Hong Kong Listings of U.S. Companies. Alan Seem and Robert Treuhold June 2015
|
|
- Andra Watkins
- 6 years ago
- Views:
Transcription
1 Hong Kong Listings of U.S. Companies Alan Seem and Robert Treuhold June 2015
2 Advantages of an Overseas Listing Growing trend - Only 2 U.S. companies listed abroad from 1991 to 1999, compared to 75 from 2000 to 2009 Great branding tool, particularly for companies focused on the retail market, like Prada and Coach May be able to reduce regulatory costs, particularly in light of Sarbanes Oxley, as well as legal and other costs Can reduce risk of lawsuits, particularly in jurisdictions where there are no class actions May be appealing for companies seeking to undertake smaller-sized IPOs or companies whose growth prospects are primarily overseas Could be a stepping stone to a later dual listing in the U.S. (but general trend is away from dual listings)
3 Challenges of an Overseas Listing Different regulatory regime and legal requirements Different accounting requirements (although you can use U.S.GAAP if you are listed in the U.S. and apply for a dual primary listing or a secondary listing in Hong Kong) If already listed in the U.S., then will have increased cost of compliance and coordination in two markets. May need to reconcile different share price ranges in different markets, perhaps through the use of ADRs Need to comply with Regulations S (for offers and sales of securities outside the United States) or Rule 144A (for offers and sales to large institutional investors) to avoid having to register as an SEC-reporting company Travel costs and management time to cover the local investor market, although many non-deal roadshows are already global.
4 Examples of Hong Kong listings by U.S.-related businesses Company and Rationale for HK Date Type of Listing Samsonite Incorporated in Luxembourg (since 2009) but with roots in Denver, Colorado (1910) Net sales in Asia (China, India, Middle East and Australia) accounted for over 30% of overall net sales in 2010 (with exponential growth rates) P/E 26x June 2011 Primary Listing Coach Listing done to raise brand awareness in China, the company s largest geographic growth opportunity P/E 13x Dec 2011 Secondary Listing by way of Introduction (HDRs)
5 Examples of Hong Kong listings by U.S.-related businesses Company and Rationale for HK Date Type of Listing 3SBio (leading biotechnology company in China, but previously U.S. listed) Listing sought to raise profile, provide capital, improve liquidity and realize full value Market cap on NASDAQ on May 29, 2013, was US$392m Market cap on HKEx on June 11, 2015, was US$3bn IMAX China Holding Spin-off of IMAX Corp, listed on NYSE Formed to leverage growth in Greater China s theatre industry June 2015 Under review by HKEx Primary Primary sought
6 Issues for U.S. companies to consider for Hong Kong Listings Eligibility for Listing (Main Board Requirements) 3-year trading history Profits test 3-year track record with profits of US$2.6m in most recent year and US$3.9m in previous 2 years; management continuity for 3 years; ownership continuity for 1 year Market Cap/Revenue/Cash Flow Test Market cap of US$260m; revenue of at least US$65m for most recent year; positive cash flow of at least US$13m for 3 preceding years; management continuity for 3 years; ownership continuity for 1 year Market Cap/Revenue Test Market cap of at least US$516m; revenue of at least US$65m; management continuity for 3 years; ownership continuity for 1 year
7 Issues for U.S. companies to consider for Hong Kong Listings Primary Listing (including dual primary listings) Full compliance with HK Listing Rules Secondary Listing (available to those on recognized Exchanges) Mandatory tender offer rules not applicable Transaction/connected party disclosure/approval requirements waived No 25% minimum public float requirement NB: Be wary if more than 50% of trading migrates to HK deemed to be primary Introductions (no fundraising on listing where already traded elsewhere) Initial liquidity requirements U.S. flow-back risk could trigger SEC registration requirements NB: low liquidity concerns ex., Vale and Melco Crown
