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- Preliminary Material
- Preface
- Contents
- List of Contributors
- Editors
- Ch.1 The European Directives Relating to Issue and Trading of Securities
- Ch.2 Equity
- Ch.3 Debt Offerings and Programmes
- Ch.4 Private Placements
- Ch.5 Liability for London Listing
- Ch.6 Takeovers and Stakebuilding
- Ch.7 Special Considerations for Non-EU Issuers
- Ch.8 Underwriting Practice and Procedure
- Ch.9 Austria
- Ch.10 Belgium
- Ch.11 Denmark
- Ch.12 Finland
- Ch.13 France
- Ch.14 Germany
- Ch.15 Ireland
- Ch.16 Italy
- Ch.17 Luxembourg
- Ch.18 Netherlands
- Ch.19 Portugal
- Ch.20 Spain
- Ch.21 Sweden
- Ch.22 UK
- Editors
- Table of Cases
- Table of Legislation
- Abbreviations
- Main Text
- Part 1 Regulatory Framework in Europe
- Preliminary Material
- 1 The European Directives Relating to Issue and Trading of Securities
- Preliminary Material
- 1.1 Introduction
- 1.2 Overview
- 1.3 Disclosure—Initial and Ongoing
- 1.38
- 1.39
- 1.40
- 1.41
- 1.3.1 Initial disclosure—the Prospectus Directive
- 1.3.1.1 Scope of the Directive
- 1.3.1.2 Pre-marketing
- 1.3.1.3 The triggers for a prospectus
- 1.3.1.4 The content and format of a prospectus
- 1.3.1.5 Approval of the prospectus
- 1.3.1.6 Responsibility
- 1.3.1.7 Publication of the prospectus
- 1.3.1.8 Updating the prospectus
- 1.3.1.9 Withdrawal rights
- 1.3.1.10 Validity of a prospectus
- 1.3.2 Timely ongoing disclosure—the Market Abuse Directive
- 1.3.3 Regular ongoing disclosure—the Transparency Directive
- 1.3.4 General comments on the disclosure regimes
- 1.3.5 Accounting and audit—the Accounting Regulations and Statutory Audit Directive
- 1.4 Investor Protection
- 1.4.1 Keeping the market clean—the Market Abuse Directive
- 1.4.2 Intermediation—MiFID
- 1.4.3 Controlling predators
- 1.4.4 Changes to share rights and other information
- 1.5 Some Conclusions
- Part 2 Doing Deals in Europe
- Preliminary Material
- 2 Equity
- Preliminary Material
- 2.1 Preparing to Go Public
- 2.2 Organizing the Transaction and Laying the Ground Rules
- 2.3 Dealing with the Regulator
- 2.4 Drafting the Prospectus
- 2.4.1 The prospectus
- 2.72
- 2.4.1.1 Prospectus format
- 2.4.1.2 Prospectus content
- 2.4.1.3 Key sections in the prospectus
- 2.4.1.4 Financial disclosure in the prospectus
- 2.4.1.5 EEA rules on financial statement requirements and some of the issues
- 2.4.1.6 Track record requirements and complex financial histories
- 2.4.1 The prospectus
- 2.5 Passporting a Prospectus
- 3 Debt Offerings and Programmes
- Preliminary Material
- 3.1 Overview
- 3.2 Types of Commonly Issued Debt Securities
- 3.3 Types of Offering of Debt Securities
- 3.4 Preparation of the Prospectus or Base Prospectus—Applicable Regulations
- 3.5 The Principal Components of a Prospectus or Base Prospectus
- 3.61
- 3.62
- 3.5.1 Front cover
