European Securities Law (3rd edition)

ISBN : 9780198814863

Raj Panasar; Philip Boeckman
1312 ページ
171 x 246 mm

Fully updated by a team of expert practitioners, 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 the recent EU Prospectus Regulation and the EU Market Abuse Regulation are discussed, as well as the Transparency Directive, the Takeover Directive and the MiFID regimes. Particular considerations for non-EU issuers are also considered, including the position of the UK following Brexit. 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 EU Member States are discussed throughout, and a useful chart outlines the process involved in passporting a prospectus into different EU Member States. Part II also features a chapter new to this edition, covering the ongoing development of the high yield bond market in Europe. In Part III, a country-by-country analysis covers specific issues that arise in eleven of the most significant EU Member States (and the United Kingdom) exploring matters of national legislation as well as interpretation and implementation of EU legislation by those EU Member States. The UK chapter considers the implications of Brexit for market players in the United Kingdom and Europe. This work is an essential resource for all lawyers advising on securities transactions and financial and securities laws, whether for clients based in Europe or for non-EU issuers in Europe.


Part I: Regulatory Framework in Europe
1 Lachlan Burn: The European Directives Relating to Issue and Trading of Securities
Part II: Doing Deals in Europe
2 Raj Panasar, Maegan Morrison, Javier Redonet, and Matthew Fisher: Equity
3 Matthew Tobin and Eric Phillips: Debt Offerings and Programmes
4 Charles Howarth and Amy Waddington: Private Placements
5 Richard Smith: Liability for London Listing
6 Robert Ogilvy Watson: Takeovers and Stakebuilding
7 Nicholas Dorsey: Special Considerations for Non-EU Issuers
8 Simon Witty, Daniel Hirschovits, and Will Pearce: Underwriting Practice and Procedure
9 Pierre Marie Boury, Alyssa Caples, and Aseet Dalvi: High Yield Bonds
10 Paul Deakins: Equity Linked Bonds
Part III: Member State Regulation
11 Jean-Pierre Blumberg and Filip Lecoutre: Belgium
12 Christian Lundgren and Pernille Hostrup Dalhoff: Denmark
13 Petre Haussila and Petri Avikainen: Finland
14 Marie-Laurence Tibi: France
15 Mark Strauch: Germany
16 Pietro Fioruzzi, Nicole Brunella Puppieni, and Paolo Rainelli: Italy
17 Philippe Hoss: Luxembourg
18 Derk Lemstra and Rogier Raas: The Netherlands
19 Carlos Costa Andrade and Ana Sa Couto: Portugal
20 Luis de Carlos and Marta Rios: Spain
21 Emil Bostrom: Sweden
22 Raj Panasar: UK


Raj S. Panasar is a Partner at Hogan Lovells LLP. Mr. Panasar's practice focuses on international financing transactions and financial regulation. He represents issuers and financial institutions in international equity, high-yield and other debt offerings, and syndicated and leveraged loans. ; Philip J. Boeckman is Managing Partner of the London office of Cravath, Swaine & Moore LLP and serves as Co-Head of the Capital Markets Practice for EMEA. Mr. Boeckman's general corporate practice covers capital markets, including IPOs, rights issuances and other equity offerings, U.S. listings and high-yield bridge, bond and over leveraged financings, as well as mergers and acquisitions.