8 Issues for U.S. companies to consider for Hong Kong Listings States of Delaware and California (both signatories to IOSCO MMOU) are recognized jurisdictions (adequate shareholder protection) but certain differences must be considered: Hong Kong Delaware California AGM: no more than 15 months between AGMs Notice of GMs: HK Law, generally 14 or 21 days (special resolutions) GMs: Members with minority stakes convene GMs: Right to speak and vote for all members (unless conflicted) Listing Rules (appendix 3) articles to comply Bylaws Bylaws 10 to 60 calendar days Bylaws No equivalent No equivalent provisions Company/counsel to review and disclose Bylaws No equivalent provisions Company/counsel to review and disclose
9 As one of the first law firms to establish a presence in key international markets, Shearman & Sterling has led the way in serving clients wherever they do business. This innovative spirit and the experience we have developed over more than 140 years make us the go-to law firm. From major financial centers to emerging markets, we have the reach, depth and global perspective necessary to advise our clients on their most complex worldwide business needs. ABU DHABI BEIJING BRUSSELS FRANKFURT HONG KONG LONDON MENLO PARK MILAN NEW YORK PARIS ROME SAN FRANCISCO SÃO PAULO SHANGHAI SINGAPORE TOKYO TORONTO WASHINGTON, DC Copyright 2015 Shearman & Sterling. Shearman & Sterling, a general partnership organized under the Hong Kong Partnership ordinance and registered with the Law Society of Hong Kong. shearman.com
Nuclear New Build: Risk and Finance
Nuclear New Build: Risk and Finance George Borovas May 2016 Contents Shearman & Sterling s Global Nuclear Group 3 A Changing Industry 4 Nuclear Project Risks from Lenders Perspectives 5 Nuclear Finance
More informationMiFID II for Non-EU Investment Banks, Brokers and Fund Managers
MiFID II for Non-EU Investment Banks, Brokers and Fund Managers Thomas Donegan, Barney Reynolds, Russell Sacks and Nathan Greene Partners, Shearman & Sterling LLP October 10, 2017 What is MiFID II? EU
More informationRussian Companies Listing on the Hong Kong Stock Exchange. September 2014
Russian Companies Listing on the Hong Kong Stock Exchange September 2014 Hong Kong Shanghai Beijing Yangon www.charltonslaw.com RUSSIAN COMPANIES LISTING ON THE HONG KONG STOCK EXCHANGE Slide 1 I m delighted
More informationEmployers pension consultation obligations
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Employers pension consultation obligations Briefing December 2017 Introduction
More informationNew listing regime proposals for emerging and innovative companies
New listing regime proposals for emerging and innovative companies March 2018 New listing regime proposals for emerging and innovative companies March 2018 1 New listing regime proposals for emerging and
More informationHong Kong Proposes Changes to Attract Listing of Innovative Companies on the Main Board
Legal Update Hong Kong 20 December 2017 Hong Kong Proposes Changes to Attract Listing of Innovative Companies on the Main Board Listing of innovative companies with weighted voting rights (WVR) has been
More informationChallenges in Mutual Fund Liquidity Risk Management WEBINAR 13 TH JUNE PM EST
Challenges in Mutual Fund Liquidity Risk Management WEBINAR 13 TH JUNE 2017 4PM EST Agenda Introduction Ian Blance Managing Director, Voltaire Advisors 2 1610 1620 New SEC Liquidity Rules: Next Steps and
More informationCross Border Recognition of Bail-in and Overview on Recent Bail-in Case Studies. FinSAC Workshop on Bail-in and MREL
Cross Border Recognition of Bail-in and Overview on Recent Bail-in Case Studies FinSAC Workshop on Bail-in and MREL Kolja Stehl, Counsel, Shearman & Sterling LLP 12-13 December 2016 Contents 1. Consensual
More informationSEC Adopts Changes to Its Rules Permitting Foreign Private Issuers to Deregister and Terminate Periodic Reporting Obligations
Capital Markets April 5, 2007 SEC Adopts Changes to Its Rules Permitting Foreign Private Issuers to Deregister and Terminate Periodic Reporting Obligations At a meeting on March 21, 2007, the SEC adopted
More informationInvestor Presentation
