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.

Forthcoming conferences and webinars View all conferences and webinars

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.

Projects and Reports

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