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 Financial Conduct Authority (FCA) which regulates financial services and markets in the UK has fined Sir Christopher Gent, the former non-executive Chairman of ConvaTec Group Plc (the Company), for unlawfully disclosing...more
The Commission de Surveillance du Secteur Financier (CSSF) has launched a new web platform called eRIIS which stands for electronic Reporting of Information concerning Issuers of Securities providing issuers and persons...more
Special purpose acquisition companies (or SPACs) saw a significant increase in popularity in 2020, which has continued into 2021. This trend, which largely started in the United States, has spread to global capital markets...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
Securities laws across France, Germany and the United Kingdom are widely comparable. Each country recognises the importance of maintaining a strong procedural framework of regulation and enforcement. The EU Market Abuse...more
July 2021 marks five years since the Market Abuse Regulation (596/2014/EU) (EU MAR) came into force on 3 July 2016. Since then, a myriad of developments has supplemented practitioners’ understanding and interpretation of EU...more
In last year’s publication we highlighted the top regulatory focus areas for our clients during 2020, concentrating on wholesale market structures and conduct risk. This publication outlines the primary focus areas in...more
On 11 November 2020, the FCA published a review of delayed disclosure of inside information (DDII) by issuers under MAR as part of its latest Primary Market Bulletin newsletter. As part of this review the FCA analysed all...more
The Development: Belgium's financial regulator, the Financial Services and Markets Authority ("FSMA"), published a recent opinion on "Considerations and good practices with respect to inside information disclosures by listed...more
MiFIR: FCA statement on trade reporting and position limit obligations - The UK Financial Conduct Authority (FCA) has published a statement on trade reporting and position limit obligations under the Markets in Financial...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
ESG and the reasonable investor test under MAR. Background - Historically, “profit maximisation” has been regarded as the sole (or predominant) objective for investors. Today, however, an ever-increasing proportion of...more
The International Organization of Securities Commissions has published a report on liquidity provision in the secondary markets for equity securities...more
A Q&A for Italian high yield issuers, focusing on capital markets implications and best practices. Disclosure Requirements on COVID-19 Impact for High Yield Issuers - Q: How should companies disclose the impact of the...more
The White & Case Capital Markets team updates its March 2018 publication on bond repurchases given the current environment where issuers may consider whether, if their bonds are trading at a discount to par, they should...more
On 11 March 2020 ESMA has issued a public statement in relation to the impact of COVID-19 outbreak on financial markets in the European Union. As a result, issuers will have to take action in order to cope with the current...more
The Coronavirus (COVID-19) pandemic and the responses of governments and societies to the crisis are having a profound impact on public companies and capital markets worldwide. Such companies, including those in the United...more
Companies subject to the EU Market Abuse Regulation (MAR), including companies listed on the London Stock Exchange, must disclose inside information to the market as soon as possible. There are very limited circumstances in...more
A Call for Input reveals that the FCA is planning for a post-EU future and examining ethics with regard to MAR. On 9 March 2020, the Financial Conduct Authority (FCA) issued a Call for Input on the way that wholesale...more
On 6 February 2020, Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (“FCA”), spoke at the 19th Annual Institute on Securities Regulation in Europe. His speech,...more
Not too long ago, an investment manager looking to invest in a company might conduct due diligence, attend investor relation calls, peruse quarterly or annual filings, and consider standard ratios such as price to earnings...more
Overview - The United Kingdom made headlines when it voted to leave the European Union in June 2016. Popularly named “Brexit”, the move began a tumultuous four-year voyage that seemingly came to completion on January 31,...more
Welcome to the 2020 edition of In Principle. With the United Kingdom (UK) leaving the European Union (EU) on31 January 2020, and moving into a transition period which will last until 31 December 2020, Brexit of courselooms...more