Part 2 Doing Deals in Europe, 3 Debt Offerings and Programmes, Appendix 1 »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Part 2 Doing Deals in Europe, 3 Debt Offerings and Programmes, Appendix 2 »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Part 2 Doing Deals in Europe, 3 Debt Offerings and Programmes, Appendix 3 »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Abbreviations »
Edited By: Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Part 2 Doing Deals in Europe, 3 Debt Offerings and Programmes, 3.8 Approval Process for a Prospectus Supplement »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Part 2 Doing Deals in Europe, 3 Debt Offerings and Programmes, 3.6 Approval Process for the Prospectus or Base Prospectus »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Part 3 Member State Regulation, 9 Austria »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
9.01 The Austrian capital markets are located principally in Austria’s capital city, Vienna, which also plays host to Austria’s only stock exchange, the Vienna Stock Exchange (the ‘VSE’). 9.02 The Austrian market is dominated by domestic players from various sectors, such as banking, insurance, and heavy industry. Compared to the international capital markets and stock exchanges of, say, the United States and the United Kingdom, the Austrian market is small and therefore is unlikely to be the preferred place for primary listings of international companies. 9.03...
Part 3 Member State Regulation, 10 Belgium »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
10.01 The Prospectus Directive has been implemented into Belgian national law by the statute of 16 June 2006 regarding the public offering of investment instruments and the admission to trading of investment instruments on a regulated market (the ‘Prospectus Statute’). The Prospectus Statute has most recently been amended by statute of 17 July 2013 primarily to implement Directive 2010/73/EU amending the Prospectus Directive and the Transparency Directive.1 10.02 A more detailed technical elaboration on the minimum information, the form and the publication of a...
Contents »
Edited By: Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Part 3 Member State Regulation, 11 Denmark »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
11.01 The prospectus regime in Denmark is divided into three tiers according to the nature of the securities offering in question, as illustrated in Table 11.1. Of the three tiers, only ‘tier 1’ is a direct consequence of the implementation of the Prospectus Directive. Type of offering Applicable legislation Tier 1 Offerings of securities with an aggregate value above €5, 000, 000 and of securities which are listed or admitted to trading on a regulated market Tier 2 Offerings of unlisted securities with an aggregate value between €1, 000, 000 and €5, 000, 000 Tier...
Part 2 Doing Deals in Europe, 3 Debt Offerings and Programmes, 3.9 Distribution Arrangements »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Part 2 Doing Deals in Europe, 2 Equity »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
2.01 Companies may turn to the public equity markets for all manner of reasons, although invariably the determinative reason is the fact that equity offerings can facilitate development and growth and can help companies become more profitable in the future. Key drivers include: 2.02 A classic initial public offering (‘IPO’) involves creating an immediate public market for a company’s securities by listing on a stock exchange and offering its securities to widen its shareholder base. While IPOs tend to be reported as being en vogue among younger companies in the...
Part 1 Regulatory Framework in Europe, 1 The European Directives Relating to Issue and Trading of Securities »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
1.01 There is little purpose in laboriously trawling through the detailed provisions of European Directives, article by article, in the order in which they appear on the legislative page. Anyone seeking such an approach should look elsewhere. Instead, this Section will attempt to review and, where necessary, interpret the various Directives that are most relevant to the securities markets, and to those who issue and invest in them, from the viewpoint of those who deal in those markets. The starting point, therefore, is the perceived requirements of the markets and...
Part 3 Member State Regulation, 12 Finland »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
12.01 The principal statute regulating the Finnish securities market is the Finnish Securities Market Act (746/2012) (the ‘Finnish Securities Market Act’), which regulates both the primary and secondary markets and contains, inter alia, provisions concerning listing and offerings of securities, disclosure obligations of listed companies and their shareholders, takeover bids, and insider obligations. The Finnish Securities Market Act delegates power to the Finnish Ministry of Finance to issue decrees to supplement the provisions in the Finnish Securities Market...
Part 3 Member State Regulation, 13 France »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
13.01 Companies that effect and maintain a primary listing (a ‘primary listing’) of securities on the main market of the NYSE Euronext Paris (the ‘Euronext Paris market’) must meet certain eligibility criteria and are subject to the full regulatory requirements of the exchange. They are also subject to regulatory supervision by the AMF and more demanding disclosure and corporate governance standards than issuers listed on a multilateral trading system (such as Alternext or the Marché Libre1). 13.02 Inclusion in the CAC 40 or SBF 120 indices,2 which are open to...
Part 3 Member State Regulation, 14 Germany »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
14.01 Germany has a total of seven stock exchanges. The largest, the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse—the ‘FSE’), is owned by Deutsche Börse AG, which also owns, among others, the European futures exchange, Eurex, and the clearing company Clearstream Banking SA. The Stuttgart Stock Exchange is the second largest stock exchange in Germany. The country’s oldest stock exchange (dating back to 1558) is the Hamburg Stock Exchange, which merged with the Hannover Stock Exchange in September 1999 to form a holding company, BÖAG Börsen AG, which...
Index »
Edited By: Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
Part 3 Member State Regulation, 15 Ireland »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
15.01 There has been an official stock exchange in Ireland since the eighteenth century. Between 1973 and 1995, however, the Irish exchange comprised the Irish unit of the International Stock Exchange of the United Kingdom and, during that period, was effectively a constituent part of the London Stock Exchange (the ‘LSE’). The Irish Stock Exchange (the ‘ISE’) became an independent entity in 1995 and today is Ireland’s ‘competent authority’ for the purposes of (i) the admission of securities to trading; (ii) the listing rules (the ‘Listing Rules’) that govern the...
Part 3 Member State Regulation, 16 Italy »
Raj Panasar, Philip Boeckman
From: European Securities Law (2nd Edition)
Edited By: Raj Panasar, Philip Boeckman
16.01 Italian capital markets experienced a relatively slow development in the second half of the twentieth century, as bank financing remained the preferred form of funding for Italian businesses. It is therefore not surprising that comprehensive rules regarding capital markets and issuers admitted to trading on a regulated market are relatively recent. 16.02 The first coherent body of rules relating to issuers of securities admitted to trading on a regulated market was contained in law No 216 of 7 June 1974, which also established the Italian Market Authority...
