Search results for

Tomohiro Okumura Amendments to the Companies Act (Amendments) will come into force on May 1 2015, in which a new form of cash out will be included. Under the Amendments, the special controlling shareholder (a shareholder who holds nine-tenths or more of the voting power of all shareholders of the company) may demand that the other shareholders sell their shares of the company to the special controlling shareholder (a so-called demand for sale). By using a demand for sale, a shareholder who holds the majority vote may force minority shareholders out of the company. Conventionally, the method that is used for such a purpose is for the company to issue and acquire class shares by a resolution of the shareholders meeting. However, since this method necessitates the holding of a shareholders meeting, it is burdensome for a company.

Regulators' desire for greater market disclosure seems to intensify every year. More data, be it for the benefit of investors or the regulators themselves, seems to be viewed as a key way to prevent the errors of years gone by. On paper, it's a view that's hard to argue against. Transparency should enable better buyside decisions, greater market oversight, and more self-imposed discipline by those who may have been tempted to game the system. In reality, the obvious downside is the massive expense – to be borne by the industry alone – of setting up the necessary compliance, record-keeping and data-gathering systems.

Jay Lee of Simmons & Simmons explains why new Safe rules permitting guarantees for offshore offerings may change how the popular support mechanism is used

Hong Kong has proposed a regime to ensure creditors will be able to recover value if liquidation is a more favourable solution than resolution. But practical implementation will be challenging

The European regulatory capital market continues to grow, but global and EU reforms are causing concern among investors and issuers

A Hong Kong tribunal started a preliminary hearing last month, involving a US short seller called Citron Research. So far, so standard: the practice of short selling itself has been a part of markets since the 1600s and Kong Hong has historically frowned upon it.

The EBA and FSB may be pressured to relax limitations on the inclusion of senior unsubordinated debt in their latest capital initiatives

Stephanie Tang Dacheng's historic tie-up with Dentons started 2015 as a year for PRC firms to make global inroads. Yet the past month has been one for international names to move ever closer to China. JONES DAY brought in former China National Development and Reform Commission official Xue Qiang to its antitrust and competition law practice in Beijing. Meanwhile SHEARMAN & STERLING boosted its M&A practice with the addition of Stephanie Tang who joined the firm's China M&A group from Kirkland & Ellis. In Hong Kong FRESHFIELDS BRUCKHAUS DERINGER poached magic circle rival Linklaters' Asia-based US securities head David Ludwick. DEBEVOISE & PLIMPTON welcomed Herbert Smith Freehills' former Asia managing partner Mark Johnson to boost its white-collar crime and regulatory offering in the region.

Foreign investment is the last piece of the Reit puzzle

The lighter side of the past month in the world of financial law