News & Analysis as of September 23, 2024

European Union › Corporate Issuers

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Hong Kong Concludes Consultation on Proposed Approach to Stablecoin Legislation

Latham & Watkins LLP on 7/29/2024

The government will enact the new legislation to bring issuers of fiat-referencing stablecoins into the regulatory perimeter. On 17 July 2024, the Financial Services and the Treasury Bureau and the Hong Kong Monetary...more

Tokenized Real-World Assets: Pathways to SEC Registration

Fenwick & West LLP on 5/10/2024

Demand for tokenized real-world assets (RWAs) is rapidly growing across the decentralized finance (DeFi) community, with growing interest among existing crypto-native participants and across the traditional finance industry...more

FastLane, a faster admission to LuxSE’s EuroMTF market

Hogan Lovells on 10/24/2022

FastLane now gives access to the Euro MTF market of the Luxembourg Stock Exchange for non-European sovereigns and corporate issuers whose shares are listed on an EU Regulated Market without the requirement of a prospectus...more

China Securities Regulatory Commission Proposes Major Expansion of Shanghai London Stock Connect Programme

Latham & Watkins LLP on 1/18/2022

The expansion would include Shenzhen Stock Exchange and potentially European stock exchanges, and would permit overseas issuers to raise capital in China through CDR listings. On 17 December 2021, the China Securities...more

International Organization of Securities Commissions Reports on Liquidity Provision in the Equity Secondary Markets

A&O Shearman on 8/27/2020

The International Organization of Securities Commissions has published a report on liquidity provision in the secondary markets for equity securities...more

New ESMA Guidelines on Prospectus Disclosure

White & Case LLP on 8/21/2020

Prospectus Regulation - ESMA publishes Final Report on prospectus disclosure guidance to replace CESR Recommendations - Background - On 15 July 2020, ESMA published its Final Report1 on guidelines for disclosure...more

Direct listings—something new, or variations on a theme?

White & Case LLP on 6/16/2020

There has been a lot of publicity and interest surrounding the direct listings of Spotify (2018) and Slack (2019) in the United States. In many respects, these transactions resemble the traditional "introduction" which has...more

Impact of COVID-19 on Italian High Yield Issuers

Latham & Watkins LLP on 4/20/2020

A Q&A for Italian high yield issuers, focusing on capital markets implications and best practices. Disclosure Requirements on COVID-19 Impact for High Yield Issuers - Q: How should companies disclose the impact of the...more

Government-backed initiatives to support businesses impacted by the Coronavirus

White & Case LLP on 3/24/2020

The UK Government has been quick to respond to the economic shock and disruption caused by the outbreak of COVID-19 and, over the past week, the Chancellor of the Exchequer, HM Treasury and the Bank of England have announced...more

PRIIPs and Corporate Bonds - Clarity at Last?

Latham & Watkins LLP on 10/31/2019

ESAs issue important guidance in relation to the application of the PRIIPs Regulation to corporate bonds. Key Points: ..The ESAs have issued their final view on whether certain features within bonds are conclusive as to...more

Governance & Securities Law Focus: Europe Edition, October 2019

A&O Shearman on 10/18/2019

Below is a summary of the main developments in US and EU corporate governance and securities law and certain financial markets regulation developments since our last update in July 2019. ...more

Private Placements in Europe: Mapping the alternatives

White & Case LLP on 10/1/2019

European Leveraged Finance Client Alert Series: Issue 7 - The term "private placement", while having a relatively settled meaning in US financings, can have a variety of meanings in Europe. White & Case's European...more

Prospectus Regulation: How to Navigate the New Rules on the Summary Section

Latham & Watkins LLP on 7/16/2019

New length restrictions will require issuers to focus on key information for investors. Under the Prospectus Regulation, which comes into force on 21 July 2019 (See EU Prospectus Regulation: New Format and Content...more

International Capital Markets Newsletter Issue 1 – Spring 2019: International Securities Market – Two Years On

Dechert LLP on 6/5/2019

In March 2017, the London Stock Exchange Group (“LSEG”) announced a new debt multilateral trading facility (“MTF”) targeted at institutional and professional investors, the International Securities Market (the “ISM”). The ISM...more

Corporate & Financial Weekly Digest, Featuring Articles on SEC "Test-the-Water" Communications, CFTC Meetings, Third-Party Civil...