- 3.5.2 Inside cover
- 3.5.3 Summary
- 3.5.4 Risk factors
- 3.5.5 Information incorporated by reference
- 3.5.6 Financial information
- 3.5.7 Use of proceeds
- 3.5.8 Form of the notes
- 3.5.9 Summary of provisions relating to the debt securities while in global form
- 3.5.10 Terms and conditions of the debt securities
- 3.5.11 Form of final terms
- 3.5.12 Business description
- 3.5.13 Guarantors
- 3.5.14 Taxation
- 3.6 Approval Process for the Prospectus or Base Prospectus
- 3.7 Prospectus Supplements
- 3.8 Approval Process for a Prospectus Supplement
- 3.9 Distribution Arrangements
- Appendix 1
- Appendix 2
- Appendix 3
- 4 Private Placements
- Preliminary Material
- 4.1 Introduction
- 4.2 Reasons for a Private Placement over a Prospectus Directive Compliant Offer
- 4.3 Regulatory Framework
- 4.4 Pre-emption Rights
- 4.5 Structuring a Private Placement
- 4.5.1 Primary offers of new shares by issuers
- 4.5.1.1 General
- 4.5.1.2 Documentation
- 4.65
- 4.66
- 4.5.1.2.1 Disclosure document
- 4.5.1.2.2 Additional listed company considerations
- 4.5.1.2.3 Additional private company considerations
- 4.5.1.2.4 Non-disclosure agreements
- 4.5.1.2.5 Subscription documentation
- 4.5.1.2.6 Private placement with claw-back
- 4.5.1.2.7 Subscription agreement
- 4.5.1.2.8 Placing through financial institutions
- 4.5.2 Secondary offers of existing securities by existing shareholders—block trades
- 4.5.1 Primary offers of new shares by issuers
- 4.6 Liability for Offering Transferable Securities Without an Approved Prospectus
- 4.7 Structuring a Private Placement under US Law
- 4.8 Publicity
- 5 Liability for London Listing
- Preliminary Material
- 5.1 Listing Approval Process
- 5.1.1 Introduction
- 5.1.2 Key areas of liability
- 5.1.2.1 Prospectus
- 5.1.2.2 Dealings with the UKLA
- 5.1.3 Mitigation/sharing of liability
- 5.2 Ongoing Reporting Obligations
- 5.2.1 Introduction
- 5.2.2 Listing Principles
- 5.2.3 Key obligations
- 5.2.4 Breach of obligations
- 5.2.4.1 Principal sanctions for breach of the Listing Rules or the DTRs
- 5.2.4.2 Other sanctions
- 5.2.4.3 Liability to investors
- 6 Takeovers and Stakebuilding
- Preliminary Material
- 6.1 Introduction
- 6.2 Key Takeover Terms
- 6.2.1 Introduction
- 6.2.2 Offer period
- 6.2.3 Acting in concert
- 6.2.4 Voting rights
- 6.3 Preparation for Takeover—Bidder
- 6.3.1 Early advice
- 6.3.2 Advisers
- 6.3.3 Websites
- 6.3.4 Due diligence
- 6.3.4.1 Purpose and approach
- 6.3.4.2 Different approach from private company acquisitions
- 6.3.4.3 Bidder’s approach, scope, and materiality
- 6.3.4.4 Public sources
- 6.3.4.5 Other legal rights to information
- 6.3.4.6 Private sources
- 6.3.4.7 Confidentiality and equality of information
- 6.3.4.8 Implications for dealing
- 6.3.4.9 Antitrust
- 6.3.4.10 Management issues
- 6.3.4.11 Funding
- 6.3.4.12 Certainty
