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1.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
2. Importance of liberalizing the US deregistration rules
3. US and EU perspectives on deregistration
Delisting and deregistration in the US Delisting and deregistration in EU
4. SEC's first proposal to amend the deregistration rules
Deregistration of equity securities Deregistration of debt securities Rules for counting shareholders
5. Response to the first deregistration proposal
6. The Second Deregistration Proposal and The Final Deregistration Adoption
7. Conclusion
相似文献
- While the passage of SarbanesOxley in the USwas just one of the many causes for the lack of competitivenessof the US capital markets recently, it served to focus the attentionof foreign private issuers in the US on the difficulty and sometimesimpossibility of exiting the US capital markets.
- Unlike manyother jurisdictions, the process of deregistering in the USis distinct from process of delisting. The current rules forderegistration of foreign private issuers focus on the numberof US shareholders, regardless of how or where those shareholderspurchased their shares. In addition, foreign private issuers,were subject to complicated rules for counting US shareholders,and deregistration often would only suspend (not terminate)their reporting obligations.
- As a result of pressure from foreignprivate issuers, the SEC proposed new rules at the end of 2005to liberalize the existing deregistration regime for foreignprivate issuers.
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2.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
The EU Prospectus Directive1 (the PD) was introducedin late 2003 amid a flurry of optimism and . . . [Full Text of this Article]
2. The Prospectus Directive
3. Different implementation across the EEA
4. Mismatch between law and market practice—Retail cascades
(a) Use of programmes (b) Derogation
5. Liability
6. Final terms or supplements?
7. Passporting
8. Impact of other laws
Unfair contracts Financial promotion Advertising regime
9. Conclusion
相似文献
- When the EU Prospectus Directive was introduced inlate 2003, there was great optimism that it would finally leadto the long awaited pan-EEA retail capital market.
- This articleasks whether the Directive has achieved this result and looks,in particular, at the disclosure regime relating to the admissionof debt securities to EEA-regulated markets and the public offeringof such securities in the EEA.
- A number of impediments to thecross-border retail market, that are completely separate fromdisclosure, are examined.
- In conclusion, the article discusseswhether, in fact, expectations for the Prospectus Directivein this area were set too high and could never be met and looksat what more needs to be done in order to achieve the goal ofa single retail debt market in the EEA.
3.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
2. What is meant by a complex financial history?
3. A significant financial commitment
4. The test of significance
5. Deciding what to disclose
6. By way of illustration
7. Interaction with domestic requirements
8. When is a year not a year?
9. What issuers need to do?
相似文献
- Recognizing the importance of ensuring that the financialhistory presented in a prospectus appropriately reflects thesubstance of an issuer's operations, the European Commissionhas brought forward an amendment to the Prospectus Directiveimplementing Regulation (809/2004) which will take effect fromJanuary 2007. The new law defines two new terms, namely a complexfinancial history and a significant financialcommitment, which if applicable will require an issuerto consider including additional historical financial informationto that of its own.
- Following the Committee of European SecuritiesRegulators' advice on this subject, as well as the views ofmarket participants, the new law does not prescribe the financialreporting solutions to be followed. Rather, it sets out theprinciples to be applied and then allows competent authoritiesflexibility to accommodate solutions that reflect the particularcircumstances of an issuer. Notably, the competent authoritiesare required to take into account the
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4.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
2. Law and economics context
3. Hedge fund regulation
4. Concerns about insider trading
5. The importance of cost benefit in regulation
6. Insider trading undefined
If you build it, they will come
7. Differences between derivative assets and securities
8. Uncertainty should be resolved in the markets, not in litigation
9. ETFs and structured products are also blurring the regulatory boundaries
The burden is on market participants 相似文献
- Unspecified boundaries in the commodities, derivatives,and securities law have not only increased the discretion ofindividual regulatory authorities, but have also resulted inexpanded and often overlapping assertions of jurisdiction bythe Securities and Exchange Commission, the Commodity FuturesTrading Commission, the Federal Energy Regulatory Commission,and other authorities.
- The Securities and Exchange Commissionhas recently sought to expand its jurisdiction into the derivativesmarkets to seek registration of hedge funds and other usersof derivatives and commodity futures as investment advisors,and to seek to apply its insider trading laws broadly to thevarious assets traded by funds.
- Financial institutions, intermediaries,and end users are increasingly being asked to demonstrate theeconomic or business purpose of their financial transactionsand their trading practices to ensure their legitimacy and avoidregulatory scrutiny.
- Compliance and litigation costs have predictablyrisen in this environment, in part due to the
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5.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
With a sly dig at the abusive market practices of his time,Oscar Wilde wrote that private information is practicallythe source of every large modern fortune.1 For some,it still is, despite the efforts of legislators and . . . [Full Text of this Article]
2. The pieces
3. Some analysis
Purpose Retrospective disclosure Disclosure of future events
4. Why does it matter?
Improving the quality of disclosure Avoidance of time-wasting Avoidance of vexatious litigation
5. Resolving the problem
Sensible liability regime Sensible interpretation
6. Remaining problems
Multi-jurisdiction liability Forward-looking disclosure—foresight, hindsight and second sight
7. Conclusion
相似文献
- This article looks at the various elements of thedisclosure regimes for issuers that are admitted to EEA-regulatedmarkets, including the initial requirement for the productionof a prospectus on admission and on-going requirements to discloseprice sensitive information as it arises and to make regularreports to the market.
