Global Taxes

Judit Budai

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.

Forthcoming conferences and webinars View All Conferences

Post Covid foreign investment controls: protectionism versus globalism

In this session at the 37th International Financial Law Conference in Venice, the Co-Chairs and the four expert panellists shared perspectives and comments on two main areas that may have a significant impact on deal flows and their financing due to the increased tendency towards national government intervention on the grounds of protecting national security: (1) sanction policies when the protection of national security is derived from a genuine reason; and (2) the growth of foreign investment controls in Europe.

Released on Sep 22, 2022

Digital assets: how to decipher a cryptic phenomenon?

The panel on digital assets at the 37th International Financial Law Conference in Venice was co-chaired by Dirk Bliesener, Vice-Chair of the IBA Banking Law Committee and partner at Hengeler Mueller in Frankfurt, and Benjamin Leisinger, member of the IBA Securities Law Committee and partner at Homburger in Zurich. It began by examining some of the fundamentals of crypto markets and the different asset standards.

Released on Sep 07, 2022

The Merchant of Venice: Shylock’s appeal

At the 2022 International Financial Law Conference in Venice, delegates crowded the Appellate Chamber of the Venetian Republic to bear witness to a legal occasion hundreds of years in the making: Shylock’s appeal.

Released on Sep 07, 2022

Are stock-for-stock public offers feasible in spite of burdensome prospectus regulations?

A report on a joint session of the Banking Law Committee and the Securities Law Committee at the 37th International Financial Law Conference in Venice. The session began with a case study of an M&A transaction involving a listed acquirer and the (partial) payment of shares in the listed entity as consideration.

Released on Sep 07, 2022

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