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Banji Adenusi In April 2013, the Nigerian Stock Exchange (NSE) launched the Alternative Securities Market (ASeM) as a parallel market to its main bourse – having rebranded the second tier securities market. The aim of the ASeM is to provide small and medium-scale enterprises and emerging businesses with a platform to access and raise long-term capital. Further to the launch, the NSE has updated its Green Book, which details the requirements for listing on the ASeM. What is most notable about the ASeM, however, is the flexibility it offers by way of less stringent regulations than would have been available to companies listed on the main bourse, such as the absence of a requirement for capitalisation or shareholders equity. It is important to note that the ASeM is only accessible to publicly-held companies, with such companies having a minimum of two years' operating track record. One key introduction, targeted at ensuring conformity with international best accounting practices and management control, is the requirement that companies listing on the ASeM adopt the international financial reporting standards. The rule book further requires that the company offers 15% of its share capital to the public and be held by not less than 51 shareholders, with a lock-up period of 12 months post-listing, in which the promoters and directors of the company are required to hold a minimum of 50% of their shares held pre-listing in the company, where the listing is in connection with an initial public offering. In addition to this, the company is required to have a designated adviser, whose main responsibility is to ensure that the company meets all disclosure requirements in the ASeM rules.

Lofti Sekkat, chief executive officer of Crédit Immobilier et Hôtelier discusses the key features of Morocco’s covered bond law, and the process of implementing the legislation in a new jurisdiction

Bukola Iji of SPA Ajibade & Co describes recent developments in Nigeria’s capital markets, including the April launch of the Alternative Securities Market

The SFC’s profit warning guidelines are not crystal clear. Here’s best practice on how to comply

Rather than being a source of concern, investors should understand the policy to capitalise on the significant commercial advantages it offers

‘Europe and the Americas’ leading female lawyers were celebrated at last month’s Women in Business Law awards in London and New York. The winners and highlights are here.

Karen Temoche It is not news that Peru has demonstrated consistent levels of economic growth and robust financial indicators over the last decades. There are, however, still several areas on which governmental authorities need to work in order to unlock Peru's potential. One of them is to close the infrastructure deficit that remains in the country. What plays in the country's favour so far it is that both the Peruvian government and its citizens acknowledge that the key element to maintaining economic growth is setting clear rules, being predictable and acting proactively to attract private investment.

Securities legislation in Malaysia was recently amended followed by the issuance by the Malaysian Securities Commission of new guidelines to introduce and make operational business trusts (BTs) as an alternative investment structure in Malaysia. The establishment of BTs swiftly follows the recent wave of high-profile Malaysian-led initial public offerings (IPOs) in 2012, such as Felda Global Ventures, IHH Healthcare and Astro Malaysia Holdings. With the introduction of BTs, investors investing in Malaysian securities can tap into this investment structure which has been available in Singapore since 2006 and Hong Kong since 2011.

On the face of its liberal regulations, the South East Asian nation’s financial sector looks open to investment. But nationalistic sentiments is proving a real threat

Notice No 002/2013-AMCM of the Monetary Authority of Macau (AMCM), which supersedes Notice No 6/93-AMCM dated September 1, entered into force on January 28 2013. It was enacted by the AMCM pursuant to section 6, paragraph 3a) of the Financial System Act (FSA) of Macau.