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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148.
Constructing Institutional Measures: Indicators of Political and Property Rights in Mozambique, 1900–2005     
John Manuel Luiz  Luis Brites Pereira  Guilherme Oliveira 《管理》2013,26(4):677-692
In this article, we focus on the role of political and economic institutions in Mozambique's development. We produce a set of institutional indicators for Mozambique for the period 1900–2005. The first index tracks political freedoms and is unique in its duration and complexity. The second index is a measure of property rights for Mozambique, and such a measure has not existed previously and certainly not for this length of time. The construction of these indices is a painstaking process through historical records but it provides us with a richness of institutional data previously not available. The new institutional indices will allow us to explore the role of the institutional environment in determining economic growth and development in Mozambique over time.  相似文献   
149.
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   
150.
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141.
Journal of Youth and Adolescence - There has been little research attention given to how Gay-Straight Alliances might mitigate mental health consequences associated with experiencing homophobic...  相似文献   
142.
Reber  Ueli  Fischer  Manuel  Ingold  Karin  Kienast  Felix  Hersperger  Anna M.  Grütter  Rolf  Benz  Robin 《Policy Sciences》2022,55(2):311-335
Policy Sciences - The effective conservation and promotion of biodiversity requires its integration into a wide range of sectoral policies. For this to happen, the issue must receive attention...  相似文献   
143.
It has traditionally been upheld that punitive damages are incompatible with the Constitutions of civil law countries. This paper sustains the opposing thesis and argues their compatibility, of a general nature, with the basic principles of continental European States, and especially with the principles of legality, proportionality and non bis in idem. This opens the way to the enforcement, in Europe, of sentences delivered in the United States of America. However, despite this starting point, the advisability of exporting the model of punitive damages is rejected. The theme is expanded to argue the equivalent nature of the guarantees and limits of all sanctioning activity of the State and those already established in Criminal Law. This would encompass punitive damages and all types of civil sanctions.  相似文献   
144.
In 2004 the Swiss people accepted a new equalization scheme and a new distribution of competences between the federal state and the cantons. It was argued that the reform was successful because of the capacity of veto-players to overcome their interests and adopt a ‘problem-solving’ interaction mode. We propose a different interpretation and argue that distributive issues and the accommodation of actors' interests crucially mattered. We identify three mechanisms that contribute to a successful reform, i.e. package-deals, side-payments and the downsizing of the reform. Our in-depth, mainly qualitative study of both the content of the reform and related decision-making process supports the pertinence of these strategies for the explanation of the successful reform of Swiss federalism.  相似文献   
145.
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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