IFLR 7th EU Prospectus Rules Conference


27 September 2016, Le Meridien Piccadilly, London

Agenda


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IFLR Coverage

Photos

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View the programme for 2016 below. You can also  download the brochure here .


08.30 Registration and coffee


09.10 Chairperson’s opening remarks
Amanda Thomas
, partner, Allen & Overy


09.15  Keynote address: A view from the European Commission on the prospectus regulation proposals and discussions 

Julia Lemonia Raptis,
policy officer, European Commission


09.45  Regulators’ feedback panel: How the national regulatory authorities view the proposed changes to be brought in by the prospectus regulation and the impact of Brexit

  • What are the principles behind, and the key elements of, the Prospectus Regulation proposals and what major changes are likely to result?
    • In what cases was PDII insufficient?
  • Will there be a wholesale disclosure regime for bonds?
  • Is proportionate disclosure suitable for SMEs or secondary issuances?
  • How will risk factor disclosure change?
  • Are amendments to the summary necessary?
    • How are prospectus summaries likely to be affected going forward?
  • Can the structure of the prospectus (or its components) reduce the burdens on issuers?
  • How do you reconcile easing issuer burdens with reduced investor protection?
  • What scope will the regulation continue to offer national regimes?
  • An update on the timeline for implementation
    • How long will market participants have to prepare themselves?
  • Assessing the implications of Brexit
    • Will Brexit change how prospectuses are written?
    • How could passporting work post-Brexit?

Simon Gleeson, partner, Clifford Chance (moderator)
François-Régis Benois, head of listed corporates regulation division, Autorité des marchés financiers (AMF) - France
Ina O'Sullivan, 
manager, regulated disclosures – primary markets, Central Bank of Ireland
Gregory Frigo, supervision officer, Autoriteit Financiële Markten, Netherlands


10.45  Morning coffee


11.15  An update from ESMA on the prospectus regulation level 2 measures
Ronan Dunne , senior officer, corporate finance, ESMA


11.45  The prospectus regulation - what are the key concerns for the industry?

  • Disclosure requirements for wholesale and retail bonds
    • Is it important to have different disclosure requirements for wholesale and retail bonds?
    • What are the options for differentiating between wholesale and retail bonds?
  • What concerns are there in relation to the categorisation of risk factors?
  • Reflections on the new proposed summary regime
  • Third country issuer requirements considered in light of Brexit
  • What key changes in the wider regulatory landscape are affecting issuers and investment banks?
    • What is the debt capital market's reaction to, and experience of, the market abuse regulatory regime?
      • How are markets reacting to soundings?
        • Difficult, easy, neutral to implement?
        • To what extent is it an administrative burden for investment banks and issuers?
  • Thoughts on Mifid II and the impact of product governance

Charlotte Bellamy , director, International Capital Market Association (moderator)
Richard Johnson , director – head of DCM transaction management, Credit Suisse
Fatema Caderbhoy , head of X-markets, repack & equity derivatives legal, Deutsche Bank
Carolyn Boey,
director, associate general counsel, legal department – EMEA, Bank of America Merrill Lynch 
Regina Schou Stanton,
senior chief legal adviser, Danske Bank 
Maria Kronström,
head of merchant banking, Nordea


12.45 Networking lunch


14.00 A view of the prospectus regulation from the stock exchanges of Ireland, the UK and Luxembourg

Lachlan Burn , partner, Linklaters (moderator)
Gerard Scully , director of international primary markets, Irish Stock Exchange 
Hubert Grignon Dumoulin, member of the executive committee, Luxembourg Stock Exchange
Darko Hajdukovic, head of analytics, fixed income and funds, London Stock Exchange Group


14.50 A buy side view of the Prospectus Regulation proposals

  • How valuable are prospectuses to buy side investors?
  • Focusing on the publication and availability of prospectuses in equity and fixed income transactions
  • Key points of interest to investors in the proposed Prospectus Regulation:
    • Abolition of €100,000 denomination and removal of all incentives to issue debt securities in large denominations
    • Disclosure standards for retail and wholesale non-equity securities
    • Proposed increase of threshold below which a prospectus would not be required for secondary issuance of securities

Pamela Gachara, manager, capital markets team, The Investment Association


15.25 Coffee break


15.45 The challenges of a parallel disclosure regime - How will issuers and investors deal with an issue specific summary and a Priips Key Information Document?

  • What will the KID look like? How will it compare and overlap with the Prospectus issue specific summary?
  • What products are captured by the Priips regime? When must a KID be provided?
  • Monitoring triggers for providing/updating the issue specific summary and the Priips KID
  • What are implications for the issuance timeframe and product lifecycle issues?
  • How will this affect product issuers, distributors and particularly investors?
  • Will Priips requirements mean imposing additional sales restrictions? How will the Priips KID interact with the Prospectus Regulation Summary?

Andrew Sulston , partner, Allen & Overy (moderator)
Ruari Ewing , director, primary markets – market practice and regulatory policy, International Capital Market Association
Laurent Deckers,
executive director, JP Morgan Securities
Ben Pugh , senior legal counsel, derivative securities group, CIB legal, BNP Paribas
Lucia Pivetta, executive director - legal and compliance, Morgan Stanley


16.50 Chair’s closing remarks

17.00  Conference ends

 


Supported by


Euromoney Learning Solutions
  ICMA

 


  



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