Governance & Securities Law Focus - October 2013

by Shearman & Sterling LLP
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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 Litigation

- Recent SEC/DOJ Enforcement Matters

- PCAOB Developments

- Other

- EU DEVELOPMENTS

- Opinion on ESMA’s Powers under the Short Selling Regulation

- Reporting under EMIR Delayed

- ESMA Publishes Third Country Advice on Equivalence

- ESMA Consults on the Clearing Obligation

- European Commission Adopts Two Delegated Regulations under EMIR

- ESMA Consults on Draft RTS for Derivatives with Extraterritorial Effect under EMIR

- RTS on CCP Colleges Published

- ESMA Publishes Updated FAQs on the Implementation of EMIR

- European Commission Publishes Further Proposals to Fight against Fraud

- European Parliament Committees Propose Amendments to the Gender Balance Directive

- ESMA Consults on Guidelines on Enforcement of Financial Information

- European Commission Amends Prospectus Regulation in relation to Convertible and Exchangeable Debt Securities

- Compromise Text Published on Proposed Statutory Audit Directive

- European Committee on the Internal Market and Consumer Protection Proposes Amendments to the Accounting Directives

- UK DEVELOPMENTS

- UK Legislation Implementing EMIR

- FCA Consults on Amendments to the FS Handbook

- ICSA Publish Revised Guidance On Matters Referred to Company Committees

- ISDX Publishes Amended Rules for Issuers and Corporate Advisers Handbook

- ABI Publish Report On Equity Capital Markets

- BIS Publishes Discussion Paper on Transparency and Trust

- Competition Commission Announces Provisional Remedies in Audit Market Investigation

- FCA Publishes Preliminary Guidance on Advancing Its Objectives

- Takeover Panel Publishes Response Statement on Amendments To Takeover Code Relating To Profit Forecasts, Quantified Financial Benefits Statements And Material Changes In Information

- ABI Publish Report on Shareholder Engagement

- Select Committee Report On Kay Review of UK Equity Market And Long-Term Decision Making

- UKLA Publishes Sixth Primary Market Bulletin

- Narrative Reporting: The New UK Strategic Report, Directors’ Remuneration Policy and Greenhouse Gas Emissions Reporting

- FCA Publishes Consultation Paper On Arrangements For Disclosure Of Regulated Information

- FCA Publishes Quarterly Consultation Paper

- DEVELOPMENTS SPECIFIC TO FINANCIAL INSTITUTIONS

- Global Developments

- EU Developments

- UK Developments

- Excerpt from: 8-week Moratorium on Returned Listing Applications:

A new applicant must submit a draft listing document (“Application Proof”) in both English and Chinese to the Stock Exchange together with the listing application. A sponsor is required to complete all reasonable due diligence on the applicant before submitting a listing application and the Application Proof must be substantially complete except for information that by its nature can only be finalized and incorporated at a later date. If the Stock Exchange returns a listing application on the basis that the Application Proof is not substantially complete, the applicant can only submit a new listing application after eight weeks.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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