Investor Presentation May 2013 48,000 employees 200 offices 70 countries 1 global platform Table of Contents I. Company Description II. Global Growth Strategy III. Financial Overview IV. Appendix 2 Company
More informationMay Global Growth Strategy
May 2012 Global Growth Strategy Jones Lang LaSalle Global Growth Strategy G1 G3 Build our local and regional leasing and capital markets businesses G5 Connections Capture the leading share of global capital
More informationCapital Markets September 25, 2008
Capital Markets September 25, 2008 SEC Shortens the Form 20-F Filing Deadline from Six Months to Four Months after Fiscal Year-End and Adopts Amendments to Disclosure Requirements for Foreign Issuers On
More informationUpdate on Third Country Equivalence Under EMIR
CLIENT PUBLICATION FINANCIAL INSTITUTIONS ADVISORY & FINANCIAL REGULATORY 18 November 2015 Update on Third Country Equivalence Under EMIR The European Commission has adopted equivalence decisions on the
More informationOffering Securities in the Kingdom of Saudi Arabia
Offering Securities in the Kingdom of Saudi Arabia AUGUST 2018 IN THIS ISSUE: Background Legal Framework What Does Constitute Offering Securities? Types of Offers of Securities Exempt Offer Private Placement
More informationChanges to Hedge Fund Disclosure and Reporting Obligations
22 January 2014 Practice Groups: Investment Management Changes to Hedge Fund Disclosure and Reporting Obligations By Jim Bulling, Daniel Knight and Julia Baldi In October 2013, the Australian Investment
More informationShareholders' Rights in a Russian Joint-Stock Company
Shareholders' Rights in a Russian Joint-Stock Company Further information If you would like further information on any aspect of the issues described in this note please contact a person mentioned below
More informationRemuneration voting 2015 AGM season. CA Brochure_Remuneration Voting (Dinesh Rajan).indd 1
Remuneration voting 2015 AGM season CA1510026 - Brochure_Remuneration Voting (Dinesh Rajan).indd 1 2 Remuneration voting 2015 AGM season Allen & Overy LLP 2015 CA1510026 - Brochure_Remuneration Voting
More informationHKMA reboots virtual banking. February 2018
HKMA reboots virtual banking February 2018 HKMA reboots virtual banking February 2018 1 HKMA reboots virtual banking On 6 February, 2018, the Hong Kong Monetary Authority (the HKMA ) published draft revisions
More informationStructuring Incremental Loan Facilities: Key Terms, Most Favored Nation Provisions and Incremental Equivalent Agreements
Presenting a live 90-minute webinar with interactive Q&A Structuring Incremental Loan Facilities: Key Terms, Most Favored Nation Provisions and Incremental Equivalent Agreements Lender and Borrower Perspectives
More informationMSCI Overseas China Indexes Methodology
MSCI Overseas China Indexes Methodology September 2011 Section 1: Introduction Under the current Global Investable Market Indexes (GIMI) methodology, the MSCI China Investable Market Indexes include companies
More informationMiFID II 31 December MiFID II. Third country access
MiFID II 31 December 2016 1 MiFID II Third country access December 2016 MiFID II 31 December 2016 1 Key Points MiFID II will allow third country (i.e. non-eu) firms to provide cross-border services in
More informationEU Council Adopts Revised Nuclear Safety Directive
GLOBAL NUCLEAR GROUP CLIENT PUBLICATION 14 August 2014 EU Council Adopts Revised Nuclear Safety Directive If you wish to receive more information on the topics covered in this publication, you may contact
More informationEMIR review. Client briefing. Article. Additional types of financial counterparty. Exemption from the clearing obligation for small FCs
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare EMIR review Client briefing Article May 2017 The European Commission
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 MiFID II Information to clients about investment advice and financial instruments December 2016 MiFID II 31 December 2016 1 Key Points Firms will be required to give additional
More informationParticular disclosure duties regarding the acquisition and disposal of participations in German banks and insurance companies.
