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   
32.
Framing Asylum Discourse in Luxembourg     
Nickels  Henri Charles 《Journal of Refugee Studies》2007,20(1):37-59
This article examines media and political asylum discourse inLuxembourg between 1993 and 2000. A frame analysis of mediaand political asylum discourses and a headline analysis of newscoverage of the refugee and asylum question were implementedto that effect. The results show that media and political actorsin Luxembourg used four frames to refer to the refugee and asylumquestion: administrative, genuineness, human dignity, and returnhome. Overall, the framing of asylum discourse in Luxembourgwas shown to reflect a restrictive undercurrent—relatingto the prevention of the asylum systems of member states ofthe European Union—identified in European asylum discourse.The article concludes by noting that the framing of media andpolitical asylum discourse in Luxembourg was affected by national,international and supranational concerns relating to the regulationof asylum.  相似文献   
33.
34.
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   
35.
36.
Vers une redéfinition de la politique d'achat du Québec     
Denis Lemieux  Stphane Rousseau  Chantal Bergeron 《Canadian public administration. Administration publique du Canada》1994,37(1):48-78
Sommaire: Les marchés publics constituent pour le Gouvernement du Québec un précieux instrument de développement socio-éonomique et un puissant levier dans la réalisation de certains objectifs bien particuliers. Aussi, afin de stimuler et de favoriser le développement de l'économie québécoise, la politique d'achat du Gouvernement du Québec révèle plusieurs mesures préférentielles. Elle tente explicitement de maximiser l'utilisation de produits québécois, de canaliser une part substantielle des achats publics vers les entreprises québécoises. Cette politique d'achat préférentielle a été récemment raffermie et ce, malgré le mouvement international de plus en plus vigoureux visant l'élimination des obstacles à la libre circulation des biens et services. Toutefois, au niveau interprovincial, ce même Gouvernement, dans une volonté d'emboîter le pas et de s'aligner sur l'actuelle tendance à la libéralisation des échanges commerciaux, a spontanément souscrit à l'Accord intergouvernemental sur les marchés du secteur public qui prône l'abolition des barrières au commerce interprovincial. Le Gouvernement du Québec doit désormais tenter de concilier l'existence des principes et objectifs de ces deux textes conflictuels. La présente étude offre une vision globale, suggère un survol de la politique d'achat du Gouvernement du Québec et de son champ d'application, dam le contexte de la libéralisation des échanges commerciaux interprovinciaux. Elle souligne que l'Accord ne sonne pas le glas de la politique d'achat du Québec mais en implique une sérieuse et profonde remise en cause. En effet, la politique d'achat devra nécessairement débouher sur une façon originale d'utiliser les marchés publics tout en s'insérant dans le cadre de l'Accord. Abstract: For the Government of Quebec, public contracts are an invaluable tool for socio-economic development and a powerful lever for the achievement of some quite specific objectives. In order to stimulate and promote the development of the Quebec economy, the purchasing policy of the provincial government involves several preferential measures. It explicitly attempts to maximize the use of Quebec products, and to channel a substantial portion of public purchases to Quebec firms. This preferential purchasing policy has been strengthened recently, in spite of the growing international movement towards eliminating impediments to the free trade of goods and services. However, at the interprovincial level, in order to fall in step and align itself with the present trend towards freer trade, the Government of Quebec spontaneously subscribed to the Intergovernmental Accord on Public Sector Contracts, promoting the elimination of interprovincial trade barriers. The Government of Quebec must now aim to reconcile the principles and objectives of these two conflicting approaches. This study provides an overview and suggests a survey of the provincial government's purchasing policy and its field of application, within the context of the liberalization of interprovincial trade. It stresses that the accord does not negate Quebec's purchasing policy, although it does involve a thorough review of it. Indeed, the purchasing policy must necessarily lead to an original way of using public contracts while still staying within the bounds of the accord.  相似文献   
37.
The Chinese new Civil Code and the law of contract     
Herbots  Jacques Henri 《China-EU Law Journal》2021,7(1-4):39-49
China-EU Law Journal - The purpose of this contribution is to present to the readers the Chinese Civil Code which entered into force the first of January 2021, and to bring to their attention the...  相似文献   
38.
Industry Self-regulation Under Government Intervention     
Juan P. Mendoza  Henri C. Dekker  Jacco L. Wielhouwer 《Journal of Quantitative Criminology》2020,36(1):183-205
Industry actors (organizations, associations) can influence the way in which firms comply with regulations. This study examines how this influence process is affected by government intervention. Using official, anonymized data from the entire industry of financial intermediation in the Netherlands (N = 8655 firms), we examine how firms’ affiliations with industry actors relate to (1) voluntary actions aligned with improving regulatory compliance (e.g., requesting audits, attending workshops), and (2) law violations. Industry actors are distinguished between trade associations and the industry’s self-regulatory organization (SRO), which is subject to more government intervention. The analysis employs Poisson regressions to explain count variables, and bootstrapping to assess indirect associations. A series of robustness tests focus on relevant sub-samples, employ exact matching to address possible self-selection, and incorporate lagged dependent variables. The association between affiliations with industry actors and law violations is negative and significant. This association is more indirect for trade associations than for the SRO (i.e., it is more strongly mediated by the voluntary actions firms take and which help to improve compliance). These findings go in line with the theory that government intervention makes industry-self regulation more mandated and less voluntary. Under less government intervention, industry actors may promote more voluntary efforts to comply.  相似文献   
39.
40.
Costing governmental services in a reformed environment: Unreachable goal or unfinished business?     
Maurice Gosselin  Jean‐Franois Henri  Claude Laurin 《Canadian public administration. Administration publique du Canada》2015,58(3):384-405
This article assesses the impact of New Public Management (NPM) reforms in the public sector from a cost consciousness perspective. Using an action‐research methodology, we analyze the intensity of the external pressures that influence the institutional logic under which public sector organizations manage their costs. The field work shows that even after decentralization, public sector organizations appear unable to move their costing function from expense control to cost management unless external pressures motivate managers to complete the reform. We propose that the probability of success of reforms is increased when organizations are subject to strong pressures that could take the form of individual incentives or external threats.  相似文献   
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31.
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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