- 6.3.4.13 Liability for the cash confirmation
- 6.3.4.14 Not an absolute guarantee
- 6.3.4.15 Process
- 6.3.4.16 Due diligence
- 6.3.4.17 Financial assistance and security
- 6.3.5 Deal protection
- 6.3.6 Irrevocables
- 6.3.7 Stakebuilding
- 6.3.8 Disclosure Rules and Transparency Rules
- 6.3.9 The Companies Act
- 6.4 Preparation for Takeover—Target
- 6.5 The Offer Process
- 6.5.1 Contractual offer and acceptance
- 6.5.2 Alternative structures: schemes of arrangement
- 6.5.3 Role of the target board
- 6.5.4 Process
- 6.5.4.1 Overview
- 6.5.4.2 Leak announcements and ‘put up or shut up’
- 6.5.4.3 Opening Position Disclosure
- 6.5.4.4 Offer-related arrangements
- 6.5.4.5 Bid timetable
- 6.320
- 6.321
- 6.5.4.5.1 Announcement of the transaction
- 6.5.4.5.2 Publishing the offer document
- 6.5.4.5.3 Initial period of the offer
- 6.5.4.5.4 Effect of first closing date
- 6.5.4.5.5 Extending the offer period
- 6.5.4.5.6 Announcement of acceptance levels
- 6.5.4.5.7 Last date for revision of the offer
- 6.5.4.5.8 Last day on which the bid becomes or is declared unconditional as to acceptances
- 6.5.4.5.9 Latest possible date for the bid becoming or being declared unconditional in all respects
- 6.5.4.5.10 Final date for payment of consideration to target shareholders
- 6.5.4.5.11 Withdrawal rights
- 6.5.4.5.12 Compulsory acquisition procedure
- 6.5.4.5.13 Competitive situations
- 6.5.4.5.14 Auctions
- 6.5.4.5.15 Bringing matters to a conclusion
- 6.5.4.6 Conditionality
- 6.5.4.7 Partial offers
- 6.5.4.8 Disclosure
- 6.5.4.9 Contents of offer document
- 6.5.4.10 Profit forecasts and asset valuations
- 6.5.4.11 Other documents
- 6.6 Using a Scheme of Arrangement as an Alternative to a Contractual Takeover Offer
- 6.6.1 What is a scheme of arrangement?
- 6.6.2 Overview of the process for undertaking a scheme of arrangement
- 6.6.3 Timetable
- 6.6.4 Types of scheme
- 6.6.5 Other applicable regulations
- 6.6.6 Differences between a contractual offer and a scheme of arrangement
- 6.6.7 Ownership and control
- 6.7 Mandatory Offers
- 6.8 Hostile Offers
- 6.8.1 Introduction
- 6.8.2 Making a hostile offer
- 6.8.3 Preparing to receive a hostile offer
- 6.8.4 Defending a hostile bid
- 6.8.5 Defence strategy
- 6.8.5.1 Common grounds of defence
- 6.8.5.2 Defensive actions by the target
- 6.574
- 6.8.5.2.1 Major acquisition or disposal by the target
- 6.8.5.2.2 Change of control clauses in the target’s key contracts
- 6.8.5.2.3 Investigation by regulatory authorities
- 6.8.5.2.4 Litigation
- 6.8.5.2.5 White knights
- 6.8.5.2.6 White squires
- 6.8.5.2.7 Pacman defence
- 6.8.5.2.8 Poison pills
- 6.8.5.2.9 Lobbying support in defence of the bid
- 6.8.6 Responding to a bid—key documents and timetable
- 6.8.6.1 Press announcement
- 6.8.6.2 Defence document
- 6.590
- 6.591
- 6.592
- 6.8.6.2.1 Opinion on the offer
- 6.8.6.2.2 Financial information
