CorpCast Episode 1: Sections, 204, 205 and In re Numoda
The long-awaited Public Offers and Admissions to Trading Regulations 2024 (the Regulations), the legislation replacing the UK Prospectus Regulation (the UKPR), came into effect on 29 January 2024 alongside an explanatory...more
A Comissão de Valores Mobiliários (“CVM”) editou, na data de ontem (01.02.2024), a Resolução CVM nº 198 (“Resolução CVM 198”), que altera de forma pontual a Resolução CVM nº 80 (“Resolução CVM 80”) para incluir campo...more
The annual Hong Kong Stock Exchange (HKEX) review of Issuers’ Annual Reports (Review) for 2022 found that deficiencies in internal controls remained a common underlying reason for modification of audit opinion by auditors and...more
On January 11, 2024, the Canadian Securities Administrators (“CSA”) announced final amendments and changes to implement an "access equals delivery" model for prospectuses of non-investment fund reporting issuers (the “Access...more
Following on from the consultation earlier this year, the FCA has published feedback and detailed proposals which will transform the current listing regime. The FCA is proposing to create a single listing category for UK...more
El pasado 19 de abril, fue presentado ante la Comisión de Hacienda y Crédito Público del Senado de la República, para su revisión y discusión el proyecto de iniciativa de reforma a la Ley del Mercado de Valores (LMV)....more
The Singapore Stock Exchange (“SGX”) has recently launched the SGX Sustainable Fixed Income Initiative (“SFI Initiative”). The SFI Initiative aims to accredit wholesale and fixed income securities listed on the SGX that meet...more
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
The State Duma, Russia’s parliament lower chamber, adopted draft law No. 116264-8 on June 29, 2022, containing rules allowing the conversion of depository receipts into the underlying Russian shares without a need to go...more
The delisting of Russian issuers’ depositary receipts could potentially lead to a disproportional increase in sales of underlying shares in the Russian stock market and contribute to its volatility. In response to this...more
A new federal law in Russia prohibits Russian issuers from having their shares traded outside Russia via depositary receipts and requires issuers with existing programs to take delisting measures unless they receive a...more
Issuers of certain transferable securities listed in the UK should be aware of certain new regulatory requirements relating to the preparation and content of their financial statements....more
In the first issue of Dechert’s International Capital Markets Team’s “In Conversation With...” series, associates Amy Rees and Nick Quarrie sit down with Shrey Kohli, Director of Fixed Income and Funds at the London Stock...more
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
On 2 December 2021, the Financial Conduct Authority ("FCA") announced some material changes to the Listing Rules in its policy statement PS21/22; these are summarised below. The FCA has sought to strike a balance between...more
The UK Financial Conduct Authority (“FCA”) has published Policy Statement PS 21/22 (the “Policy Statement”) which follows up on its summer 2021 consultation paper CP 21/21 “Primary Markets Effectiveness Review” (“CP 21/21”)....more
Amended regulations cancel certain restrictions applicable to international equity offerings of Russian issuers. Historically, foreign securities offerings by Russian issuers were subject to certain rules and restrictions...more
The FCA is consulting on extending its rules to standard listed issuers. On 22 June 2021, the FCA published a Consultation Paper (CP21/18) on extending the application of the existing climate-related disclosure...more
As part of the UK government’s roadmap towards mandatory climate-related disclosures across the entire UK economy by 2025, the FCA is proposing to extend the application of its new climate-related disclosure requirements to...more
On February 8, 2021, the Division of Corporation Finance of the Securities and Exchange Commission (SEC) published a sample comment letter that the SEC might send to issuers that conduct securities offerings during periods of...more
The Financial Conduct Authority (FCA) has published Primary Market Bulletin No.32 (PMB No.32) to remind issuers of the changes to market rules as a result of Brexit. Separately the QCA and UHY Hacker Young have published...more
The SEC Division of Corporation Finance has provided its views regarding certain disclosure considerations for companies based in or with the majority of their operations in the People’s Republic of China....more
Whilst Brexit formally happened when the UK left the European Union (EU) on 31 January 2020 (exit day), it has been treated as a Member State under Union law during the transition period established by the EU-UK Withdrawal...more
The United States capital markets are among the world’s largest and most stable markets to access capital and liquidity for securityholders. In the past, many Canadian companies have elected not to access the United States...more
The amendments came into force in July 2020 and are generally positive for market participants, particularly for issuers considering cross- and dual-listings....more