Particular disclosure duties regarding the acquisition and disposal of participations in German banks and insurance companies June 2012 Contents Page DISCLOSURE DUTIES REGARDING THE INTENTION TO ACQUIRE
More informationEvery cent counts: China slashes certain IP application fees. April 2017
Every cent counts: China slashes certain IP application fees April 2017 Every cent counts: China slashes certain IP application fees April 2017 1 Every cent counts: China slashes certain IP application
More informationUSE OF NDRS & SELL-SIDE CONFERENCES Among Senior IROs in German-Speaking Countries
USE OF NDRS & SELL-SIDE CONFERENCES Among Senior IROs in German-Speaking Countries APRIL 2017 RESEARCH SUPPORTED BY: INTRODUCTION AND METHODOLOGY Results based on online surveys completed in March of 2017
More informationContents. Introduction 4. Directors conflicts duties 4. What is a conflict? 5. Who can authorise? 6. Authorising conflicts 7
Directors conflicts of interests under the Companies Act 2006 Contents Introduction 4 Directors conflicts duties 4 What is a conflict? 5 Who can authorise? 6 Authorising conflicts 7 Practical steps for
More informationLatham & Watkins Corporate Department
Number 1260 November 22, 2011 Client Alert Latham & Watkins Corporate Department The Limits of Control: Private Funds and the Large Trader Rule... investment advisers to private funds should consider updating
More informationOpportunity Zones: A Preliminary Examination
Opportunity Zones: A Preliminary Examination MAY 2018 The Tax Cuts and Jobs Act of 2017 (the Act ) made significant changes to U.S. federal tax law. One of these changes was the establishment of a new
More informationIntroduction to Listing on the Main Board of the Hong Kong Stock Exchange
Introduction to Listing on the Main Board of the Hong Kong Stock Exchange Hong Kong Shanghai Beijing Yangon www.charltonslaw.com INDEX I. INTRODUCTION... 1 II. QUALIFICATIONS AND REQUIREMENTS FOR LISTING
More informationSEC Issues Risk Alert on Custody Rule, Reinforcing Its Message to Registered Investment Advisers in Its Examination Priorities for 2013
March 15, 2013 Practice Group: Private Equity Investment Management, Hedge Funds and Alternative Investments SEC Issues Risk Alert on Custody Rule, Reinforcing Its Message to Registered Investment Advisers
More informationDC flexibility: providing DC access through external providers.
DC flexibility: providing DC access through external providers www.allenovery.com DC flexibility: providing DC access through external providers March 2015 Background Many schemes and sponsors are being
More informationHogan Lovells (Luxembourg) LLP. What do you know about us?
Hogan Lovells (Luxembourg) LLP What do you know about us? Who is Hogan Lovells? Who is Hogan Lovells? Change is happening faster than ever. To stay ahead, you need to anticipate what s next. Whether that
More informationMSCI Overseas China Indexes Methodology
MSCI Overseas China Indexes Methodology Section 1: Introduction Under the current Global Investable Market Indexes (GIMI) methodology, the MSCI China Investable Market Indexes include companies incorporated
More informationPublic-to-private implementation in Poland
Public-to-private implementation in Poland 1 Briefing note April 2012 Public-to-private implementation in Poland As stock market values have fluctuated during the financial crisis, investors have seen
More informationMSCI RUSSIA LOCAL LIQUIDITY SCREENED CAPPED INDEX
INDEX METHODOLOGY MSCI RUSSIA LOCAL LIQUIDITY SCREENED CAPPED INDEX September 2017 SEPTEMBER 2017 CONTENTS 1 Introduction... 3 2 Constructing the MSCI Russia Local Liquidity Screened Capped Index... 4
More informationObservations on US LNG Export Prospects in Latin America Eduardo Carvajal, Hogan Lovells US-Americas LNG Forum I, Rio de Janeiro, Brazil May 23, 2018
Observations on US LNG Export Prospects in Latin America Eduardo Carvajal, Hogan Lovells US-Americas LNG Forum I, Rio de Janeiro, Brazil May 23, 2018 Discussion Map Hogan Lovells and LNG Capabilities Delfin
More informationTransform Company Profile as at September, UniCredit S.p.A. Group Brand Management. Milan, November 9 th, 2017
Transform 2019 Company Profile as at September, 2017 Group Brand Management UniCredit S.p.A. Milan, November 9 th, 2017 UniCredit is ready to seize opportunities of evolving banking environment Our Vision
More informationFirms will be required to appoint a single officer with specific responsibility for client assets
MiFID II Safeguarding of client assets Key Points Firms will be required to appoint a single officer with specific responsibility for client assets Title transfer collateral arrangements ("TTCAs") will
