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Banji Adenusi In April 2013, the Nigerian Stock Exchange (NSE) launched the Alternative Securities Market (ASeM) as a parallel market to its main bourse – having rebranded the second tier securities market. The aim of the ASeM is to provide small and medium-scale enterprises and emerging businesses with a platform to access and raise long-term capital. Further to the launch, the NSE has updated its Green Book, which details the requirements for listing on the ASeM. What is most notable about the ASeM, however, is the flexibility it offers by way of less stringent regulations than would have been available to companies listed on the main bourse, such as the absence of a requirement for capitalisation or shareholders equity. It is important to note that the ASeM is only accessible to publicly-held companies, with such companies having a minimum of two years' operating track record. One key introduction, targeted at ensuring conformity with international best accounting practices and management control, is the requirement that companies listing on the ASeM adopt the international financial reporting standards. The rule book further requires that the company offers 15% of its share capital to the public and be held by not less than 51 shareholders, with a lock-up period of 12 months post-listing, in which the promoters and directors of the company are required to hold a minimum of 50% of their shares held pre-listing in the company, where the listing is in connection with an initial public offering. In addition to this, the company is required to have a designated adviser, whose main responsibility is to ensure that the company meets all disclosure requirements in the ASeM rules.

Mauritius has lined up with the first few countries to sign a cooperation agreement with EU securities regulators following approval of the memorandum of understanding by the European Securities and Markets Authority at its May 22 2013 meeting. The move makes Mauritius one of the very few African jurisdictions to enter into cooperation arrangement with EU authorities in the EU Alternative Investment Fund Managers Directive (AIFMD) era. The cooperation agreement will provide the mechanism for exchange of information, mutual assistance and application of the provisions of AIFMD to Mauritius-domiciled alternative investment funds (AIFs).

Europe’s proposed FTT could have a crippling impact on governments’ ability to fund themselves

Bukola Iji of SPA Ajibade & Co describes recent developments in Nigeria’s capital markets, including the April launch of the Alternative Securities Market

Israel Aye of Sterling Partnership discusses the importance of passing the proposed Petroleum Industry Bill in the face of increased competition from other major, and emerging, oil and gas producers

International firms are able to practice Chinese law more professionally than Chinese domestic firms

Rather than being a source of concern, investors should understand the policy to capitalise on the significant commercial advantages it offers

British Airways has become the first airline to combine a Japanese lease with an enhanced equipment trust certificate, or EETC in a landmark deal for airline finance.

Agustin Martin Calmarza, head of European Credit Research & covered bonds at BBVA, assesses the characteristic of different covered bond regimes and how the instrument are becoming a global asset class

Luca Bertalot, head of the European Covered Bond Council and deputy secretary general of the European Mortgage Federation, explains how funding models are evolving after the crisis, and the fundamental importance of the Covered Bond Label initiative