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Hubert Bazin and David Boitout of Gide Loyrette Nouel outline how China is handling strategic foreign investment in PRC listed companies

The SEC recently announced proposals to improve capital formation for smaller public companies. In some respects, these proposals pick up where securities offering reform left off. Securities offering reform modified the registration, communication and offering process – bringing regulation more in line with market realities. The largest public companies, well-known seasoned issuers (WKSIs), benefited the most from those changes. The new proposals expand the eligibility requirements for the use of a short-form registration statement (Form S-3), simplify the reporting requirements for small business issuers (creating a new issuer category: smaller reporting companies), and make scaled or reduced disclosure requirements available to these smaller reporting companies.

The existing guidelines regulating external commercial borrowings (ECBs) by Indian corporates from non-resident lenders (including international banks, international capital markets, multilateral financial institutions, export credit agencies, suppliers of equipment, foreign collaborators and foreign equity holders) impose restrictions on the end use of ECB proceeds, including limiting their use in the real estate sector.

The way of the future

Takeover defences are in the balance

Companies are swamped with compliance work. Hedge funds and private equity might be creeping up unawares.

Equity A record for Austrian issuance European real estate company Immoeast closed a capital increase of €2.8 billion.

The Securities Industry Council (SIC) announced on June 8 2007 that it has decided to extend the Singapore Code on Takeovers and Mergers to property trusts structured as collective investment schemes (Reits).

Developments in the financial market have led to the creation of financial groups, called financial conglomerates, which provide services and products in different sectors of the financial markets. Until 2002, there was no form of prudential supervision on a group-wide basis of credit institutions, insurance undertakings and investment firms that are part of a conglomerate, in particular regarding the solvency position and risk concentration at the level of the conglomerate, intra-group transactions, internal risk management processes at conglomerate level, and the fit and proper character of the management.

The Warsaw Stock Exchange, the leading stock exchange in central and eastern Europe, with the market value of e224 billion has announced the opening of a new alternative trading system: NewConnect.