Governance & Securities Law Focus: Asia Edition, April 2013

Shearman & Sterling LLP

In this issue:


- Securities and Exchange Commission (“SEC”) Developments

- Noteworthy US Securities Law Litigation

- Recent SEC/DOJ Enforcement Matters


- European Securities and Markets Authority (“ESMA”) Publishes an Update of the Committee of European Securities Regulators (“CESR”) Recommendations Regarding Mineral Companies

- Revised ESMA Framework for Third Country Prospectuses

- ESMA Publishes Feedback Statement on the Role of the Proxy Advisory Industry

- European Commission Publishes an Indicative Roadmap for its Revision of Shareholders’ Rights Directive

- European Commission Publishes an Indicative Roadmap for Enhancing the EU Corporate Governance Framework

- European Parliament Publishes Report on Corporate Social Responsibility (“CSR”): Promoting Society’s Interests and a Route to Sustainable and Inclusive Recovery

- ESMA Publishes Consultation Paper on Draft Regulatory Technical Standards on Specific Situations that Require the Publication of a Supplement to the Prospectus

- Commission Legislative Proposals on Anti-money Laundering


- FSA Fines Prudential and Censures CEO for Failing to Inform Regulator of 2010 Acquisition Plans

- London Stock Exchange (“LSE”) Publishes Final Draft Rulebook

- The Department for Business Innovation & Skills (“BIS”) Publishes its Second Consultation on Revised Directors’ Remuneration Reporting Regulations

- Financial Reporting Lab Publishes a Report on Scenario and Performance Charts

- BIS Publishes Frequently Asked Questions on Directors’ Remuneration Reforms

- National Association of Pension Funds (“NAPF”) Writes to FTSE 350 Urging Executive Pay Restraint and Reform

- PIRC Publishes its UK Shareholder Voting Guidelines 2013

- Executive Remuneration Principles Published by Pension Investment Bodies

- Institute of Chartered Secretaries and Administrators (“ICSA”) Publishes Guidance on Enhancing Dialogue Between Companies and Investors

- Trade Unions Publish Voting and Engagement Guidelines

- Share Buybacks Draft Regulations Published

- Financial Reporting Council (“FRC”) Consults on Implementing Sharman Panel Recommendations

- ICSA Publishes Guidance on Liability of Non-Executive Directors

- UK Listing Authority Publishes Fifth Primary Market Bulletin

- Law Commission Announces Review of Fiduciary Duties of Investment Intermediaries

- Guidelines Monitoring Group Publishes Updated Guidelines for Good Practice Reporting by Portfolio Companies


- EU Developments

- UK Developments

- Global Developments

- Excerpt from: Securities and Exchange Commission (“SEC”)

Developments In this section, we are covering developments relating to the implementation of provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Reform Act”) and the Jumpstart Our Business Startups Act (“JOBS Act”) through SEC rulemaking as well as other SEC developments.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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Shearman & Sterling LLP

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