European securities law

CONTENTS
List of Contributors
Table of Cases
Table of Legislation
Abbreviations
1 REGULATORY FRAMEWORK IN EUROPE
1. The European Directives Relating to Issue and Trading of Securities
Lachlan Burn, Linklaters LLP
1.1 Introduction
1.2 Overview
1.3 Disclosure-Initial and Ongoing
1.4 Investor Protection
1.5 Some Conclusions
2 DOING DEALS IN EUROPE
2. Equity
Raj Panasar, Cleary Gottlieb Steen & Hamilton LLP; Angela Berti,
Cleary Gottlieb Steen & Hamilton LLP; Luis de Carlos, Urfa Menedez;
Javier Redonet, Uria Menendez
2.1 Preparing to Go Public
2.2 Organizing the Transaction and Laying the Ground Rules
2.3 Dealing with the Regulator
2.4 Drafting the Prospectus
2.5 Passporting a Prospectus
3. Debt Offerings and Programmes
Mark Trapnell, Freshjields Bruckhaus Deringer LLP;
Eric Phillips, Slaughter and May
3.1 Overview
3.2 Types of Commonly Issued Debt Securities
3.3 Types of Offering of Debt Securities
3.4 Preparation of the Prospectus or Base Prospectus-Applicable Regulations
3.5 The Principal Components of a Prospectus or Base Prospectus
3.6 Approval Process for the Prospectus or Base Prospectus
3.7 Prospectus Supplements
3.8 Approval Process for a Prospectus Supplement
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Contents
3.9 Distribucion Arrangements
Appendix I- Oudine steps and illustrative cimeline for a debt securities
issue-stand-aJone issue
Appendix 2-Summary of main differences berween Annex rv and
Annex IX of the Prospecrus Directive Regulation
Appendix 3-0verview of Annexes to the Prospecrus Directive Regulation reley.
to an issue of debt securities under a prospectus or base prospectus
4. Private Placements
Charles Howarth, Herbert Smith LLP
4. 1 lntroduccion
4.2 Reasons for a Private Placement over a Prospectus Directive
Compliant Offer
4.3 Regulatory Framework
4.4 Pre-emption Righrs
4.5 Structuring a Private Placement
4.6 Liability for Offering Transferable Securides Wi,hoU[ an
Approved Prospec[Us
4.7 Structuring a Private Placement under US Law
4.8 Publicity
5. Liability for London Listing
Kathy Hughes, Slaughur and May
5.1 LisdngApprovai Process
5.2 Ongoing Reporring Obligations
6. Takeovers and Stakebuilding
Tim Lewis, MacFarlanes LLP; Graham Gibb, Macfarlanes LLP
6.1 Introduction ,
6.2 Key Takeover Terms
6.3 Prepamion for Takeover-Bidder
6.4 Preparation for Takeover-Target
6.5 The Offer Process
6.6 Using a Scheme of Arrangemenr as an Alternative to a Takeover Offer
6.7 Mandatory Offers
6.8 Hostile Offers
6.9 Addicionallssues with Public to Private Transactions
6.10 Close-out Procedures
7. Special Considerations for Non-EU (ssue"
Andrew R Thompson, Cravath. Swaine & Moore LLP
7. 1 Introduction
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Contents
7.2 Choosing a Home Member State
7.3 Coordinating Offering Aspects
7.4 Coordinating Ongoing Disclosure Requirements
8. Underwriting Practice and Procedure
Simon Witty, Davis Polk & Wardwell London LLP; Will Pearce,
Davis Polk & Wardwell London LLP; Dan Hirschovits, Davis Polk &
Wardwell London LLP
8.1 Introduction
8.2 The Underwriters
8.3 The Underwriting Agreement
8.4 The Agreement Among Underwriters
8.5 Specific Transaction Issues
3 MEMBER STATE REGULATION
9. Austria
Florian Khol, Binder Grosswang; Mathias Burger, Binder Grosswang
9.1 Listing Securities in Austria
9.2 The Prospectus
9.3 Continuing Obligations
10. Belgium
Jean-Pierre Blumberg, Linklaters LLP; Filip Lecoutre, Linklaters LLP
10.1 Jurisdiction Overview
10.2 Listing Securities in Practice
10.3 Continuing Obligations/Maintaining a Listing in Practice
10.4 Public Takeover Bids
11. D~nmark
Christian Lundgren, Kromann Reumert; Pernille Hostrup Dalhoff,
Kromann Reumert .
11.1 Process and Timing of Prospectus Approval 1 :
11.2 Passporting Requirements 1:
11.3 Market Stabilization Transactions and Overallotment Facilities 1:
11.4 Takeover Bids and Defensive Measures 1
11.5 Squeeze-outs 11 .
12. Finland
Petri Haussila, White & Case LLP; Petri Avikainen, White & Case LLP
12.1 Jurisdiction Overview
12.2 Listing Securities in Practice
12.3 Continuing Obligations
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13. France
Marie-Laurence Tibi, Cleary Gottlieb Steen 6-Hamilton LLP
13.1 Listing Securities in Paris
13.2 The Prospectus
13.3 Continuing Obligations
14. Germany
Mark Strauch, Freshjields Bruckhans Deringer LLP
14.1 Listing Securities in Germany
14.2 The Prospectus
14.3 Continuing Obligations
15. Ireland
Cian McCourt, A6-L Goodbody; Lyndsey Falconer, A6-L Goodbody
15.1 Introduction and Jurisdiction Overview
15.2 Listing and Offering Securities in Practice
15.3 Maintaining a Listing in Practice
16. Italy
Pietro Fioruzzi, Cleary Gottlieb Steen 6- Hamilton LLP; Eugenion
S. de Nardis, Cleary Gottlieb Steen 6- Ha1lJilton LLP; Nicole B. Puppieni,
Cleary Gottlieb Steen 6- Hamilton LLP; Fabio Saccone,
Cleary Gottlieb Steen 6- Hamilton LLP
16.1 Listing Securities in Italy
16.2 The Prospectus Obligation
16.3 Continuing Obligations
17. Luxembourg
Philippe Hoss, Elvinger, Hoss 6- Prussen
17.1 Listing Securities in Luxembourg
17.2 Listing Securities in Practice
17.3 Continuing Obligations
17.4 Other Information Required
17.5 Major Shareholding Notifications
18. The Netherlands
Derk Lemstra, Stibbe N v.; Marius Josephus Jitta, Stibbe N v.;
Rogier Raas, Stibbe N V.
18.1 Offering and Listing Securities in the Netherlands
18.2 The Prospectus
18.3 Continuing Obligations
Contents
19. Portugal
Carlos Costa Andrade, Uria Mem!ndez; Ana Sd Couto, Uria Menendez
19.1 Introduction
19.2 Securities Listings on Regulated Markets in Portugal
19.3 Ongoing Disclosure Obligations
20. Spain
Luis de Carlos, Uria Menendez; Marta Rios, Uria Menendez
20.1 Listing Securities in Spain
20.2 The Prospectus
20.3 Continuing Obligations
20.4 Takeover Bids in Spain
21. Sweden
Emil Bostrom, Mannheimer Swartling Advokatbyra AB
21.1 Jurisdiction Overview
21.2 Listing Securities in Practice
21.3 Continuing Obligations
22. United Kingdom
Raj Panasar, Cleary Gottlieb Steen & Hamilton LLP; Sebastian Cameron,
Cleary Gottlieb Steen & Hamilton LLP
22.1 Listing Securities in London
22.2 The Prospectus
22.3 Advertisements and Financial Promotions
22.4 Continuing Obligations
22.5 Market Abuse
Index