Katten Muchin Rosenman LLP on 3/4/2019

SEC/CORPORATE - SEC Proposes To Expand “Test-the-Waters” Reforms to All Issuers - On February 19, the Securities and Exchange Commission proposed Rule 163B under the Securities Act of 1933, which would permit any...more

Ten years on: The surprising resilience of European leveraged finance: LBOs and CLOs boost the market

White & Case LLP on 2/14/2019

Loans backing LBOs have driven the market in Europe this year, with volumes reaching €56.5 billion, up 37 per cent from €41.3 billion in 2017. By the middle of 2018, total loans in the US breached US$100 billion, up a third...more

ESMA Clarifies The Application of The Prospectus Directive and Transparency Directive in The Event of a "No-Deal" Brexit

Dechert LLP on 2/4/2019

In a series of votes on 29 January 2019, the parliament of the United Kingdom (the “UK”) rejected proposals aimed at preventing the UK from leaving the European Union (the “EU”) on 29 March 2019 without a Withdrawal Agreement...more

Financial Services Quarterly Report - Fourth Quarter 2018: Thinking of a UCITS? – Points to Consider

Dechert LLP on 1/18/2019

With close to EUR 10 trillion in net assets,1 UCITS are an attractive proposition for managers. The UCITS brand is globally recognised and is firmly established as a product of choice for retail investors and institutions...more

New EU rules ease access to capital for SMEs

Dechert LLP on 7/2/2018

The new EU Prospectus Regulation (the “New Prospectus Regulation”), which entered into force on 20 July 2017 (although many of its provisions take effect on 21 July 2018 and 21 July 2019), aims to facilitate access to capital...more

Could Spotify’s Direct Listing Process Be Used In Europe?

Latham & Watkins LLP on 5/10/2018

Latham & Watkins recently advised the largest global music streaming subscription service in the world, Spotify, on its successful New York Stock Exchange (NYSE) listing using a novel direct listing process. Spotify’s...more

Il Nuovo Regolamento Prospetti

Orrick, Herrington & Sutcliffe LLP on 3/28/2018

Il 20 luglio 2017, a seguito di pubblicazione in Gazzetta Ufficiale del 30 giugno 2017, è entrato in vigore il Regolamento (UE) 2017/1129 del Parlamento europeo e del Consiglio (il “Nuovo Regolamento Prospetti”), relativo al...more

FCA Publishes Policy Statement Setting Out Changes to the Listing Rules, European Capital Markets Update

Jones Day on 12/7/2017

The United Kingdom's Financial Conduct Authority ("FCA") published a policy statement on 26 October 2017 setting out certain amendments to the Listing Rules ("LRs") and related technical notes ("Policy Statement"). The FCA...more

Negative Interest Rates: Autorité des Marchés Financiers Takes Position on Information to be Included in Bond Prospectuses,...

Jones Day on 12/7/2017

During the last decade, negative interest rates have raised concerns in the European debt capital markets landscape. Prospectuses often allow the issuance of debt securities for which the interest rate is linked to indexes...more

New EU Prospectus Regulation 2017/1129 Entered into Force, European Capital Markets Update

Jones Day on 12/7/2017

On 20 July 2017, the new EU Prospectus Regulation (Regulation (EU) 2017/1129) of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or...more

Corporate and Financial Weekly Digest - Volume XII, Issue 33

Katten Muchin Rosenman LLP on 9/5/2017

SEC/CORPORATE - SEC Division of Corporation Finance Issues New and Updated C&DIs on Omission of Financial Information from Draft Registration Statements - Since the adoption of the Fixing America’s Surface...more

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European Union › Corporate Issuers

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