On 29 May 2024, the European Securities and Markets Authority (ESMA) issued a statement on good practices to be followed in relation to pre-close calls with research analysts. The calls take place immediately before the close...more
The guidance was issued after ESMA and national regulators observed “high volatility episodes” in EU share prices, some of which took place shortly after pre-close calls with analysts....more
This first edition of 2023 covers recent guidance from the FCA’s Primary Market Bulletin 42 and Market Watch 71, major changes to the Takeover Code’s “acting in concert” presumptions, an FCA penalty for publishing misleading...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
1/18/2022
/ Capital Markets ,
China ,
China Securities Regulatory Commission (CSRC) ,
Corporate Issuers ,
EU ,
Global Depositary Receipts (GDRs) ,
Listing Rules ,
London Stock Exchange ,
Popular ,
Proposed Regulation ,
Shanghai Stock Exchange ,
UK
As interest in European SPACs heats up amid an increasingly receptive regulatory environment, dealmakers must navigate market differences.
While US special purpose acquisition company (SPAC) IPOs and related M&A activity...more
ESMA advises the European Commission to consider some, but not all, of ESMA’s original proposals — and gives guidance on pre-hedging and market soundings along the way.
Key Points:
..Pre-hedging / front running: ESMA...more
The regulatory regime and disclosure requirements for listed companies in the UK will continue to evolve in 2020. Issuers and their advisers should be aware of the key legal developments that will occur during this year,...more
1/24/2020
/ Climate Change ,
Commission Delegated Regulation ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Environmental Social & Governance (ESG) ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Prospectus Regulation (PR3) ,
Publicly-Traded Companies ,
Regulatory Standards ,
Reporting Requirements ,
Shareholder Rights ,
Shareholders ,
Small and Medium-Sized Enterprises (SMEs) ,
Transparency ,
UK
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
The full regulation will come into force in July, imposing new requirements for prospectuses -
The new EU Prospectus Regulation will take full effect on 21 July 2019. Issuers and other parties to capital markets...more
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
Following our 7 November 2017 blog “Europe as a Hub for Initial Coin Offerings”, the European Securities and Markets Authority (ESMA) has published two statements on Initial Coin Offerings (ICOs). The statements underline...more
Initial coin offerings (ICOs) involve issuers offering virtual coins or tokens that are created and disseminated using blockchain or distributed ledger technology. Virtual coins resemble cash in a number of ways but may also...more
A new prospectus regulation (Regulation (EU) 2017/1129) (the Regulation) will come into direct effect on 20 July 2017, with a small number of provisions applying immediately and the remainder applying from 21 July 2019. The...more
Emerging companies remain under-represented on Europe’s capital markets despite the introduction of measures to make equity financing more accessible. This was the overarching takeaway from a recent one day summit at which...more
Key Points -
• Green Paper on Capital Markets Union (CMU Green Paper) and Consultation on Prospectus Directive Review (PD Consultation)
• Consultation Period runs until 13 May 2015
• Prospectus Directive...more