- 6.8.6.2.3 Profit forecast and valuation
- 6.8.6.2.4 Asset valuations
- 6.8.6.2.5 Interests and dealings
- 6.8.6.2.6 Directors’ service contracts
- 6.8.6.2.7 Responsibility statements
- 6.8.6.2.8 Material contracts and irrevocable commitments
- 6.8.6.2.9 Fees and expenses
- 6.8.6.3 Bid timetable
- 6.9 Additional Issues with Public to Private Transactions
- 6.10 Close-out Procedures
- 7 Special Considerations for Non-EU Issuers
- Preliminary Material
- 7.1 Introduction
- 7.2 Choosing a Home Member State
- 7.3 Coordinating Offering Aspects
- 7.3.1 Overview
- 7.3.2 Offering or admission to trading on a regulated market with an approved prospectus
- 7.38
- 7.3.2.1 Overall approach to offering documentation
- 7.3.2.2 Resale prospectuses
- 7.3.2.3 Language requirements
- 7.3.2.4 Prospectus content requirements
- 7.3.2.5 Coordinating approval processes
- 7.3.2.6 Supplemental prospectuses
- 7.3.2.7 Publicity restrictions
- 7.3.2.8 Passporting of prospectuses
- 7.3.2.9 Secondary listing on a regulated market
- 7.3.3 Offering without an approved prospectus in the EEA
- 7.3.4 Merger and acquisition transactions
- 7.3.5 Rights offerings
- 7.3.6 Equity share schemes for employees in the EEA
- 7.3.7 Stabilization activities
- 7.4 Coordinating Ongoing Disclosure Requirements
- 7.168
- 7.169
- 7.4.1 Transparency Directive
- 7.170
- 7.4.1.1 Equivalence of non-member state reporting
- 7.4.1.2 Minimum reporting obligations under the Transparency Directive
- 7.4.1.3 Other ongoing requirements under the Transparency Directive
- 7.4.1.4 Financial statement equivalence and exemptions
- 7.4.1.5 Global depositary receipts
- 7.4.1.6 Wholesale debt securities
- 7.4.1.7 Convertible and exchangeable securities
- 7.4.1.8 Disclosure requirements for regulated information
- 7.4.1.9 Language requirements
- 7.4.1.10 Disclosure of major holdings
- 7.4.1.11 Liability
- 7.4.2 Article 10 of the Prospectus Directive
- 7.4.3 Market Abuse Directive
- 8 Underwriting Practice and Procedure
- Preliminary Material
- 8.1 Introduction
- 8.2 The Underwriters
- 8.3 The Underwriting Agreement
- 8.3.1 Purpose of the underwriting agreement
- 8.3.2 Parties to the underwriting agreement
- 8.3.3 Key provisions of the underwriting agreement
- 8.27
- 8.3.3.1.1 Underwriting commitment
- 8.3.3.1.2 Fees
- 8.3.3.1.3 Costs and expenses
- 8.3.3.1.4 Conditions
- 8.3.3.1.5 Warranties and representations
- 8.3.3.1.6 The indemnity
- 8.3.3.1.7 The relationship between the company and the selling shareholder and limitations on liability
- 8.3.3.1.8 Directors’ liability
- 8.3.3.1.9 Termination rights
- 8.3.3.1.10 Lock-ups
- 8.3.4 Negotiating and finalizing an underwriting agreement
- 8.4 The Agreement Among Underwriters
- 8.5 Specific Transaction Issues
- 8.5.1 Stabilization of an offering
- 8.5.1.1 What is stabilization?
- 8.5.1.2 How does it work?
