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Financial Markets Shareholders

Procopio, Cory, Hargreaves & Savitch LLP

What Legal Trends are Impacting MicroCap Issuers in 2024?

The legal and regulatory landscape for MicroCap investing is ever-evolving, including challenges involving compliance with the rules of the U.S. Securities and Exchange Commission (SEC) and securities exchanges including...more

Stikeman Elliott LLP

BCSC Provides New Guidance on “Acting Jointly or in Concert” for Proxy Contests

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In its recent decision in NorthWest Copper Corp., 2023 BCSECCOM 602, the British Columbia Securities Commission (“BCSC”) provided new guidance on the interpretation of “acting jointly or in concert” in the context of a proxy...more

Mayer Brown Free Writings + Perspectives

NYSE Receives Approval to Limit Reach of Shareholder Approval Rule

On December 26, 2023, the Securities and Exchange Commission (“SEC”) approved an amended proposal submitted by the New York Stock Exchange (“NYSE”) that narrows the scope of the NYSE’s shareholder approval requirement for a...more

Stinson - Corporate & Securities Law Blog

NYSE Updates Shareholder Approval Rule

The NYSE amended its shareholder approval rules to make it easier for listed companies to sell securities to passive existing shareholders without obtaining shareholder approval.  The SEC approved the change on an accelerated...more

Jones Day

Hong Kong Stock Exchange Implements Reforms to Relax IPO "Double Dipping" Restrictions

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The Stock Exchange of Hong Kong Limited ("HKEx") introduced a new exemption allowing existing shareholders and cornerstone investors to subscribe for or purchase further securities in an IPO (i.e., to "double dip") under...more

Jones Day

SEC Adopts Amendments to the Beneficial Ownership Rules

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In Short - The Background: On October 10, 2023, the U.S. Securities and Exchange Commission (the "SEC") adopted amendments to the rules that govern beneficial ownership reporting for investors, marking the first update to...more

King & Spalding

The French Financial Markets Authority Takes a Stand on Climate Resolutions through Shareholder Dialogue

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On 8 March 2023, the French Financial Markets Authority (Autorité des Marchés Financiers – AMF) issued a statement on the management of environmental and climate-related concerns within the framework of shareholder dialogue....more

Skadden, Arps, Slate, Meagher & Flom LLP

The General Guide to the UK Takeover Regime

This guide summarises certain key provisions of the Code with a focus on issues that are likely to be of particular concern to a bidder. Although reference is made to other statutory and regulatory instruments and regimes,...more

White & Case LLP

New and significantly expanded EU guidance on market definition – The European Commission launches a consultation on its draft...

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On 8 November 2022, the European Commission launched a public consultation on its draft revised Market Definition Notice. The new Notice provides detailed explanatory guidance based on recent case law of the European...more

Stikeman Elliott LLP

CBCA Amendments Take Effect August 31, 2022

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Amendments to the Canada Business Corporations Act (CBCA) that impose majority voting requirements, annual director terms, a prohibition on slate voting and a change to the period during which shareholders must deliver...more

White & Case LLP

Repricing Underwater Options

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In this time of market volatility, White & Case LLP partners Colin Diamond (Chair of US Public Company Advisory) and Henrik Patel (Global Head of Employment, Compensation and Benefits) address the securities law, tax and...more

Robins Kaplan LLP

Volkswagen Nearing Porsche Unit IPO to Raise Cash for EV Push

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Volkswagen and company shareholders are “in advance talks that could lead to the initial public offering of the iconic Porsche AG sports-car maker.” Spinning off Porsche via IPO would help give VW the “fresh cash” in needs to...more

World Law Group

The Rise of the Retail Investor and the Impact of Shareholder Activism

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Earlier this year, we saw the rise of shareholder activism in the Reddit v. Goliath story on Wall Street.  Let’s take a look back at this story. What is GameStop and why was everyone so fixated on it? ...more

Stinson - Corporate & Securities Law Blog

NYSE Completes Amendments to Shareholder Approval and Related Party Requirements

The NYSE has amended the Listed Company Manual regarding shareholder approval requirements for the issuance of securities and certain related party matters. The SEC approved the amendments on an accelerated basis....more

Hogan Lovells

FCA reviews disclosures of net changes to share capital

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The FCA has recently completed a review of the way in which UK issuers disclose changes to their total voting rights to the market and the resulting effect on major shareholding notifications. ...more

King & Spalding

Litigation Risks For Energy Company Executives During Bankruptcy

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Spurred by the Russia-OPEC dispute and the worldwide lockdown to prevent the spread of COVID-19, the price of oil has fallen to historical lows. Many oil and gas companies face substantial doubt about their ability to...more

Jones Day

Stretching Leverage: Holdco PIK Financing Instruments

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Key Points - Holdco PIK financing instruments may present an attractive and/or alternative source of capital for private equity sponsors to finance acquisitions or to facilitate dividend recapitalisations. Creditors...more

A&O Shearman

Latest updates on the China financial sector: lifting foreign shareholding caps

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On 11 October 2019, the China Securities Regulatory Commission (CSRC) announced a clearer accelerated timeframe for lifting foreign shareholding caps (i.e. 51%) in futures companies, public securities investment fund...more

Blake, Cassels & Graydon LLP

Mach Group “Mini Tender” Offer to Buy Montreal-Based Airline Won’t Fly: Quebec Financial Markets Tribunal

On August 11, 2019, Quebec’s financial markets administrative tribunal (TAMF), by a majority decision, invoked its public interest jurisdiction to cease trade Mach Group Inc.’s offer (Mach Offer) to acquire 19.5 per cent of...more

Troutman Pepper

Delaware Encourages Blockchain Technology Through Legal and Technological Innovations

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On July 21, Delaware governor John C. Carney Jr. signed into law a series of amendments to the Delaware General Corporation Law (DGCL) that will allow companies to keep shareholder information on blockchain technology-based...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Shareholders have accused Under Armour of “concealing the impact” of Sports Authority’s bankruptcy from investors in order to artificially inflate its stock price. The suit comes on the heels of a disastrous Q4 for UA, in...more

Carlton Fields

Cy Pres Standard Dispute Settled With Reasonable Approximation

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The District Court for the Southern District of New York recently addressed whether the “next best” or “reasonable approximation” standard should apply when the court evaluates proposed cy pres designations in class action...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 8.1.16

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And just like that, Uber’s ride-hailing war in China is over (for now, at least). Uber has agreed to sell Uber China to rival Didi Chuxing [though maintaining a 20% stake in the new company], creating a new company worth an...more

K&L Gates LLP

Germany Tightens Voting Rights Disclosure - New rules increase complexity of voting right disclosures and impose

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On October 1, 2015, the German Parliament adopted the national “Act Implementing the EU Transparency Directive Amending Directive (2013/50/EU)” (the “Act”). The aim of the directive is to harmonize the regime for notification...more

Troutman Pepper

The SEC Releases the First Distribution-In-Guise Enforcement Action Concerning Fund Assets Used to Pay For Marketing and...

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The SEC’s order provides significant guidance on how the SEC staff will scrutinize the propriety of payments made pursuant to commonly occurring agreements between mutual funds and their service providers and with respect to...more

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