments in underwriting and distribution of all types of capital markets products, the securities laws as they impact cross-border mergers & acquisitions, the regulation of market players such as investment banks, brokers and exchanges, securities laws as they impact public companies, and a close watch on cross-border and international regulatory developments in particular from IOSCO, CESR, the EU, the SEC, the FSA and a range of developing countries.

IFLC Young Lawyers Essay Competition 2021

The IBA Banking Law and IBA Securities Law Committees' IFLC Young Lawyers Essay Competition 2021 will be on the topic of ESG/green regulation in financial services. The closing date for entries is Thursday 2 September 2021See full details, rules and how to enter here.

Forthcoming conferences and webinars View All Conferences

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 06, 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 08, 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

Projects and Reports

ESG standards in Latin American markets.

Businesses in Latin America are deeply intertwined with environmental, social and governance (ESG) concerns. The disclosure of ESG standards is mandatory for many public traded companies in the region, and local regulatory frameworks have had to adapt to new demands from investors. In this context, the IBA Securities Law Committee has produced this video, which analyses the state of affairs for ESG standards in Latin America.

Survey on Form Requirements

The IBA Securities Law Commitee has completed a survey, spanning over 25 jurisdictions, on form requirements. Topics include general form requirements for contracts; the creation and transferral of 'dematerialised securities'; and the use of electronic signatures.

Please click here to download the survey report.

Survey on implementation of the EU Shareholders’ Rights Directive II in the EU

The IBA Securities Law Committee has, together with law firms from the 28 EU Member States, conducted a survey in order to compare the national implementation of the EU Shareholders’ Rights Directive II in those jurisdictions. As of 10 September 2019, five Member States had yet to implement the Directive, and the survey thus contains answers from a total of 23 jurisdictions in the form of a questionnaire. The survey has been prepared by the IBA Securities Law Committee on the initiative of Rikke Schiøtt Petersen, Gorrissen Federspiel, Denmark, and Tom Fagernäs, Krogerus, Finland.

Float guides 2017

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 material is intended as a high-level practical guide for practitioners and others who are looking for an introduction to the laws of each relevant jurisdiction relating to floats.

Subcommittees and other groups

The Securities Law Committee also coordinates the activities of the following subcommittees/working groups.

  • Financial Conferences Subcommittee
  • Mergers and Acquisitions Subcommittee
  • Public Company Practice and Regulation Subcommittee
  • Regulation of Market, Participants, Brokers, Banks and Exchanges Subcommittee
  • Regulatory Affairs Subcommittee
  • Securities Law Committee Advisory Board
  • Underwriting and Distribution Subcommittee