- 8.5.1.3 The greenshoe option
- 8.5.1.4 Diagrammatic explanation
- 8.5.1.5 Rules governing stabilization activities and ancillary stabilization
- 8.5.1.6 Transactions capable of being stabilized
- 8.5.1.7 Permitted stabilization
- 8.5.1.8 Stabilization period
- 8.5.1.9 Disclosure and reporting requirements
- 8.5.1.10 Price conditions
- 8.5.1.11 Ancillary stabilization
- 8.5.1.12 Stabilization outside of the United Kingdom
- 8.5.2 Underwriting a secondary issue of new shares
- 8.5.3 Underwriting a secondary sale of existing shares
- 8.5.1 Stabilization of an offering
- Part 3 Member State Regulation
- Preliminary Material
- 9 Austria
- Preliminary Material
- 9.1 Listing Securities in Austria
- 9.1.1 The capital market in Austria
- 9.1.2 The Austrian Financial Market Authority
- 9.1.3 The Vienna Stock Exchange
- 9.1.4 Legislative overview
- 9.1.5 Eligibility for listing
- 9.38
- 9.1.5.1 The application for admission to listing
- 9.1.5.1.1 General
- 9.1.5.1.2 The application
- 9.1.5.1.3 Admission to the official market
- 9.1.5.1.4 Admission to the semi-official market
- 9.1.5.1.5 Overview of admission criteria for official market/semi-official market
- 9.1.5.1.6 Admission of certificates
- 9.1.5.1.7 Admission of non-dividend bearing securities (programmes)
- 9.1.5.1.8 Foreign issuers
- 9.1.5.2 The Austrian Takeover Act
- 9.53
- 9.54
- 9.1.5.2.1 Offers and controlling interests
- 9.1.5.2.2 Mandatory offers versus voluntary offers
- 9.1.5.2.3 Parties acting’ in concert’
- 9.1.5.2.4 The breakthrough
- 9.1.5.2.5 The minimum offer price
- 9.1.5.2.6 The offer document
- 9.1.5.2.7 Acceptance period
- 9.1.5.2.8 Exclusion periods
- 9.1.5.2.9 The Takeover Commission
- 9.2 The Prospectus
- 9.3 Continuing Obligations
- 9.3.1 Applicable law
- 9.3.2 Disclosure and control of insider information, market abuse, and market manipulation
- 9.3.3 Disclosure and publication of directors’ dealing
- 9.3.4 Major shareholding notifications
- 9.3.5 Periodic financial reporting
- 9.3.6 The Austrian Code of Corporate Governance
- 10 Belgium
- Preliminary Material
- 10.1 Jurisdiction Overview
- 10.2 Listing Securities in Practice
- 10.2.1 Listing Rules
- 10.2.2 The prospectus
- 10.2.2.1 Scope of application of the Prospectus Statute
- 10.2.2.2 Exemptions and safe harbours
- 10.2.2.3 Definition of public offer
- 10.2.2.4 Content of the prospectus
- 10.2.2.5 Supplement to the prospectus
- 10.2.2.6 Form of the prospectus
- 10.2.2.7 Use of languages
- 10.2.2.8 Approval process
- 10.2.2.9 Marketing documentation
- 10.2.3 Primary market practices (rules of conduct)
- 10.2.3.1 Introduction
- 10.2.3.2 Scope of application
- 10.2.3.3 Equitable treatment of retail investors
- 10.2.3.4 Overallotment, stabilization, and adjustment of the offer size
- 10.3 Continuing Obligations/Maintaining a Listing in Practice
- 10.3.1 Disclosure requirements
- 10.3.1.1 Regular and ongoing disclosure requirements
- 10.3.1.1.1 Applicable law
- 10.3.1.1.2 Disclosure towards securities holders
- 10.3.1.1.3 Disclosure of inside information
- 10.3.1.1.4 Disclosure of periodic information
- 10.3.1.1.5 Additional ongoing information
- 10.3.1.1.6 Legal requirements relating to publication and storage
- 10.3.1.1.7 FSMA measures in case of non-compliance
- 10.3.1.2 Disclosure of major shareholdings
- 10.3.1.2.1 Applicable law
- 10.3.1.2.2 Notification—issuers concerned
- 10.3.1.2.3 Notification—instruments concerned
- 10.3.1.2.4 Notification—instruments excluded
- 10.3.1.2.5 Notification—thresholds and trigger events
