Debt Capital Markets

Recent Articles

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  03/04/2025

  Luxembourg

  LuxSE unveils Euro MTF EM3S: unlocking new opportunities for professional investors

  I. IntroductionThe Luxembourg Stock Exchange (the LuxSE) has launched a new professional segment within its Euro MTF Market: the Euro MTF Specialist Securities Segment (the Euro MTF EM3S). This segment is exclusively available to professional investors and provides an alternative trading venue for financial instruments with stronger confidentiality requirements.The Euro MTF EM3S will admit to trading a wide range of securities (EM3S Securities) tailored for these investors. EM3S Securities may contain confidential data, proprietary information, commercially sensitive intellectual property...

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  26/02/2025

  United Kingdom

  FCA proposals for retail investor participation

  IntroductionThe Financial Conduct Authority (FCA) has recently proposed significant changes aimed at simplifying the prospectus regime for equity and bond issuances. These proposals address the long-standing issue of retail investors being excluded from new issues by listed companies and aim to encourage greater participation in both the equity and corporate debt markets. Current Challenges for Retail InvestorsRetail investors have frequently been excluded from investing in new issues by listed issuers, whether of shares or bonds. From the perspective of issuers, opening up fundraisings...

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  15/01/2025

  China

  2025 – Topics that may Concern You

  Companies doing business in China constantly have to deal with changes in regulations and new laws. This will also continue in 2025.Topics such as the new PRC Company Law, new PRC Tariff Law, PRC Regulations on Export Control of Dual-Use Items, network data security management, data transfer, opening up capital markets to foreign investment, and raise of statutory retirement age of employees etc. will continue to be a concern for many companies in China in 2025.Complying with regulatory requirements is one of the key challenges for foreign companies and investors in China, not only in terms of...

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  11/12/2024

  Luxembourg

  CSSF Circular 24/867 to implement key amendments introduced by the Listing Act

  On 7 December 2022, the European Commission submitted a package of measures referred as the “Listing Act” (the Act). Its primary objective is to streamline and modernise the regulatory framework for companies seeking to list on public markets across the European Union (the EU), with the overarching goal of bolstering the competitiveness of EU capital markets and encourage broader participation by small and medium-sized companies.Following a provisional agreement reached between the European Parliament (the EP) and the Council on 1 February 2024, the Council of the European Union (the...

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  02/12/2024

  China

  China Overhauls its Rules of Foreign Strategic Investment in A-share Listed Companies

  On 1 November 2024, the long-awaited Administrative Measures for Strategic Investments in Listed Companies by Foreign Investors (“New Measures”) were jointly released by six government departments, including the Ministry of Commerce (“MOFCOM”) and the Securities Regulatory Commission. The New Measures have taken effect on 2 December 2024. They introduce significant changes, in particular in the areas of eligibility of foreign investors, investment modes, shareholding ratio threshold, lock-up period, and other obligations of the parties concerned.Currently, valuations in...

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  23/10/2024

  Luxembourg

  How are Luxembourg se­cur­it­isa­tion vehicles affected by the NPL Law?

  On 12 July 2024, the Luxembourg Parliament adopted the draft bill No. 8185 (the NPL Law) transposing Directive (EU) 2021/2167 regarding credit servicers and credit purchasers entered into force on 28 December 2021[1]. The NPL Law provides an adequate framework for credit institutions to address non-performing loans (the NPLs) on their balance sheets and reduce a potential risk of future NPL accumulation. Additionally, it introduces new categories of service providers which will be subject to authorisation requirements under the law of 5 April 1993 on the financial sector, as amended.(To delve deeper...

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