Tobia Croff

Tobia Croff

Shearman & Sterling LLP

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SEC Compliance Manual for NASDAQ-Listed Non-US Companies

As a result of registration of ordinary shares including in the form of American Depositary Shares (“ADSs”) under the US securities laws and the listing of ordinary shares or ADSs on the NASDAQ Stock Market (“NASDAQ”), non-US...more

9/23/2014 - Foreign Corporations Nasdaq Registration Reporting Requirements SEC Securities Act of 1933 Securities Exchange Act Stocks

SEC Compliance Manual for NYSE-Listed Non-US Companies

As a result of registration of ordinary shares including in the form of American Depositary Shares (“ADSs”) under the US securities laws and the listing of ordinary shares or ADSs on the New York Stock Exchange (the “NYSE”),...more

9/23/2014 - Compliance Corporate Governance Foreign Corporations NYSE SEC Shareholders

Extraterritoriality Revisited: Access to the European Markets by Financial Institutions, Funds and Others from Outside Europe

In an effort to harmonise investor protection across the EU and ensure effective market competition, a framework has been established for financial institutions, funds and market infrastructure established outside the EU to...more

8/28/2014 - Banking Sector Capital Markets EU Extraterritoriality Rules Financial Institutions Investor Protection Market Participants

Timing and Scope of EU Clearing Obligation for Derivatives

The European Securities and Markets Authority is consulting on the mandatory clearing obligation for certain derivatives. Draft regulatory technical standards have been published for the mandatory clearing of certain interest...more

7/18/2014 - Clearing Agencies Derivatives EMIR ESMA EU European Commission Financial Regulatory Reform

Governance & Securities Law Focus: Asia Edition

In this issue: - ASIAN DEVELOPMENTS - HKEx Publishes Revised Connected Transaction Rules - US DEVELOPMENTS - SEC Developments - PCAOB Adopts Auditing Standard and Amendments -...more

7/16/2014 - Asia Audits Corporate Social Responsibility DOJ Employee Benefits Enforcement Enforcement Actions ESMA EU European Commission HKEx MiFID OTC PCAOB SEC UK

Governance & Securities Law Focus: Europe Edition

In this issue: - EU DEVELOPMENTS - Statutory Audit Directive and Regulation Published in Official Journal - Council Adopts Intra-Corporate Transferees Directive - ESMA Publishes Consultation and...more

7/14/2014 - Audits Corporate Governance Corporate Social Responsibility Derivatives EMIR ESMA EU MiFID OTC Prospectus Shareholder Rights Shareholders

Basel III Framework: Large Exposures

Even banks with strong capital ratios may fail as a result of the sudden failure of a counterparty or group of connected counterparties. To address this risk and to complement the now near-final Basel III framework, the Basel...more

6/16/2014 - Banks Basel Committee Basel III EU Foreign Banks Risk Management

New Italian Rules to Create a More Favorable Regulatory Regime for the Issuance of Corporate Bonds

On February 21, 2014, Italy enacted Law No. 9 (the “New Law”), which, among other things: - reduces the tax cost of taking security in connection with notes offerings; - expands the array of security that can...more

3/25/2014 - Bonds Corporate Bonds EU

Basel III Framework: Net Stable Funding Ratio (Proposed Standards)

A key new element of the Basel III framework for regulatory capital aims to improve banks’ management of their funding and liquidity profiles. Two new measures are proposed: a “net stable funding ratio,” and a “liquidity...more

2/7/2014 - Banks Basel III Funding Liquidity Coverage Ratio

Basel III Framework: The Leverage Ratio

Reducing excess “leverage” in the banking sector is a key component of the Basel III capital standards. “Leverage” for these purposes means the ratio between a bank’s non-risk-weighted assets and its capital. The ratio is...more

2/6/2014 - Banks Basel Committee Basel III Foreign Banks Leverage Capital Ratio

Governance & Securities Law Focus: Europe Edition, January 2014

In this issue: - EU Developments - Italian Developments - UK Developments - US Developments - Asian Developments - International Financial Markets Regulation Developments -...more

1/28/2014 - Corporate Governance ETFs EU Securities UCITS

Basel III Framework: The Credit Valuation Adjustment (CVA) Charge for OTC Derivative Trades

The credit valuation adjustment charge in Basel III appears, at first glance, to be the preserve of quantitative analysts and the like. However, while complex, the CVA charge requires more widespread attention as it...more

11/11/2013 - Basel III Derivatives OTC Valuation

Governance & Securities Law Focus - October 2013

In this issue: - ASIAN DEVELOPMENTS - HKEx publishes Amended Listing Rules to Complement the New IPO Sponsor Regime - US DEVELOPMENTS - SEC Developments - Noteworthy US Securities Law...more

10/22/2013 - Corporate Governance DOJ EMIR Enforcement Actions Equivalency Determinations ESMA EU European Commission IPO IPO Sponsors PCAOB Reporting Requirements SEC Short Sales Swap Clearing

Governance & Securities Law Focus: Europe Edition, October 2013

In this issue: - EU Developments - Opinion on ESMA’s Powers under the Short Selling Regulation - ESMA Publishes Third Country Advice on Equivalence - ESMA Consults on the Clearing...more

10/16/2013 - Corporate Governance EMIR ESMA EU Extraterritoriality Rules Fraud Short Sales

Basel III Framework: US/EU Comparison

The US and EU rules implementing Basel III follow many aspects of Basel III closely, but there are major differences in approach in several key areas. Financial institutions have been engaged in a “race to the top” to show...more

9/17/2013 - Basel III EU Financial Regulatory Reform

Governance & Securities Law Focus: Asia Edition, July 2013

In this issue: ASIAN DEVELOPMENTS - - HKEx Launches Consultation on Reform of Connected Transaction Rules US DEVELOPMENTS - - SEC Developments - Noteworthy US Securities Law...more

7/16/2013 - China DOJ EMIR Employee Benefits Employer Mandates Enforcement Actions ESMA EU European Commission Financial Conduct Authority Risk Management SEC Securities Litigation

Governance & Securities Law Focus: Europe Edition - April 2013

In This Issue: - EU DEVELOPMENTS ..European Securities and Markets Authority (“ESMA”) Publishes an Update of the Committee of European Securities Regulators (“CESR”) Recommendations Regarding Mineral...more

4/9/2013 - Anti-Money Laundering Corporate Governance Corporate Social Responsibility ESMA EU European Commission Prospectus Proxy Advisors

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