- 10.3.1.2.6 Notification—persons subject to notification
- 10.3.1.2.7 Notification —exemptions and special cases
- 10.3.1.2.8 Notification—timing
- 10.3.1.2.9 Notification—form and content
- 10.3.1.2.10 Notification—publication
- 10.3.1.2.11 Notification—sanctions
- 10.3.1.2.12 Notification—special cases
- 10.3.1.1 Regular and ongoing disclosure requirements
- 10.3.2 Market abuse
- 10.3.3 Obligations pursuant to the Corporate Governance Code
- 10.3.1 Disclosure requirements
- 10.4 Public Takeover Bids
- 10.4.1 Structuring the deal
- 10.4.2 Voluntary bids
- 10.4.2.1 Scope of the rules on voluntary bids
- 10.4.2.2 Bid requirements, terms of the bid
- 10.4.2.3 Preparation of the bid
- 10.4.2.4 Bid procedure
- 10.4.2.5 Specific obligations/restrictions during the bid period
- 10.4.2.6 After the acceptance period
- 10.4.2.7 Anti-takeover protection and defensive measures
- 10.4.3 Mandatory bid
- 10.4.4 Squeeze-out bids
- 11 Denmark
- Preliminary Material
- 11.1 Process and Timing of Prospectus Approval
- 11.1.1 Jurisdiction overview
- 11.1.2 Listing securities in practice
- 11.1.2.1 The obligation to publish a prospectus
- 11.1.2.2 Exemptions from the obligation to publish a prospectus
- 11.1.2.3 The roles of the Danish FSA and NASDAQ OMX Copenhagen in the listing process
- 11.1.2.4 The Danish FSA’s prospectus approval process
- 11.1.2.5 NASDAQ OMX Copenhagen—admission requirements
- 11.1.2.6 Conditions for admission of securities to the Official List
- 11.1.2.7 Verification of a prospectus
- 11.1.2.8 Publication of a prospectus
- 11.1.3 Continuing obligations
- 11.2 Passporting Requirements
- 11.3 Market Stabilization Transactions and Overallotment Facilities
- 11.4 Takeover Bids and Defensive Measures
- 11.97
- 11.98
- 11.99
- 11.100
- 11.4.1 Duties of the board of directors in connection with public takeover bids
- 11.4.2 Defending or frustrating a takeover bid
- 11.141
- 11.142
- 11.143
- 11.144
- 11.145
- 11.4.2.1 Defensive measures pursuant to the Companies Act
- 11.4.2.2 Defensive measures in contractual agreements
- 11.4.2.3 Shareholder measures to facilitate a takeover
- 11.4.2.4 Bidder’s right to disapply defensive measures
- 11.4.2.5 Disclosure of frustrating measures in the annual report
- 11.5 Squeeze-outs
- 12 Finland
- Preliminary Material
- 12.1 Jurisdiction Overview
- 12.2 Listing Securities in Practice
- 12.2.1 Overview
- 12.2.2 Helsinki Stock Exchange listing process
- 12.2.3 Prospectus
- 12.2.4 Language requirements of a prospectus
- 12.2.5 Passporting of a prospectus
- 12.2.6 Due diligence requirements
- 12.3 Continuing Obligations
- 12.69
- 12.70
- 12.3.1 Disclosure requirements
- 12.3.2 Inside information
- 12.3.3 The Finnish Corporate Governance Code
- 13 France
- Preliminary Material
- 13.1 Listing Securities in Paris
- 13.2 The Prospectus
- 13.2.1 Applicable law
- 13.2.2 Requirement for a prospectus
- 13.2.3 Preliminary prospectuses
- 13.2.4 Supplementary prospectuses
- 13.2.5 Preparing a prospectus: dealing with the AMF
- 13.2.6 Structuring a prospectus
- 13.2.7 Prospectus contents
- 13.2.7.1 The ‘necessary information’
- 13.2.7.2 Derogations
- 13.2.7.3 Forward-looking information and profit forecasts and estimates
- 13.2.7.4 Responsibility statements
- 13.2.7.5 Shareholder disclosures
- 13.2.7.6 Related-party transactions
- 13.2.7.7 Material contracts
- 13.2.7.8 Expert reports
- 13.2.8 Financial statements
- 13.3 Continuing Obligations
- 13.3.1 Applicable law
- 13.3.2 Disclosure and control of inside information
