The implementation of the EU Prospectus Directive (2003/71/EC)(the ‘Directive’) has resulted in significant changesand new opportunities for many issuers of securities in theEuropean Capital Markets. The Directive and its subordinatelegislation, Commission Regulation (EC) No 809/2004 (the ‘EURegulation’) requires, as did the previous EU legislation,that a prospectus, containing certain required disclosure, beapproved by an EEA competent authority and published beforesecurities are offered to the public or admitted to an EEA-regulatedmarket. But, in doing so, it introduces important changes thatwill, its architects hope, result in a more active cross-borderretail market in securities within the EEA. These changes includea common language regime, under which, in cross-border situations,an English language version of the prospectus will normallybe valid for admission to regulated markets or a public offeranywhere in the EEA, thus avoiding expensive and time-consumingmultiple translations. It also provides . . . [Full Text of this Article]   1. Introduction2. French highlightsApproval of the prospectusScopeContent of prospectusesRisk factorsLanguageResponsibility for prospectusesPublicationInformation to be provided within prospectuses3. Summary   1. Introduction2. Scope of application of the securities Prospectus Act3. ‘Frequent issuer exemption’4. Publication rules5. Prospectus supplement and investor withdrawal right6. Summary   1. Introduction2. Implementation3. Competent authorityListing rules/prospectus rulesUnregulated offers4. Responsibility/liability5. Summary   1. Introduction2. Implementation3. National variations from the Directive4. Practical impact5. Summary   1. Introduction2. Regulatory framework3. Luxembourg Prospectus Directive options4. Public offers of securities5. Summary   1. Introduction2. Definition of ‘security’3. Concept of ‘offer’4. Supplemental prospectus and withdrawal rights5. Published prospectus identical to approved prospectus6. Six days rule7. Language8. Public offer exemption9. Summary   1. Introduction2. The RDL 53. The CNMV notice4. The RD 13105. The order 35376. Summary   1. Introduction2. Standardized prospectus content requirements3. The Official List of the FSA (the ‘Official List’)4. Official List eligibility requirements5. The Alternative Investment Market (‘AIM’)6. Withdrawal rights7. Draft prospectuses8. Qualified investor exemption9. Summary  相似文献   
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The implementation of the EU Transparency Obligations Directive--a country-by-country analysis     
Sebire  Marc-Etienne; Sebastien  Julien; Gehringer  Axel; Cuccia  Stefano; Byers  David; Wagner  Henri; Thomas  Anne-Marie; Zijp  Petra; van Straaten  Matthieu; Cuenca  Jose Manuel; Azanza  Yolanda; Bushner  Daniel; Parry  Jonathan 《Capital Markets Law Journal》2008,3(2):186-216
Dr Axel Gehringer Hengeler Mueller Stefano Cuccia Head of Market Supervision, TLX, Milan David Byers McCann FitzGerald, Solicitors, Dublin Henri Wagner and Anne-Marie Thomas Allen & Overy, Luxembourg Petra Zijp and Matthieu van Straaten NautaDutilh NV, Amsterdam José Manuel Cuenca and Yolanda Azanza Clifford Chance Daniel Bushner and Jonathan Parry Ashurst, London The first 150 words of the full text of this article appear below.
  In our first issue, we included a comparative review that comparedhow the Prospectus Directive had been implemented in variousEuropean Economic Area (EEA) Member States. That Directive setsout the requirements for initial disclosure, through a prospectus,of the information an investor requires to make its initialinvestment decision, when transferable securities are offeredto the public or admitted to an EEA-regulated market. Some 18months later, we turn to the legislative companion piece—theTransparency Obligations Directive or Directive 2004/109/EC(known familiarly as the ‘TD’ or sometimes, butonly outside Germany, as ‘TOD’—in this articlethe abbreviation ‘TD’ will be used throughout).This is an important Directive that is designed to achieve anumber of objectives. First, it recognizes that markets depend on information. Itis not enough that issuers describe their business and financialposition to the market only when they ask for new money by issuingsecurities. . . . [Full Text of this Article]   1. Introduction2. Regulated informationRegulated information under French lawLanguage of the regulated informationEffective and complete distribution3. Periodic informationReports on financial informationOther information4. Ongoing informationInformation about major holdingsInformation for holders of securities   1. Introduction2. State of origin concept and domestic issuer concept3. Periodic information requirementsGeneralResponsibility and liability for periodic information4. Ongoing information requirements5. Summary   1. Introduction: the legal context2. Key points of implementation in ItalyThe Italian liability regime for market disclosure3. Concluding summary   1. Introduction2. Competent authority3. Liability4. Jurisdictional scope of liability5. Responsibility6. Major shareholdings   1. Introduction2. Periodic information requirementsAnnual financial statementsHalf-yearly financial statementsInterim management statements and quarterly financial statementsLiability3. Ongoing information requirementsImportant participations notificationVoting rights modification notificationNotification and publication procedureOwn sharesAdditional (general) information obligations of issuers of shares4. Competent