Secondary Markets

News & Analysis as of

Saudi Arabia Sets Up New Secondary Listing Market (the Parallel Market)

The Capital Market Authority (CMA) of the Kingdom of Saudi Arabia (KSA) has approved new regulations for Saudi and for Gulf Cooperative Council (GCC) incorporated joint stock companies (JSC) to list on the Kingdom’s new...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 20

In late 2011 and early 2012, the fragile green shoots of recovery began to peek out from the barren blasted heath of the crisis-blown financial markets. Market activity was spurred by a rare confluence of secular trends,...more

US Federal Reserve Board Announces Plans to Collect Data from Banks on Secondary Market Transactions in US Treasury Securities

The US Federal Reserve Board announced that it plans to begin collecting data on Treasury security secondary market transactions from banks. The Federal Reserve Board intends to negotiate with the Financial Industry...more

NYSE Proposes Rules to Effect T+2 Settlement Cycle

U.S. regulators and self-regulatory organizations have been moving towards a T+2 settlement cycle for secondary market transactions. In November 2016, the NYSE took its own expected steps in this direction, with a series of...more

Canadian Appellate Court Confirms That Judges Must Consider Evidence From Both Parties when Deciding a Motion for Leave to Bring a...

As detailed repeatedly in this space, the Canadian court system has issued a number of decisions which have altered the practice of bringing – or defending against – a securities class action for secondary market...more

SEC Issues Interpretive Letter on Proposed Applicable Margin Reset Mechanism

The staff of the Division of Corporate Finance (the “Staff”) of the U.S. Securities and Exchange Commission issued an interpretive letter (the “Interpretive Letter”) to Sancus Capital Management LP and its affiliates (“Sancus...more

Court of Appeal Confirms Judges May Weigh Evidence on Leave Motions in Secondary Market Securities Class Actions

Summary In Mask v. Silvercorp Metals Inc., the Court of Appeal for Ontario upheld a decision refusing leave to commence an action for secondary market misrepresentation under section 138.8 of the Ontario Securities Act (the...more

Access Denied: Primary Market Liability Regime Not Available to Secondary Market Security Holders

In its recent decision in Rooney v. ArcelorMittal S.A. (Rooney), the Court of Appeal for Ontario (Court) held that primary market investors have the option of suing both the offeror and its directors and signatories for...more

LSTA Imposes New Rules for Par Trades in the Secondary Bank Loan Market

Delayed compensation is currently a “no fault” adjustment to a purchase price that compensates a buyer for a delay in settlement beyond T+7 (seven days after the trade date). Under the LSTA’s new “requirements-based...more

Honest Weight: Court of Appeal Affirms Threshold for Leave in Secondary Market Securities Class Action

In its recent decision in Mask v. Silvercorp Metals Inc. (Mask), the Court of Appeal for Ontario (Court) dismissed an appeal of the denial of leave and certification to a proposed statutory secondary market securities class...more

Secondary Trading in Regulation A+ Securities; $4.4 Million Committed by Investors Under Regulation Crowdfunding

In connection with the SEC meeting of the Advisory Committee on Small and Emerging Companies, the SEC posted a presentation which deals in part on secondary trading of Regulation A+ securities. Among other things, it includes...more

Madden Uncertainty Remains for Secondary Loan Market

The US Supreme Court last week delivered another blow to the unsteady secondary loan market industry by denying a request for certiorari in an important case for banks and buyers and sellers of loans and other debt...more

CJEU confirms when jurisdiction clauses in bond prospectuses will bind purchasers on the secondary market

Last month the Court of Justice of the European Union (CJEU) published its preliminary ruling in Profit Investment Sim SpA, in liquidation v Stefano Ossi and others. The case considered the circumstances in which a party...more

Test for Leave to bring Secondary Market Securities Class Action is not a “Low Bar”

The recent decision in Bradley v. Eastern Platinum Ltd. saw the Superior Court of Justice reaffirm the position that the test for statutory leave to bring a secondary market securities class action “is not a low bar.” Justice...more

Court Clarifies the Scope of Underwriter Liability in Securities Class Actions

In LBP Holdings Ltd. v. Allied Nevada Gold Corp., the Ontario Superior Court of Justice considered a motion to add the underwriters of a bought deal secondary public offering as defendants to a proposed securities class...more

UK Regulator Consults on Regulation of Secondary Annuity Market

The Financial Conduct Authority published a consultation paper on its proposed rules and guidance for the secondary annuity market due to start in April 2017. The consultation is aimed at parties interested in pensions and...more

HM Treasury Consults on Legislation for Secondary Annuities Market

HM Treasury published a consultation paper on the UK Government’s proposed secondary market due to be introduced in April 2017. The market would extend the recently introduced pension freedoms and flexibilities to...more

Securities Enforcement Alert: SEC Increases Scrutiny of “Unicorns” and Other Private Companies and Secondary Market Trading of...

In an unprecedented one-day blitz, the Chair of the Securities and Exchange Commission was joined by the SEC Enforcement Director in events in Silicon Valley and San Francisco on March 31 focused on one message: the SEC is...more

Chair White Addresses Pre-IPO Private Placements and Staying Private Longer

Speaking at Stanford, Chair White addressed a broad range of issues affecting the technology sector, including the decision on the part of many privately held companies to defer their IPOs, to rely on exempt offerings to...more

Hugh Jackman’s Conundrum: Can the Blockchain Revitalize the First Sale Doctrine Under Copyright Law?

Blockchain technology offers new possibilities for owners to sell digital copies of “pre-owned” content on secondary markets, as we’ve discussed in prior posts. But virtual flea markets – where an owner of a collection of...more

Ontario Superior Court Decision Confirms That “Public Correction” Requirement is a Temporal Marker

Under the Ontario Securities Act (“OSA”), a statutory right of action exists for secondary market misrepresentation for any person who acquires or disposes of an issuer’s securities within the relevant time period. An action...more

Innovation is the key to success in 2016

Diverging economic conditions on either side of the Atlantic—as well as geopolitical issues such as global stock market volatility and plummeting oil prices—mean issuers, lenders and their advisers are entering unknown...more

A Conversation with Chair White

Chair White spoke at the Annual Securities Regulation Institute in San Diego last week and participated in a Q&A session. We have highlighted below commentary on topics of interest to our readers....more

The New Section 4(a)(7): More Than a Codification of Section “4(a)(1½)”

On December 4, 2015, the Fixing America’s Surface Transportation Act (the “FAST Act”) was signed into law by President Obama. Although the FAST Act is primarily a transportation bill, buried in this legislation is a new...more

CIBC v. Green: The Supreme Court of Canada Clarifies Key Provisions of the Ontario Securities Act and the Ontario Class...

A recent decision by the Supreme Court of Canada offers both clarity and further questions on the timing of secondary market misrepresentation claims brought under the Ontario Securities Act (the “Securities Act”). While we...more

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