Capital Markets

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Delaware Case Continues High Scrutiny of Investment Bankers in Mergers and Acquisitions

In a decision on March 7, 2014, the Delaware Court of Chancery found RBC Capital Markets, LLC liable for aiding and abetting breaches of fiduciary duty by the Board of Directors of Rural/Metro Corporation in connection with...more

Financial Regulatory Developments Focus - April 2014

In this issue: - Regulatory Capital - Financial Services - Recovery & Resolution - Financial Market Infrastructure - Consumer Protection - People - Excerpt from Regulatory...more

ASX's Recent Changes: Rights Issue, Dividend and Distribution Timetables

From 14 April 2014, the Australia Securities Exchange (ASX) will introduce changes to timetables for rights issues, dividend and distribution reinvestment plans and other corporate actions. ...more

The Corporate Governance Review: Chapter 4: Canada

OVERVIEW OF GOVERNANCE REGIME - Canada’s system of corporate governance is derived from the British common law model and strongly influenced by developments in the United States. While corporate governance practices in...more

Governance & Securities Law Focus: Europe Edition, April 2014

In this issue: - EU Developments - German Developments - UK Developments - Us Developments - Excerpt from EU Developments - European Commission Proposes to Introduce Shareholder "Say...more

Financial Regulatory Developments Focus - April 8, 2014

In this issue: - Derivatives - Bank Structure - Regulatory Capital - Financial Services - Financial Market Infrastructure - Funds - Financial Crime - People -...more

Equity capital markets in the United States: regulatory overview

What are the main equity markets/exchanges in your jurisdiction? Outline the main market activity and deals in the past year. Main equity markets/exchanges - The primary US public equity markets are the...more

FINRA Proposes Separate Rules for Firms Whose Activities Are Limited to Advice on Capital Raising and Restructuring and...

In Regulatory Notice 14-09, FINRA requested public comment on a proposal to adopt a narrower set of rules (the “Proposed LCFB Rules”) for member firms that meet the definition of “limited corporate financing broker” (each, an...more

Considerations for Foreign Banks Financing in the United States - 2014 Update

Financial institutions, including foreign banks, regularly access the capital markets and seek to diversify their funding alternatives. Foreign banks may seek to access the US capital markets without subjecting themselves to...more

Decreto Destinazione Italia: La Strada Del Concordato Si Fa Piu' Difficile Per Il Debitore

Il 21 febbraio 2014 è stato convertito in legge, con modificazioni, il decreto legge 145/2013 recante interventi urgenti di avvio del piano “Destinazione Italia” (il “Decreto Destinazione Italia”). Il Decreto Destinazione...more

Yes – ICAV! Irish Minister for Finance Announces New Irish Corporate Fund Vehicle

The Irish Minister for Finance published the General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill 2014, shortly before Christmas (20 December). The ICAV is a new corporate vehicle designed...more

Bitcoin - Could Beijing Make or Break It? - Part Three

The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. These issues again attracted attention when Chinese government authorities issued a notice on bitcoin, defining its status...more

Listing an Overseas Oil and Gas Company on the London Stock Exchange

Introduction - The London Stock Exchange (the “LSE”) has long provided an attractive forum for companies with oil and gas operations outside of the United Kingdom to seek and obtain access to foreign capital markets...more

Basel III: Subordinated Debt Regulation Amended

On 25 October 2013 the Bank of Russia (the “CBR”) issued Instruction No. 3096 U introducing amendments to the CBR Regulation No. 395-P “On the Method of Calculation of the Amount and Assessment of Adequacy of the Net Worth...more

Top 4 Trends that are Shaping UAE Capital Markets

The strengthening global recovery appears to have brought renewed confidence to the UAE’s capital markets. As such, a number of interesting themes have begun to emerge....more

Regulatory Changes Affecting Calculations for Capital Markets Participation Fees in Ontario

Effective April 1, 2013, important changes to the Ontario Securities Commission (the OSC) Rule 13-502 – Fees (the Rule), came into force. These changes introduced the concept of a “reference fiscal year” for purposes of...more

Desktop Staleness Calendar for 2014 Offerings

DESKTOP STALENESS CALENDAR FOR 2014 OFFERINGS FOR ISSUERS WITH A FISCAL YEAR ENDED DECEMBER 31, 2013 - When Do Financial Statements Go Stale? At the close of business on the following dates in 2014 (for issuers...more

What the Strong IPO Market Means for Emerging Energy and Renewable Technology Companies

The IPO market in the United States is continuing at its fastest pace since 2000. The year 2000 (over 350 IPOs)[1] was the last year of a 10 year boom in US IPOs that reached its peak in 1996 (over 650 IPOs). Since 2000,...more

Montage IPO – Are The U.S. Markets Re-Opening To Chinese Companies?

The U.S. capital markets—the largest in the world—have been all but closed to Chinese companies for more than two years. The successful IPO of Montage Technology, and e-commerce giant Alibaba’s announcement that it will seek...more

Effective Compliance Programs Crucial For Companies In New Era Of Capital Raising

With general solicitation rules becoming effective on September 23, 2013, it has never been more important for companies to implement effective compliance programs when raising capital in private placement offerings. ...more

Time Is Money: Second Circuit Vacates SEC’s $38 Million Fine Against Hedge Fund Pentagon Capital Management

On August 8, 2013, the Second Circuit vacated the SEC’s $38 million fine against hedge fund Pentagon Capital Management PLC, holding that the Supreme Court’s decision in Gabelli v. SEC required the case to be remanded for...more

Awards all around for Qatar’s financial markets

The Qatar Central Bank (QCB) has issued a directive to restrict banks’ total investment portfolios in equities and debt instruments to 25% of capital from the previously allowed 30% each. The recent decision also sets new...more

BASEL III Lite: Regulators Adjust Capital Rules For Community Banks

The three Federal bank regulatory agencies (the “Agencies”) have adopted new capital regulations implementing the first portion of the international principles, known as “Basel III,” agreed in the Basel Committee on Banking...more

Raising Capital: Considerations for a Stock Offering

Raising capital is like putting gas in your car—it is best to get it before you really need it. The biggest step in raising capital may be the step from “perhaps we should” to “let’s make it happen.” ...more

Financial Services Quarterly Report - Second Quarter 2013: The U.S. Federal Reserve Board Charts an Independent Course in the...

The Board of Governors of the Federal Reserve System (“Board”) in December 2012 issued a proposed rule under the Dodd-Frank Act (“DFA”) for the enhanced supervision of foreign banking organizations (“FBOs”) and any foreign...more

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