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 MiFID II Appropriateness December 2016 MiFID II 31 December 2016 1 Key Points Appropriateness assessments will be applied to new types of complex investments. New record-keeping
More informationwatsonwyatt.com Compensation Discussion and Analysis Scorecard
Compensation Discussion and Analysis Scorecard The Securities and Exchange Commission s (SEC) proxy disclosure rules, effective for 2007 proxy filings, require extremely detailed and complicated disclosures
More informationMSCI Overseas China Index: Early Inclusion Proposal
MSCI Overseas China Index: Early Inclusion Proposal July 7, 2014 Summary MSCI proposes to allow early inclusions of companies with Initial Public Offerings (IPOs) that are of significant size to the MSCI
More informationMiFID II 18 January MiFID II
MiFID II 18 January 2017 1 MiFID II Suitability December 2016 MiFID II 18 January 2017 1 Key Points A specific requirement to take the client's ability to bear losses and risk tolerance into account when
More informationListing International Companies in Hong Kong 2015 Update February 2015
Listing International Companies in Hong Kong 2015 Update February 2015 www.charltonslaw.com 0 Index Page Stock Exchange Rankings 2 Link with Mainland China 9 Weighted Voting Rights 17 HKEx Key Attractions
More informationMIFID2 FOR ASIAN FINANCIAL INSTITUTIONS POSITION LIMITS: HARMONISATION, MONITORING AND REPORTING DECEMBER 2017
MIFID2 FOR ASIAN FINANCIAL INSTITUTIONS POSITION LIMITS: HARMONISATION, MONITORING AND REPORTING DECEMBER 2017 IS MIFID2 RELEVANT TO ME? Trading on EU trading venues Using an EU affiliate to book trades
More informationMIFID2 ASIAN FINANCIAL INSTITUTIONS BEST EXECUTION SEPTEMBER 2017
MIFID2 ASIAN FINANCIAL INSTITUTIONS BEST EXECUTION SEPTEMBER 2017 IS MIFID2 RELEVANT TO ME? Trading on EU trading venues Using an EU affiliate to book trades Providing services to / trading with EU clients
More informationFTSE Global Equity Index Series
FTSE Global Equity Index Series THE FTSE GLOBAL EQUITY INDEX SERIES With an unparalleled record of flexibility, transparency, consistent accuracy and the ability to meet any mandate, FTSE indices are already
More informationUp We Go Again Financial Threshold Increases Effective 1 July 2016
June 2016 Practice Group: Labour, Employment and Workplace Safety Up We Go Again Financial Threshold Increases Effective 1 July 2016 By Michaela Moloney and Meg Aitken What Businesses Need to Know Before
More informationLatham & Watkins Corporate Department
Number 1069 August 5, 2010 Client Alert Latham & Watkins Corporate Department New FINRA Rule 5141 to Replace Current Papilsky Rules Relating to the Sale of Securities in Fixed Price Offerings However,
More informationTransform Company Profile as at June 30, UniCredit S.p.A. Group Brand Management. Milan, August 3 rd, 2017
Transform 2019 Company Profile as at June 30, 2017 Group Brand Management UniCredit S.p.A. Milan, August 3 rd, 2017 UniCredit is ready to seize opportunities of evolving banking environment Our Vision
More informationSupplemental Information Fourth Quarter 2011 Earnings Call
Supplemental Information Fourth Quarter 2011 Earnings Call Market & Financial Overview Capital Values Q4 2010 Shanghai, Washington DC, London Singapore Q4 2011 Hong Kong Shanghai Beijing Milan, New York
More informationTreasury Consultation Paper Another Step Towards Crowd-Sourced Equity Funding
August 2015 Practice Group(s): Capital Markets Consumer Financial Services Treasury Consultation Paper Another Step Towards Crowd-Sourced Equity By Adam Levine, Andrea Beatty and Becki Tam Background On
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 MiFID II Underwriting and placing December 2016 MiFID II 31 December 2016 1 Key Points Firms must identify and prevent or manage conflicts of interest that may arise due to underwriting
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 2 MiFID II Safeguarding of client assets December 2016 MiFID II 31 December 2016 1 Key Points Firms will be required to appoint a single officer with specific responsibility for
More informationReal Estate Investment Beyond(?) the Global Credit Crisis
Real Estate Investment Beyond(?) the Global Credit Crisis James Valente (james.valente@ipd.com) Director, North America November 29 th 2011 2011 ipd.com Overview Variation in regional trends Global investment
More informationSEC adopts requirement for disclosure of hedging policies for employees, officers, and directors
SEC Update January 24, 2019 This is a commercial communication from Hogan Lovells. See note below. SEC adopts requirement for disclosure of hedging policies for employees, officers, and directors On December
More informationCoach, Inc. Lists on the Hong Kong Stock Exchange: A Harbinger of Things to Come?