- 13.3.3 Disclosure of transactions by officers and persons discharging managerial responsibilities
- 13.3.4 Periodic financial reporting
- 13.3.5 Major shareholding notifications
- 13.3.6 Dissemination of regulated information
- 14 Germany
- Preliminary Material
- 14.1 Listing Securities in Germany
- 14.1.1 The German stock exchanges
- 14.1.2 The German Federal Financial Supervisory Authority (BaFin)
- 14.1.3 Listing of shares on the Frankfurt Stock Exchange
- 14.1.4 Legislative overview
- 14.1.5 Eligibility for listing
- 14.2 The Prospectus
- 14.3 Continuing Obligations
- 14.3.1 Applicable law
- 14.3.2 Disclosure and control of inside information
- 14.3.3 Directors’ dealings
- 14.3.4 Periodic financial reporting
- 14.3.5 Changes in shareholding notifications
- 14.3.6 Dissemination of other information
- 14.3.7 Penalties
- 14.3.8 The German Corporate Governance Code
- 15 Ireland
- Preliminary Material
- 15.1 Introduction and Jurisdiction Overview
- 15.1.1 Markets
- 15.1.2 Competent authority
- 15.1.3 Legislative and regulatory framework in outline
- 15.1.3.1 Investment Funds, Companies and Miscellaneous Provisions Act 2005 (the ‘2005 Act’)
- 15.1.3.2 Prospectus Regulations
- 15.1.3.3 Investment Funds, Companies and Miscellaneous Provisions Act 2006 (the ‘2006 Act’)
- 15.1.3.4 Prospectus Rules and Guidance Notes
- 15.1.3.5 Companies Acts
- 15.1.3.6 Listing Rules
- 15.1.3.7 MiFID Regulations
- 15.1.3.8 Admission to Trading Rules
- 15.1.3.9 Transparency Regulations and Rules
- 15.1.3.10 Market Abuse Regulations and Rules
- 15.1.4 Categories of listing
- 15.1.5 Investment funds: listing in outline
- 15.2 Listing and Offering Securities in Practice
- 15.2.1 Introduction
- 15.2.2 Eligibility for listing
- 15.2.3 Outline of listing procedure
- 15.2.4 Obligation to publish a prospectus—public offers and listings
- 15.2.5 Some practical considerations
- 15.2.6 Content requirements and prospectus summary
- 15.2.7 Approval process, timing, and practical issues arising
- 15.2.8 Admission to Trading Rules
- 15.2.9 Passporting in
- 15.2.10 Passporting out
- 15.2.11 Prospectus liability in Ireland
- 15.2.12 Responsibility for a prospectus
- 15.2.13 Debt listings in outline
- 15.3 Maintaining a Listing in Practice
- 15.3.1 Introduction
- 15.3.2 Listing Rules
- 15.3.3 ESM continuing obligations
- 15.3.4 Debt securities: continuing obligations in outline
- 15.3.5 Corporate Governance Code
- 15.3.6 Market abuse and insider dealing
- 15.3.7 Transparency and disclosure
- 16 Italy
- Preliminary Material
- 16.1 Listing Securities in Italy
- 16.1.1 Introduction
- 16.1.2 The regulation of capital markets
- 16.1.3 The financial markets in Italy
- 16.1.4 Admission of shares on Borsa’s regulated markets
- 16.29
- 16.30
- 16.1.4.1 General requirements for admission of securities on Borsa’s regulated markets
- 16.1.4.2 Admission of shares to the MTA
- 16.1.4.3 The admission procedure
- 16.1.4.4 Companies with a controlling shareholder, investment companies and issuers with controlling interests in non-EU companies
- 16.1.4.5 The STAR segment
- 16.1.4.6 The secondary listing
- 16.2 The Prospectus Obligation
- 16.2.1 Introduction
- 16.2.2 Trigger of the prospectus obligation
- 16.2.3 The exemption regime
- 16.2.4 The structure and content of the prospectus
- 16.2.5 The publication of the prospectus and of supplements
- 16.2.6 CONSOB’s approval of the prospectus
- 16.2.7 The advertisement regime
- 16.3 Continuing Obligations
- Part 1 Regulatory Framework in Europe