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
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]
France
1. Introduction2. French highlightsApproval of the prospectusScopeContent of prospectusesRisk factorsLanguageResponsibility for prospectusesPublicationInformation to be provided within prospectuses3. Summary
Germany
1. Introduction2. Scope of application of the securities Prospectus Act3. Frequent issuer exemption4. Publication rules5. Prospectus supplement and investor withdrawal right6. Summary
1. Introduction2. Implementation3. National variations from the Directive4. Practical impact5. Summary
Luxembourg
1. Introduction2. Regulatory framework3. Luxembourg Prospectus Directive options4. Public offers of securities5. Summary
Netherlands
1. Introduction2. Definition of security3. Concept of offer4. Supplemental prospectus and withdrawal rights5. Published prospectus identical to approved prospectus6. Six days rule7. Language8. Public offer exemption9. Summary
Spain
1. Introduction2. The RDL 53. The CNMV notice4. The RD 13105. The order 35376. Summary
United Kingdom
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
Sustainable forest management is a key challenge for local and global governance. The Forest Stewardship Council has emerged as one of the solutions to global forest deterioration and is generally regarded as the prime example of certification as a global governance tool. This article examines the macro-effectiveness of certification on halting deforestation and examines the relationship between certification and governance institutions. The article finds that the macro-effectiveness of certification on halting deforestation is still limited due to the “stuck at the bottom” problem of developing countries, which are kept out of the certification process, and the market-driven nature of certification initiatives. The article does not find a relationship between certification and governance institutions at the macro level. It does find, however, significant variation in certification uptake between countries, pointing to the potential of this policy tool. The implications of the results are discussed. 相似文献
Throughout the years, DNA barcoding has gained in importance in forensic entomology as it leads to fast and reliable species determination. High‐quality results, however, can only be achieved with a comprehensive DNA barcode reference database at hand. In collaboration with the Bavarian State Criminal Police Office, we have initiated at the Bavarian State Collection of Zoology the establishment of a reference library containing arthropods of potential forensic relevance to be used for DNA barcoding applications. CO1‐5P’ DNA barcode sequences of hundreds of arthropods were obtained via DNA extraction, PCR and Sanger Sequencing, leading to the establishment of a database containing 502 high‐quality sequences which provide coverage for 88 arthropod species. Furthermore, we demonstrate an application example of this library using it as a backbone to a high throughput sequencing analysis of arthropod bulk samples collected from human corpses, which enabled the identification of 31 different arthropod Barcode Index Numbers. 相似文献
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.
Editor's Note
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]
France
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
Germany
1. Introduction2. State of origin concept and domestic issuer concept3. Periodic information requirementsGeneralResponsibility and liability for periodic information4. Ongoing information requirements5. Summary
Italy
1. Introduction: the legal context2. Key points of implementation in ItalyThe Italian liability regime for market disclosure3. Concluding summary
Ireland
1. Introduction2. Competent authority3. Liability4. Jurisdictional scope of liability5. Responsibility6. Major shareholdings
Luxembourg
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
The Netherlands
1. Introduction2. Super-equivalent rules3. Periodical information4. LiabilityIssuerDirectors5. Rules on disclosure of major shareholdings6. Conclusion
Spain
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
United Kingdom
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
We investigate whether countries with poor human rights records oppose human rights resolutions in the United Nations General Assembly. An instrumental account of voting would suggest that these countries aim to weaken resolutions since they could be future targets of these policies. We estimate determinants of voting using 13,000 individual voting decisions from 1980 to 2002. Our results from ordered probit estimation show that a country??s human rights situation is irrelevant to voting behavior if regional dependence of voting is controlled for. The results also show that simple rules for aggregating voting choices can lead to misleading results. 相似文献