The effects of Brexit on the UK capital markets

This book provides integrated analysis of and guidance on the Prospectus Regulation 2017, civil liability for a misleading prospectus, and securities litigation in a European context. The prospectus rules are one of the cornerstones of the EU Capital Markets Union and analysis of this aspect of harmonisation, the areas not covered by the rules, and the impact of Brexit, provides valuable reference for all advising and researching this field. The book discusses the subjects of Prospectus Regulation from both a legal and economic perspective. It focuses on key subjects of the new Prospectus Regulation, providing an in-depth analysis of each issue. The book then moves on to explain the domestic law on liability for a misleading prospectus, this issue being omitted from the Regulation. The law and practice in each of the key capital markets centres in Europe is analysed and compared, with the UK chapter covering the issues and possible solutions under Brexit. A chapter on securities litigation gives full consideration of conflicts of laws issues with reference to the Brussels I regulation, and the Rome I and II Regulations. The book concludes by looking to the future of disclosure practices in connection with securities offerings in the EU.

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The ‘one man company’ after Patel v Mirza: attribution and illegality in Singularis Holdings v Daiwa Capital Markets

Northern Ireland Legal Quarterly ◽

10.53386/nilq.v71i3.288 ◽

2020 ◽

Vol 71 (3) ◽

pp. OA35-OA48

Author(s):

James C Fisher

Keyword(s):

Supreme Court ◽

Capital Markets ◽

High Water ◽

Legal Principles ◽

Context Sensitive ◽

House Of Lords ◽

The Supreme Court ◽

The One ◽

The Uk ◽

The Relationship

This note discusses the UK Supreme Court’s decision in Singularis Holdings v Daiwa Capital Markets in the context of other recent decisions on corporate attribution and the illegality principle in English law. It particularly considers Daiwa’s implications for the relationship between the illegality doctrine and other legal principles in the wake of Patel v Mirza. The court employed a context-sensitive, teleological approach to attribution, one consequence of which was the conclusive consignment of the House of Lords’ decision in Stone & Rolls Ltd v Moore Stephens to irrelevance. It nonetheless privileges orthodox, pre-Patelian authority in the disposal of the case. The court’s approach suggests that Patel is perceived as the high-water mark for expansive, policy-sensitive understanding of the illegality principle, and that its disruptive potential is likely to be carefully constrained in future decisions of the Supreme Court.

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Corporate control in Europe

Corporate Ownership and Control ◽

10.22495/cocv2i2p6 ◽

2005 ◽

Vol 2 (2) ◽

pp. 65-76 ◽

Cited By ~ 3

Author(s):

Jeremy Grant ◽

Thomas Kirchmaier

Keyword(s):

Small Group ◽

Cash Flow ◽

Capital Markets ◽

Corporate Control ◽

Effective Control ◽

Private Benefits ◽

Control Devices ◽

The Uk ◽

Cash Flow Rights ◽

European Economies

Control devices are a common practice in Europe, used to increase the influence of a dominant shareholder upon the firm beyond his/her cash flow rights. They are often very powerful devices which limit the effective control of corporations to a small group of shareholders, and can be utilized to extract private benefits of control. In this paper, we aim to provide an understanding how these devices work in principal and then examine how they are used in the main Western European economies (France, Italy, Germany, Spain and the UK), in light of the recent changes of legislation and despite improvements in the efficiency of capital markets.

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Notes from a Library Country

Legal Information Management ◽

10.1017/s1472669600000840 ◽

2001 ◽

Vol 1 (4) ◽

pp. 45-47 ◽

Cited By ~ 1

Author(s):

Susan Doe

Keyword(s):

International Finance ◽

Capital Markets ◽

Law Firms ◽

Full Time ◽

Law Firm ◽

The Us ◽

Corporate Securities ◽

Library Staff ◽

The Uk

You will all have noticed the proliferation of US law firms with offices in the UK, mainly London. Sidley Austin Brown & Wood (SABW) was formed in May 2001 as a result of a merger and is currently the second largest US law firm office in London (27 partners, 85 fee earners, 3 full-time library staff, one part timer, one freelance.) Like most of the US firms in London SABW concentrates on financial and corporate work — international finance, corporate securities, capital markets, tax and property.

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Capital Markets and Corporate Control: A Study of France, Germany and the UK

Economic Policy ◽

10.2307/1344578 ◽

1990 ◽

Vol 5 (10) ◽

pp. 189 ◽

Cited By ~ 104

Author(s):

Julian Franks ◽

Colin Mayer ◽

Jeremy Hardie ◽

Edmond Malinvaud

Keyword(s):

Capital Markets ◽

Corporate Control ◽

The Uk

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China’s asset management industry: mapping the global landscape

Journal of Investment Compliance ◽

10.1108/joic-07-2020-0010 ◽

2020 ◽

Vol 21 (2/3) ◽

pp. 93-96

Author(s):

Jeff Yao ◽

Shaji Ravendran ◽

Haiyang Zhang

Keyword(s):

Financial Market ◽

Capital Markets ◽

Asset Management ◽

Foreign Asset ◽

Content Type ◽

Overseas Investment ◽

Management Institutions ◽

The Uk ◽

Asset Managers ◽

Opening Up

Purpose The purpose of this article is to describe the globalization process of China’s asset management industry. Design/methodology/approach This article looks at the globalization of China’s asset management industry from a bilateral perspective. On one hand, it analyzes new measures promulgated in China to expand the opening up of capital markets and attract foreign asset management institutions. On the other hand, it gives an introduction on some advisable choices for Chinese asset management companies to invest overseas. Findings With the promulgation of the Shanghai Guidebook for Overseas Asset Management Institutions among other measures that further liberate China’s financial market, 2020 marks an important era for foreign asset managers. Besides, this article suggests that Luxembourg, Ireland and the UK are ideal European destinations for Chinese asset management companies to invest in. Practical implications This article aims to keep foreign asset managers updated of new rules regarding financial market liberalization in China and help them to expand business in Shanghai. This article also gives a brief introduction on the fund industry in Ireland, Luxembourg and the UK, to give those Chinese asset management companies which are considering overseas investment some inspiration. Originality/value Practical guidance from experienced lawyers in the practice of foreign investment and capital markets.

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