The updates include market consultation, consultation conclusions and various guiding materials by the HKEX, and bills for amendments to the Companies Ordinance by the Hong Kong government....more
The Stock Exchange concluded to adopt the proposed amendments to the CG Code, with certain modifications based on market feedback....more
Last November, Nasdaq proposed a rule change that would lengthen the notification period for companies conducting reverse stock splits from five business days to 10 calendar days. The rule change became effective immediately...more
查看中文 Following a consultation process conducted in June 2024, the Stock Exchange of Hong Kong Ltd. (HKEX) has announced finalized amendments to the Rules Governing the Listing of Securities on HKEX (Listing Rules) to...more
The Stock Exchange of Hong Kong Limited issued a consultation paper in December 2024 on proposals to optimize IPO price discovery and open market requirements. The consultation aims to review the relevant regulatory framework...more
On December 11, 2024, the US Food and Drug Administration (FDA) updated its Guidance for Industry: Registration and Listing of Cosmetic Product Facilities and Products. As discussed in our previous On the Subject, FDA...more
The European Securities and Markets Authority has published a consultation on draft regulatory technical standards to establish an EU code of conduct for issuer-sponsored research. When final, the RTS will supplement the...more
The Hong Kong Stock Exchange concluded its consultation on proposed amendments to the Corporate Governance Code and related Listing Rules. All proposals were adopted with certain modifications and clarifications and will go...more
On December 20, 2024, the U.S. Court of Appeals for the Federal Circuit issued a significant ruling in the Teva v. Amneal case following oral arguments before the Federal Circuit, which we discussed in our previous article. ...more
The European Securities and Markets Authority has published a consultation on technical advice required following changes to the EU Market Abuse Regulation and the Markets in Financial Instruments Directive and Regulation as...more
On December 11, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated the SEC’s approval of Nasdaq’s board diversity disclosure rules. These rules were approved by the SEC on August 6, 2021 and required listed...more
Since the announcement of the UK government’s Edinburgh reforms to financial services in December 2022, which set out a large number of proposals aimed at making London the “world’s most innovative and competitive global...more
The Cayman Islands is the most common non-US jurisdiction for listed entities - Entities established in 47 different jurisdictions are currently listed on the NYSE and Nasdaq. Of these different jurisdictions, outside of...more
The EU and U.K. prospectus regimes govern disclosure requirements for securities offered to the public and/or admitted to trading on a regulated market. Imminent and forthcoming changes to these regimes will have implications...more
In November 2023, the SEC approved new Nasdaq listing standards related to notification and disclosure of reverse stock splits. (See this PubCo post.) The rules were designed to “enhance the ability for market participants to...more
The updates include an information paper on implementing an uncertificated securities market, and a joint announcement on an enhanced timeframe for a new listing application process....more
The EU Listing Act, approved by the EU Council on October 8, 2024, and entering into force on December 4, 2024, introduces key changes to the EU Prospectus Regulation, offering greater flexibility for issuers of debt...more
On November 14, 2024, the EU Listing Act (the “Act”) was published in the Official Journal of the European Union. The Act entails a legislative package designed to improve capital markets access and reduce disclosure...more
The following legislation that comprises the EU Listing Act package has been published in the Official Journal of the European Union: - Regulation (EU) 2024/2809 amending the EU Prospectus Regulation, the EU MAR and EU...more
The European Securities and Markets Authority has published a consultation on amendments to the research provisions in the revised Markets in Financial Instruments Directive following changes introduced by the Listing Act....more
On October 7, 2024, the Securities and Exchange Commission (SEC) approved a rule change proposed by The Nasdaq Stock Market LLC that impacts companies utilizing reverse stock splits to regain compliance with Nasdaq’s minimum...more
In 2024 we have seen a significant increase in listed corporate bidders offering their equity to target company shareholders in UK public M&A deals, including on offers made by non-UK listed companies. In the year to date,...more
Key points/Q&A Over the years, the Securities and Futures Commission (SFC) and the Stock Exchange of Hong Kong Limited (HKEX) have made continuous efforts to enhance the application process for new listing applications,...more
On October 7, 2024, the US Securities and Exchange Commission approved Nasdaq's proposed modification to Nasdaq Listing Rule 5810(c)(3)(A), which limits the ability of a company whose shares are trading under Nasdaq’s $1.00...more
Our Securities Group explores what companies need to know about the Securities and Exchange Commission’s approval of Nasdaq’s rule change on reverse splits and the minimum bid price compliance period....more