News & Analysis as of

Foreign Investment Corporate Issuers

Morgan Lewis

Update: Russia Adopts Draft Law Allowing DR Conversion Without Reference to Foreign Infrastructure

Morgan Lewis on

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

Morgan Lewis

Update: Russia Limits Transactions with Shares Received Upon Cancellation of DR Programs

Morgan Lewis on

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

Morgan Lewis

Update: Delisting of Russian Issuers’ Depositary Receipts – The End of an Era?

Morgan Lewis on

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

Latham & Watkins LLP

Bank of Russia Improves Access to Capital Markets for Russian Issuers

Latham & Watkins LLP on

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

Proskauer Rose LLP

Changes to FINRA Rules 5130 and 5131 Go Effective – Considerations for Private Fund Managers

Proskauer Rose LLP on

On November 5, 2019, the SEC approved changes to FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and Rule 5131 (New Issue Allocations and Distributions). FINRA announced that the...more

Dechert LLP

FINRA Proposes Amendments to Rules 5130 and 5131 Governing Purchase and Sale of Initial Equity Public Offerings and New Issue...

Dechert LLP on

The Financial Industry Regulatory Authority on July 26, 2019 filed with the Securities and Exchange Commission a proposal to amend FINRA Rules 5130 and 5131 (collectively, Rules) (Proposed Amendments).1 The Proposed...more

Latham & Watkins LLP

Why Green Bond Issuers and Underwriters Should Not be Deterred by US Securities Law

Latham & Watkins LLP on

The United States has the deepest, most liquid capital markets in the world, attracting issuers from across the globe. To sell to US investors, these issuers must comply with US securities laws, entailing a more rigorous...more

Dorsey & Whitney LLP

Listing Indian Companies on the Hong Kong Stock Exchange

Dorsey & Whitney LLP on

India is now included as an “acceptable jurisdiction” by The Stock Exchange of Hong Kong Limited (the “HKEx”). The HKEx also published a new “Country Guide – India” (the “India Guide”) relating to India-incorporated issuers....more

Latham & Watkins LLP

China Gives Green Light for Green Bonds

Latham & Watkins LLP on

China launched a green bond pilot initiative via the Shanghai Stock Exchange, encouraging further foreign investment in a rapidly growing asset class and paving the way for issuances by non-financial institutions....more

Skadden, Arps, Slate, Meagher & Flom LLP

"Hong Kong Stock Exchange Opens Doors to Russia-Incorporated Issuers"

On January 15, 2016, the Stock Exchange of Hong Kong Limited (HKEx) published its Country Guide on Russia and placed Russia on its list of “acceptable jurisdictions,” formally signifying that Hong Kong’s sole regulated stock...more

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