December 2011 Coach, Inc. Lists on the Hong Kong Stock Exchange: A Harbinger of Things to Come? BY SCOTT R. SAKS, MICHAEL L. ZUPPONE, KEITH D. PISANI & STEVEN D. WINEGAR On December 1, 2011, Hong Kong
More informationMiFID II 31 December MiFID II. Derivatives: trade execution
MiFID II 31 December 2016 1 MiFID II Derivatives: trade execution December 2016 MiFID II 31 December 2016 1 Key Points MiFID II requires certain standardised derivative contracts to be traded through a
More informationMiFID II 31 December MiFID II. Information to clients on costs and charges
MiFID II 31 December 2016 1 MiFID II Information to clients on costs and December 2016 MiFID II 31 December 2016 1 Key Points All costs and associated investment/ancillary services and financial instruments
More informationSEC Adopts Final Rules Relating to Internal Control Reports
Client Publication June 19, 2003 SEC Adopts Final Rules Relating to Internal Control Reports The Securities and Exchange Commission (the SEC ) has adopted final rules under Section 404 of the Sarbanes-Oxley
More informationABS New Markets Japan
ABS New Markets Japan 2 ABS New Markets Japan Fact pattern This scenario considers a UK RMBS master trust structure (a UK SPV Issuer, ultimately backed by a pool of UK collateral) admitted to trading on
More informationQ1 10 Global IPO update. April 2010
Q1 10 Global IPO update April 2010 Q1 10 key highlights Global IPO activity by number of IPOs, was significantly higher in Q1 10 (267 deals) compared with Q1 09 (52 deals), though this was lower than Q4
More informationMSCI EM 50 Index Methodology
Section 1: Introduction The MSCI EM 50 Index is a tradable index designed to be able to serve as the basis for index-linked financial products tracking emerging markets. The index is constructed based
More informationMiFID II Information to clients on costs and charges
MiFID II Information to clients on costs and Key Points associated /ancillary services and financial instruments should be disclosed to clients. This encompasses a wider range of costs than were previously
More informationMiFID II 31 December MiFID II. Commodity derivatives
MiFID II 31 December 2016 1 MiFID II Commodity derivatives December 2016 MiFID II 31 December 2016 1 Key Points An expanded range of commodity derivatives will be brought within the scope of regulation.