authorityNotification of the CSSFAdditional information and sanctionsThird country exemption5. Language and media6. Timing7. Conclusion   1. Introduction2. Super-equivalent rules3. Periodical information4. LiabilityIssuerDirectors5. Rules on disclosure of major shareholdings6. Conclusion   1. Introduction2. Law 6/20073. RD 1362Periodic informationResponsibility and liabilityContent of financial reportsInformation on major holdings and own sharesNotification of the acquisition or disposal of major holdingsAcquisition or disposal of a major proportion of voting rightsProcedures for notificationOwn sharesGeneral provisionsAccess to regulated informationLanguagesOther information obligationsRemuneration schemes4. Summary   1. Introduction2. Periodic financial reporting requirementsSuper equivalent applicationOther points to notePeriodic financial reporting and non-UK issuers3. Major shareholding notification regimeSuper equivalent applicationContracts for differenceOther points to noteMajor shareholding notification and non-UK issuers4. Summary  相似文献   
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An applied technology transfer process     
Dr. Timothy G. O'Keefe  Mr. Harold Marx 《The Journal of Technology Transfer》1986,11(1):83-88
The applied technology transfer process is a communication process based on planning, marketing, and training. Planning is the single most important element, while pre-planning is also essential. The marketing part of applied technology transfer involves an in-depth knowledge of both consumers and products. A sound knowledge of media is also essential. The marketing step is the key delivery or transfer element. Applied technology transfer is a system that requires skills such as management and communication techniques which can be learned in traditional academic courses. However, other skills such as applied human relations are more easily learned under a supervised workshop approach. More complex technology transfer systems require additional training on a continuing education basis. The development of technology transfer learning centers can also be useful. Applied technology transfer is a research investment rather than a cost. It is the technology transfer process that insures the timely application of research effort. Research pay-off is derived from use of research products. Thus, applied technology transfer represents research delivery insurance.  相似文献   
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The United Nations Security Council (UNSC) is the foremost international body responsible for the maintenance of international peace and security. Members vote on issues of global importance and consequently receive perks—election to the UNSC predicts, for instance, World Bank and IMF loans. But who gets elected to the UNSC? Addressing this question empirically is not straightforward as it requires a model that allows for discrete choices at the regional and international levels; the former nominates candidates while the latter ratifies them. Using an original multiple discrete choice model to analyze a dataset of 180 elections from 1970 to 2005, we find that UNSC election appears to derive from a compromise between the demands of populous countries to win election more frequently and a norm of giving each country its turn. We also find evidence that richer countries from the developing world win election more often, while involvement in warfare lowers election probability. By contrast, development aid does not predict election.  相似文献   
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Perceived injustice can trigger strong emotional reactions and motivate political protest. Although there is vast empirical evidence for this chain of reactions, we know little about individual differences in how perceived injustice can motivate people to engage in political actions. In a survey study with 1,005 German participants, we investigated how justice sensitivity as a personality disposition accounts for individual differences in political engagement. Regression analyses revealed that justice sensitivity from an observer perspective promotes political engagement, whereas justice sensitivity from a victim perspective is not related to political engagement . In the concrete case of a political decision regarding the public transport project “Stuttgart 21” in Germany, our data indicated that perceived procedural injustice of the decision process and moral outrage mediated the relation of justice sensitivity from an observer perspective and political protest. The present findings are in line with research on the behavioral outcomes of justice sensitivity and contribute to the understanding of individual differences in political engagement and its underlying motivational processes.  相似文献   
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Dr. Axel Gehringer HengelerMueller David Byers McCann FitzGerald, Solicitors, Dublin, Ireland Stefano Cuccia Head of Regulation, TLX, Milan Henri Wagner Allen and Overy, Luxembourg Petra Zijp NautaDutilh, Amsterdam José Manuel Cuenca and Yolanda Azanza Clifford Chance Daniel Bushner and Jonathan Parry Ashurst, London The first 150 words of the full text of this article appear below.
   Editor's Note    France    Germany    Ireland    Italy    Luxembourg    Netherlands    Spain    United Kingdom    Editor's Note    France    Germany    Italy    Ireland    Luxembourg    The Netherlands    Spain    United Kingdom
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