Search results for

Politicians are pointing to deregulation of the trading in energy derivatives as the failure behind the California energy crisis. Not true, says Philip McBride Johnson of Skadden Arps Slate Meagher & Flom

The International Primary Markets Association (IPMA) has warned that the EU's plans for greater transparency in its capital markets will encourage companies to list elsewhere. In a letter to the European Commission the association, which represents the views of over 60 international banks operating in the European capital markets, says that "third-country issuers will be driven from EU markets" if the obligations of the new directive are disproportionately burdensome.

Freshfields Bruckhaus Deringer's FRESH Capital Securities deal enabled Fortis to raise tax deductible debt that would be treated by the regulators as equity. Donald Guiney explains how the deal worked

In May of this year HMV enlivened the otherwise moribund UK equity market with its flotation. Before the company’s admission a rationalization of its complex multi-tiered capital structure was required. By James Cole of Shearman & Sterling

A key characteristic of supplementary capital contributions (prestações suplementares), which Portuguese law (articles 201º to 213º of the Company Code) forsees being used exclusively for Lda companies, but which subject to certain requirements may also be materially adopted in SA companies, is to enable shareholders to make supplementary capital contributions. This is provided the terms under which such contributions are made are stipulated in the company's by-laws and that supplementary equity capital is non-interest bearing. To demand from the shareholders all or part of the amount (necessarily foreseen in the by-laws) of the supplementary capital contributions, a resolution from the General Meeting is always required.

Commodity swaps in Italy are classified as financial instruments as are equity, currency and interest rate swaps. This is pursuant to article 1, paragraph 2 of Legislative Decree No 58 of the Consolidated Law on Financial Intermediation (February 24 1998). According to the public authority responsible for regulating the Italian securities market (Consob) trading in commodity swaps can be considered an investment service as defined in article 1, paragraph 5 of the same Decree.

German lawyers have given a lukewarm response to a code of practice for companies listing on the Frankfurt stock market. The Going Public Principles developed by Deutsche Börse and the banking and legal members of its Primary Markets Advisory Committee are designed to strengthen the role of the prospectus as the central information medium for deals and are the result of several months of market consultation.

By handing down three decisions on voting-right limitations for privatized companies, the European Court of Justice (ECJ) has made a sophisticated judgment of special voting rights in the proceedings brought by the EU Commission.

The Ministry of Finance has issued two new decisions amending the regulation on listing particulars and offer documents: the Decision on Listing Particulars (26.6.2002/539) and the Decision on Offer Documents (26.6.2002/540). These decisions replace the Ministry of Finance's Decision on Listing Particulars (19.11.1998/197) and Decision on Offer Documents (13.10.1994/905).

A direct link (e-link) between the central securities depositories of Finland and Sweden was opened on June 3 2002. The Finnish Central Securities Depository has similar links with Germany, France and the Netherlands and a link to Switzerland through Germany.