More informationDerivatives: trade execution
2016 MiFID II Derivatives: trade execution Key Points MiFID II requires certain standardised derivative contracts to be traded through a trading venue This obligation only applies to those classes of derivatives
More informationNEUBERGER BERMAN Environmental, Social and Governance Policy
NEUBERGER BERMAN Environmental, Social and Governance Policy SEPTEMBER 2017 OUR FIRM Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in
More informationMSCI OVERSEAS CHINA INDEXES METHODOLOGY
INDEX METHODOLOGY MSCI OVERSEAS CHINA INDEXES METHODOLOGY September 2017 SEPTEMBER 2017 CONTENTS 1 Introduction... 3 2 Index Construction... 4 2.1 Defining the Eligible Equity Universe... 4 2.2 Determining
More informationWells Fargo Bank, N.A. as Trustee v. Chukchansi Economic Development Authority, et al., Index No /2013
Robert J. Malionek Direct Dial: 212-906-1816 robert.malionek@lw.com October 15, 2013 Honorable Melvin L. Schweitzer Supreme Court of the State of New York County of New York 26 Broadway New York, NY 10004
More informationGood Oil Conference 2015 Shareholder activism. Clare Pope and Simon Rear
Good Oil Conference 2015 Shareholder activism Clare Pope and Simon Rear Overview of presentation The development of shareholder activism in Australia The objectives of shareholder activists Assessing whether
More informationArbitrability of IP Disputes in Russia
Arbitrability of IP Disputes in Russia Date Natalia Gulyaeva Partner, Head of IP, Media and Technology Practice CIS IP Arbitration Pros? When does IP arbitration make sense? disputes related to IP license
More informationInvestor Presentation. 53,000 employees, 200 offices, 75 countries, 1 global platform
Investor Presentation 53,000 employees, 200 offices, 75 countries, 1 global platform December 2014 Who we are JLL is a leading provider of real estate services and investment management, creating value
More informationMSCI CYCLICAL AND DEFENSIVE SECTORS INDEXES METHODOLOGY
INDEX METHODOLOGY MSCI CYCLICAL AND DEFENSIVE SECTORS INDEXES METHODOLOGY August 2016 AUGUST 2016 CONTENTS 1 Introduction... 3 2 Constructing MSCI Cyclical and Defensive Sectors Indexes... 4 2.1 Constituent
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 1 MiFID II Recordkeeping and telephone and email recording December 2016 MiFID II 31 December 2016 1 Key Points Like MiFID I, MiFID II requires firms to keep records of transactions.
More informationA Comparative Regulatory Guide to Listing in Hong Kong, London, New York and Toronto
A Comparative Regulatory Guide to Listing in Hong Kong, London, New York and Toronto w w w. d o r s e y. c o m This guide has been prepared by Dorsey & Whitney LLP and is aimed at providing a comparative
More informationThe pension scheme master trust market in 2018/19
The pension scheme master trust market in 2018/19 A regulatory revolution 2 The pension scheme master trust market in 2018/19 A regulatory revolution Master trusts have quickly established themselves as
More informationLISTING RUSSIAN COMPANIES IN HONG KONG
LISTING RUSSIAN COMPANIES IN HONG KONG Hong Kong Shanghai Beijing Yangon www.charltonslaw.com INDEX INTRODUCTION...4 BENEFITS OF LISTING IN HONG KONG...6 SPECIFIC REQUIREMENTS FOR RUSSIAN COMPANIES...6
More informationClient Alert. UK Takeovers: Defined Benefit Pension Trustees Gain New Rights. The Introduction of Rules in Favour of Pension Trustees
Number 1511 30 April 2013 Client Alert Latham & Watkins Corporate and Tax Department UK Takeovers: Defined Benefit Pension Trustees Gain New Rights. A framework within which the takeover parties and the
More informationCAMAC's Report on Equity Crowdfunding: Does it Pave the Way to Bridge the Capital Gap for Start- Ups and Small Scale Enterprises in Australia?
18 June 2014 Practice Group: Corporate/M&A Capital Markets CAMAC's Report on Equity Crowdfunding: Does it Pave the Way to Bridge the Capital Gap for Start- Ups and Small Scale Enterprises in Australia?
More informationMiFID II Best execution and client order handling
2015 MiFID II Best execution and client order handling Key Points The definition of trading venue will include the new MiFID II concept of an organised trading facility A firm's obligation to take steps
More informationSEC Proposes New Limits on Funds Use of Derivatives
December 2015 Practice Groups: Investment Management, Hedge Funds and Alternative Investments Derivatives & Structured Products Global Government Solutions SEC Proposes New Limits on Funds Use of Derivatives
More informationRaising Capital in Global Financial Markets
Raising Capital in Global Financial Markets Fall 2013 Stephen Sapp What are Capital Markets? Capital markets facilitate the issuance and subsequent trade of financial securities. The financial securities
More informationINDEX METHODOLOGY MSCI HONG KONG+ September 2017
INDEX METHODOLOGY MSCI HONG KONG+ INDEX METHODOLOGY September 2017 SEPTEMBER 2017 CONTENTS 1 Introduction... 3 2 Index construction methodology... 4 2.1 Defining the Eligible Universe... 4 2.2 Index Construction...
