All material subject to strictly enforced copyright laws. © 2022 IFLR is part of the Euromoney Institutional Investor PLC group.
Sponsored

IFLR Capital Markets Special Focus 2022 launched

IFLR Capital Markets Editorial Image.jpg

IFLR has partnered with thought leaders from across the legal world to discuss subjects ranging from mandatory disclosure rules to IPOs, in jurisdictions from China to Luxembourg

Click here to read IFLR’s Capital Markets Special Focus 2022.

Our authors from Chance Bridge consider the impact of the revised Chinese Securities Law on voluntary and mandatory disclosure, liability for offences, and cross-border entities. Implemented with effect from March 2020, the law made formal and substantive changes to the information disclosure rules for securities offerings.

The revised Securities Law expands the scope of disclosure obligors, meaning that other disclosure obligors can be subject to disclosure obligations to the same extent as securities issuers. Meanwhile, the liability of intermediaries for information disclosure-related offences has been upgraded to criminal liability, further emphasising the responsibilities of intermediaries.

Also in this edition, GSK analyses the Luxembourg capital markets landscape, with its authors making a strong case for investment. As our contributors write, Luxembourg’s “stable and strong economy, continued attribution of AAA rating for sovereign credit, rapid regulatory procedures, large network of double taxation treaties, quality of financial markets infrastructure, and legal framework” are just some of the qualities that make it a prime investment destination.

With chapters on IPOs, convertible bonds, high-yield bonds and the professional payment guarantee (PPG) law, GSK’s authors dissect the aspects of the Luxembourg markets that could make it an attractive option for capital investment.

Meanwhile, contributors from RPC Premier Law discuss the growing importance of environmental, social and governance (ESG) concerns when it comes to capital markets in Hong Kong SAR and further afield.

There is an increasing trend for investors to factor ESG concerns into their decisions, and stock exchanges are reacting accordingly. The HKEx in Hong Kong SAR updated its climate disclosure guidelines in 2021, while the Singapore exchange, SGX, requires all listed companies to adopt ‘comply or explain’ climate reporting beginning in 2022.

The authors from Melli Darsa & Co., an Indonesian member law firm of PwC’s global network, consider the regulatory hurdles to permitting special purpose acquisition companies (SPACs) as an alternative to traditionally conducted initial public offerings (IPOs). Several Asian jurisdictions have allowed SPAC IPOs and Indonesia is reviewing its position.

An increase in the number of Indonesian IPOs is considered an attractive proposition, and an alternative scheme for fundraising or conducting traditional IPOs, as offered by SPAC and de-SPAC transactions, would provide a means to that end. However, a lack of alignment between the relevant regulations could prove a barrier, so a clear legal framework is essential if progress is to be made.

Click here to read IFLR’s Capital Markets Special Focus 2022.