- After a brief analysis of some of thesimilarities and differences between the various regimes, thearticle makes an attempt to reconcile the differences by lookingat each regime in the context of the others and viewing themas a continuum.
- Finally, remaining problems concerning multi-jurisdictionliability for disclosure in the EEA and potential liabilityfor forward-looking disclosure are discussed.
6.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
. . . [Full Text of this Article]
2. Overview of the case
The facts The decision The ratio Appeals
3. Significance of the case
4. Nature of appropriation
Nature of security interest Contrast title transfer collateral arrangements Meaning of appropriation The issue in the case
5. Indirectly held securities
6. The Financial Collateral Directive regime
7. Interpretation of UK provisions implementing EU legislation
8. Doctrine versus pragmatism
相似文献
- The recent decision of the High Court of the BritishVirgin Islands in Alfa v Cukurova has caused a stir among lawyersserving the international financial markets based in London.
- Thedecision concerns the meaning of appropriation.Appropriation is a new remedy for collateral takers introducedby the Financial Collateral Arrangements (No. 2) Regulations2003, which implement the Financial Collateral Directive.
- Thedecision holds that effective appropriation requires the collateraltaker to take over from the collateral giver the ability todeal with the collateral as its own.
- In Cukurova, where anequitable mortgage was taken over directly held shares, thisrequired that the collateral taker become the registered ownerof the shares.
- The decision was appealed to the BVI Court ofAppeal in late January 2008 and may go further. In the meantime,this article provides an overview of the decision and considersits wider significance.
7.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
2. Risk-based regulation
3. Principles-based regulation
The move towards more principles-based regulation The enforcement implications of principles-based regulation
4. Self-regulation and market discipline
5. The allocation of responsibility for regulatory contraventions
6. Public and private enforcement
Public enforcement Private enforcement
7. Settlement and sanctions
Sanctions: the statutory options Settlements: process and incentives Procedural complications
8. Synthesis and speculation
9. Conclusions
相似文献
- Formal enforcement action is a relatively rare occurrencewithin the UK capital markets regulatory framework. This characteristicdistinguishes the UK from the US, where there is a more intensefocus on enforcement, both public and private.
- Several featuresof the UK regulatory system contribute towards a low incidenceof enforcement. Some of these features are embedded in the statutoryframework, but the FSA has played a key role in the developmentof enforcement policy, while the continuing presence of self-regulationin the form of the Combined Code has also played a part.
- Thefocus on risk-based regulation in the UK has been a major influencefor enforcement policy. The move to more principles-based regulationhas also been a factor but one that is more difficult to interpret.If it is correct to assume that principles-based regulationdoes not affect the intensity of regulation, then the effecton the
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8.
The first 150 words of the full text of this article appear below. Key points. . . [Full Text of this Article]
1. Sector coverage
2. Allocation
3. Treatment of new entrants
4. Installation closure
5. Auctioning
6. Trading
7. The Kyoto Protocol
8. Linking to the Kyoto Mechanisms
9. Buying from clean development and joint implementation projects
CDM projects JI projects
10. The primary market
11. The secondary market
12. Existing documentation for trading EUAs
13. Deliverability issues for Kyoto Credits
14. Eligibility requirements for emissions trading
15. The International Transaction Log
16. Commitment period reserves
17. The impact on secondary trading documentation
18. The voluntary market for CERs
19. The future for emissions trading
相似文献
- The EU ETS will undergo a number of changes consequentupon the commencement of the first Kyoto Commitment Period on1 January 2008.
- This article considers the existing EU ETSframework and also the key developments that are anticipatedin the European emissions market for 2008–2012.
- A secondarymarket for trading EUAs has already developed and this market,together with the standard-form documentation used, is discussed.
- Inconclusion, the article questions the future of emissions tradingin Europe—particularly after the current Kyoto targetsexpire in 2012.
9.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
2. Reports under the Transparency Obligations Directive
3. Liability for disclosure under English law
4. What went wrong?
5. Making the logical connections
6. Achieving the right threshold for liability
7. The importance of consistency in liability for market disclosures
- This article explains why the recent TransparencyDirective led to an unintended change in law in the United Kingdomrelating to liability for annual and other reports by listedcompanies. The change was the result of a misunderstanding ofthe fact that the expressed or implied purpose of disclosurecan act as a trigger for liability in negligence. The articleargues that new disclosure requirements should always be reviewedin the light of the liability that will be imposed on thoseresponsible for the disclosure, so that costs and benefits canbe correctly balanced and prompt, reliable and relevant disclosurewill be encouraged.
- The new liability regime for reports inthe United Kingdom is considered and it is argued that the regimeshould logically be extended beyond company reports to the fullrange of disclosures required of companies that are admittedto regulated markets.
- The article concludes by
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