More informationCross-Border European Insolvency in the Brexit Era
May 2017 Practice Group: Restructuring & Insolvency Cross-Border European Insolvency in the Brexit Era By Jonathan Lawrence and Lech Gilicinski The regime for dealing with insolvency proceedings within
More informationMSCI RESPONSE TO SEBI DISCUSSION PAPER ON DRAFT CODE OF CONDUCT FOR INDEX PROVIDERS
DOCUMENT TYPE GOES HERE MSCI RESPONSE TO SEBI DISCUSSION PAPER ON DRAFT CODE OF CONDUCT FOR INDEX PROVIDERS MSCI June 2017 JUNE 2017 MSCI appreciates the opportunity to respond to SEBI s Discussion Paper
More informationWilliam Blair Growth Stock Conference
June 2012 William Blair Growth Stock Conference..45,500 employees.200 offices.70 countries.1 global platform... Leading Brand Well Positioned for Growth Market Trends Emerging markets to lead global expansion
More informationNDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China
1 Briefing note September 2015 NDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China Recent legal updates from China demonstrate a shift in the government's
More informationClient Alert. Hong Kong Jurisdiction Relating to Cross Border Insolvency Issues Becomes Increasingly Clear. Background
Number 1502 22 April 2013 Client Alert Latham & Watkins Litigation Department Jurisdiction Relating to Cross Border Insolvency Issues Becomes Increasingly Clear The fact that the controlling mind of a
More informationMSCI CYCLICAL AND DEFENSIVE SECTORS INDEXES METHODOLOGY
INDEX METHODOLOGY MSCI CYCLICAL AND DEFENSIVE SECTORS INDEXES METHODOLOGY November NOVEMBER CONTENTS 1 Introduction... 3 2 Constructing MSCI Cyclical and Defensive Sectors Indexes... 4 2.1 Constituent
More informationSummary. 1. Company A, incorporated in Singapore and primarily listed on the Singapore Exchange, applied for a dual primary listing on the Main Board.
HKEx LISTING DECISION HKEx-LD70-1 (July 2009) (Updated in April 2014) Summary Party Subject Company A - a Main Board applicant incorporated in Singapore and primarily listed on the Singapore Exchange Whether
More informationGlobal. Real Estate Outlook. Jeremy Kelly Global Research. David Green-Morgan Global Capital Markets Research
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research Ben Breslau Director of Research, Americas 7 th February 2013 Global Real Estate Outlook Road
More informationSupplemental Information Earnings Call
Supplemental Information Earnings Call Fourth-Quarter 2015 Market volume & outlook JLL Research Investment volumes remain solid; outlook steady Market Volumes Actual Forecast Capital Markets (1) LC USD
More informationQ&A on the Foreign Corrupt Practices Act for private equity firms
April 2011 Q&A on the Foreign Corrupt Practices Act for private equity firms Agencies charged with enforcement of the US Foreign Corrupt Practices Act (FCPA) have broadened their traditional focus, recently
More informationMiFID II. Inducements. Key Points
MiFID II Inducements Key Points There will be further guidance on the meaning of the phrase "designed to enhance the quality of the service" (which is a pre-requisite for an inducement to be permitted
More informationMSCI Economic Exposure Indices
Contents Section 1: Introduction... 2 Section 2: Index Construction Methodology... 3 Section 3: Maintaining... 4 Appendix I: Determination of Company Level Economic Exposure... 6 Appendix II: Target Number
More informationInvestor Presentation. 53,000 employees, 200 offices, 75 countries, 1 global platform
Investor Presentation 53,000 employees, 200 offices, 75 countries, 1 global platform August 2014 Who we are JLL is a leading provider of real estate services and investment management, creating value for
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )
More informationMSCI Economic Exposure Indexes Methodology
es Methodology Contents 1 Introduction... 3 2 Index Construction Methodology... 4 2.1 Applicable Universe:... 4 2.2 Security Selection:... 4 2.3 Weighting Scheme:... 4 2.4 Rebalancing Frequency:... 4 2.5
More informationUBS Conference. May 14, 2007
UBS Conference May 14, 2007 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such measures to the comparable GAAP figures are included in the
More information