Equity Capital Markets

A summary of the requirements to obtain admission to AIM under the AIM Rules.

An overview of corporate governance requirements for companies admitted to trading on AIM.

This note outlines the key differences between the eligibility requirements for, and the continuing obligations of, commercial companies with a premium listing of equity shares and those with a standard listing of shares.

This note explains the fast track admission process to AIM available for certain companies with securities already traded on an AIM Designated Market.

This Note summarizes key provisions of the Jumpstart Our Business Startups (JOBS) Act relating to Exchange Act registration.

This Note summarizes key provisions of the Jumpstart Our Business Startups (JOBS) Act relating to general solicitation and advertising in securities transactions exempt from registration under Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933.

An outline of the contents of an admission document which an applicant must produce if it is seeking admission of its securities to AIM.

This Note examines the safe harbor under Regulation S of the Securities Act of 1933, as amended, for the offer and sale of securities in offshore transactions outside the US.  Regulation S is a safe harbor from the registration requirements of the Securities Act.  This Note discusses the basic requirements of Regulation S, the issuer safe harbor under Rule 903, the resale safe harbor for subsequent holders of securities under Rule 904, and the definition of a US person under Regulation S. 

A summary of the UK and other main markets available for a company when launching an IPO.

This note provides an overview of the functions of the UK Listing Authority and the London Stock Exchange in relation to applications for the listing and trading of securities.

A flowchart of the questions to consider in determining whether information is "inside information" for the purposes of the Disclosure Rules.   For details of the obligations to disclosure inside information under the Disclosure Rules, see Practice note, Disclosure Rules: disclosure and control of inside information.

This article examines the two basic models for covered bonds, together with the benefits of covered bonds for investors and issuing institutions. The prospects for the introduction of US legislation on covered bonds are analysed, along with future developments for Europe, the US and cross market. This article is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Cayman Islands. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Japan. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in South Africa. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Switzerland. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in the United States. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Canada. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Germany. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Japan. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in South Africa. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Switzerland. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in the United States. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to capital markets law in Spain. The Q&A gives an overview of main equity and debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

On 28 February 2012, the Bank of Georgia announced the completion of its migration to a premium listing of shares on the main market of the London Stock Exchange (LSE). The bank's global depositary receipts (GDRs) had been listed on the LSE since 2006 and it was felt a move to a premium share listing would enhance liquidity. It is the latest in a series of Eastern European companies that have stepped up from their existing GDR listing to a premium share listing, thereby opening up the chance to join the FTSE UK indices. For example, miners Evraz and Polymetal both made the switch from GDRs to a premium listing in November 2011. Other companies from the region, and beyond, are known to be considering the benefits of following the same path. Issuers in Eastern Europe and other emerging markets looking to tap the London capital markets have typically done so through the issuance and listing of GDRs. This article considers why other GDR issuers are also now considering moving to a premium listing.

A Q&A guide to debt capital markets law in Argentina. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Belgium. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Hong Kong. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in Indonesia. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to debt capital markets law in the Russian Federation. The Q&A gives an overview of main debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, timetables, tax, clearing and settlement, continuing obligations and reform. To compare answers across multiple jurisdictions visit the Debt capital markets country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to capital markets law in Austria. The Q&A gives an overview of main equity and debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to Equity capital markets law in Australia. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Brazil. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in India. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

A Q&A guide to equity capital markets law in Italy. The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. To compare answers across multiple jurisdictions visit the Equity Capital Markets Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarkets-mjg.

This chapter provides a brief overview of the principal structuring, legal, tax, regulatory and accounting considerations related to the issuance of hybrid securities. For a full list of contents visit www.practicallaw.com/capitalmarkets-mjg.

This article examines the proactive approach that Swiss regulators have taken in implementing financial sector regulation to ensure the Swiss financial services industry remains resilient in the wake of the global financial crisis, focusing on the Basel III framework. For a full list of contents visit www.practicallaw.com/capitalmarkets-mjg.

The Russian Federation update for August 2011 for the PLC Global Finance multi-jurisdictional monthly e-mail.

A Q&A guide to capital markets law in Nigeria. The Q&A gives an overview of main equity and debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarketshandbook.

A Q&A guide to capital markets law in Singapore. The Q&A gives an overview of main equity and debt markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing. This Q&A is part of the PLC multi-jurisdictional guide to capital markets law. For a full list of jurisdictional Q&As visit www.practicallaw.com/capitalmarketshandbook.

This article analyses key issues in recent secondary equity offerings, in particular current underwriting issues, alternative structures, use of secondary issues to fund acquisitions, pre-marketing, other key current issues and European legal changes.  This article is part of the PLC multi-jurisdictional guide to Capital Markets. For a full list of contents visit www.practicallaw.com/capitalmarketshandbook.

This article examines recent IPOs of private equity-owned companies in the US, the UK and Spain and the broader trends they reveal.

Despite the negative publicity in relation to structured transactions since the beginning of the credit crisis, securitisation is still an important concept in international finance. This chapter provides an overview of a typical securitisation transaction and the legal issues arising in asset-backed issues.

This Article considers: the types of transactions for which British Virgin Islands SPVs are used, the reasons for using British Virgin Islands SPVs, as well as details regarding organization, ongoing corporate and regulatory requirements, tax considerations and methods of dissolution. This Article forms part of a series that also covers the Cayman Islands, Ireland and Channel Islands (Jersey).

An overview of the considerations for UK plc in relation to its US shareholders on rights issues, takeover offers and share buybacks.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

This tool enables subscribers to search the debt capital markets country Q&A in the Capital Markets multi-jurisdictional guide by question and jurisdiction. Simply select the questions and the jurisdictions that you are interested in and click the "submit" button. Please note that the law stated dates for each jurisdiction covered may not be the same. To check the law stated dates for each jurisdiction, please visit the individual article. Please also note this project is currently being updated so the Q&A tool will not include all available jurisdictions in this subject area.

HM Treasury has published a discussion paper outlining initial thinking on the review of the London Interbank Offered Rate (LIBOR) being undertaken by Martin Wheatley, Chief Executive-designate of the Financial Conduct Authority (FCA). (Free access.)

The European Commission has published a draft delegated regulation amending the Prospectus Regulation (809/2004/EC) as regards the format and content of the prospectus, the base prospectus, the summary and the final terms and as regards the disclosure requirements.

The European Parliament has passed a legislative resolution adopting, with amendments, the European Commission's proposal for a regulation on short selling and certain aspects of credit default swaps. (Free access.)

This article is part of the PLC Global Finance July 2011 e-mail update for Japan.

The Code Committee of the Panel has published its response statement to Public Consultation Paper PCP 2010/2: Review of certain aspects of the regulation of takeover bids.

The government has announced major changes to the UK's financial services regulatory structure including the abolition of the FSA in its current form.