European Securities Law

Abstract Fully updated, this third edition of European Securities Law continues to provide a comprehensive source of knowledge, and practical know-how, about the regulation and operation of the securities markets in Europe. The opening of the work provides the reader with a critical overview of the European legislative process and regulatory framework in the context of public and private capital-raising activities (equity and debt), trading activities, takeovers of publicly traded companies and the associated liabilities. The implications of recent amendments to the EU Prospectus Directive and the new EU Market Abuse Directive are discussed, as well as the Transparency Directive, the Takeover Directive and MiFID. Particular considerations for non-EU issuers are also considered. Part II examines the practicalities of planning and conducting the most common types of transactions under the applicable regulation, highlighting the ways in which key issues, concerns and uncertainties are dealt with by experienced professionals. Key elements of the processes of selected member states are discussed throughout, and a useful chart outlines the process involved in passporting a prospectus into different member states. Part II also features a chapter exploring the ongoing developments of the high yield bond market in Europe. In Part III, a country-by-country analysis covers specific issues that arise in 12 of the most significant member states exploring matters of national legislation, interpretation and transferral of community-level legislation by those member states. The book is an essential resource for all lawyers advising on securities, whether for clients based in Europe or for non-EU issuers in Europe.