DISCLOSURE OF CONTRACTS FOR DIFFERENCES

Size: px
Start display at page:

Download "DISCLOSURE OF CONTRACTS FOR DIFFERENCES"

Transcription

1 DISCLOSURE OF CONTRACTS FOR DIFFERENCES The United Kingdom Financial Services Authority ("FSA") has recently announced that its regime for disclosure of major shareholdings will be expanded to include contracts for differences ("CfDs"). The changes to the disclosure rules are intended to bring CfD positions in shares of UK companies listed on a UK recognised investment exchange (i.e. Main Market, AIM or PLUS) under the general major shareholder notification regime set out in Chapter 5 of the Disclosure and Transparency Rules. The proposed disclosure requirements for CfDs are expected to be finalised in February 2009 and come into effect in September This article examines these requirements and the rationale for them and also considers recent developments in this area in the United States, France and Germany. What is a Contract for Difference? A CfD in respect of a share is a derivative product that gives the parties to the CfD economic exposure to price movements in the underlying referenced shares. The parties to a CfD comprise a party, usually an investment bank, writing the contract (the "CfD writer") and an investor (the "CfD holder"). A CfD will usually not have a specified time period, and will be settled, in cash, on demand by the CfD holder. The CfD holder does not have a right to acquire the referenced shares, or benefit from any ownership rights, such as voting rights, in the underlying shares and therefore only has an economic interest in the share. If the CfD holder holds a long position in the referenced shares, on "closing-out" the CfD, the CfD holder will be entitled to payment from the CfD writer if the price of the referenced shares has gone up, and the CfD writer will be entitled to payment from the CfD holder if the price of the referenced shares has gone down. The CfD writer, as the counter party to the contract, will therefore hold a short position in the referenced shares. In order to cover any potential payment obligations under the contract, the CfD writer may hedge its position either by entering into a long CfD position or by acquiring a corresponding amount of the underlying shares in the market. In practice, there is the possibility that the CfD will be settled by the actual physical delivery of the shares rather than in cash, in which case the CfD holder will acquire full ownership rights in the shares, including any voting rights attached to them. Under the current major shareholder notification regime, the CfD holder is not required to disclose its position during the life of the contract. This allows CfD holders to build stakes through CfDs anonymously. There are a number of reasons for entering into a CfD in addition to the ability to build a stake in a company without disclosure, including: Leverage: A CfD holder will be required to pay an initial margin payment of only 5% to 10% of the value of the shares referenced in the CfD, which allows the CfD holder to gain economic exposure to price movements in the referenced shares at a fraction of the cost of acquiring the shares themselves. Stamp duty: No stamp duty is payable by the CfD holder when it enters into the contract and, where hedging is conducted by a CfD writer which is a "recognised intermediary", the hedging activity is also likely to be exempt from stamp duty. The pursuit of short/long trading strategies: CfDs can be written with the investor going short (i.e., benefiting from a fall in the price of the referenced share) in the 1

2 same way as it would by short selling the shares themselves, but without the corresponding obligation to deliver the shares to the counter party. Consequently, CfDs serve as an efficient way to pursue long/short trading strategies. In the United Kingdom the proposed changes to the disclosure rules are intended to bring CfD positions in shares of UK companies listed on the Main Market, AIM or PLUS under the general major shareholder notification regime set out in Chapter 5 of the Disclosure and Transparency Rules (the "DTR"). The proposed disclosure requirements, explained below, refer to gross long CfD positions. This means that in determining whether the disclosure thresholds have been triggered, the CfD holder must disregard any short positions held in the referenced shares. Why are long CfD positions being brought under the UK major shareholder notification regime? The FSA argues that there are certain 'market failures' which would be addressed by bringing long CfDs within the disclosure regime. The major shareholder notification regime is designed to focus on corporate ownership and voting rights. A CfD holder will not have a right to receive shares on closing out the contract and will not be entitled to direct the writer to vote any shares it holds as a hedge in accordance with the holder's instructions. Whilst CfDs are not a substitute for direct share ownership, the FSA concludes that in certain circumstances they can be used in ways "the intention of which the regulatory regime is designed to catch". Specifically, a survey of market participants found that CfDs are sometimes used by CfD holders to seek to influence voting and other corporate governance matters on an undisclosed basis. Also, the FSA has followed a number of recently reported cases where CfDs have been used to build up significant stakes in companies without prior disclosure. Under the UK Takeover Code, CfDs become disclosable during a takeover "offer period". The inclusion of CfDs in the major shareholder notification regime would also complement the Takeover Code requirements. What are the current disclosure requirements under the UK major shareholder notification regime? The United Kingdom major shareholder notification regime is set out in Chapter 5 of the DTR. DTR 5 applies to the shares of issuers if their home member state is the UK and such shares are admitted to the London Stock Exchange's Main Market, and the shares of UK-incorporated AIM and PLUS companies. For issuers from any other EEA member state, the rules governing major shareholder notifications in that state will be relevant (see below in relation to France and Germany). The UK regime currently requires any direct or indirect holding of 3% or more of the voting rights and every 1% change thereafter to be disclosed. Under DTR 5.3.1, any financial instrument which provides a party with a right to acquire shares is also subject to the disclosure regime as a 'qualifying financial instrument'. The DTR do not currently make any provision for the disclosure of a purely economic interest in shares. Therefore, a CfD would only fall within the current regime if it contains a contractual right to take delivery of the underlying shares and the relevant thresholds are crossed. What are the proposed amendments? The FSA has decided that CfDs should be brought into the scope of the current UK major shareholder notification regime, rather than being subject of a separate regime. 2

3 The amendments will apply in respect of UKincorporated companies whose shares are admitted to the Main Market, AIM or PLUS. Overseas companies whose shares are admitted to the Main Market, AIM or PLUS will therefore not be subject to the CfD disclosure requirements, but non-eea companies whose shares are admitted to the Main Market will continue to be subject to the major shareholder notification regime apart from these requirements. The proposed amendments include a change in the definition of 'qualifying financial instruments' for the purposes of DTR to include financial instruments which have a "similar economic effect to qualifying financial instruments" DTR 5.3.1(1)(b)(ii). A long CfD position gives the holder an economic interest in the underlying shares and so will be caught under the new disclosure regime. This definition will include any derivative instrument that has a 'similar economic effect' and should not be read as applying exclusively to long CfD positions. For example, cash settled options, total return swaps and other similar instruments will be covered by the regime. Under the amended regime, any long CfD positions (and long positions held through other similar derivatives) must be aggregated with any existing actual shareholdings for the purposes of assessing whether the relevant disclosure threshold has been reached. It is expected that an exemption will exist for CfD writers which act as intermediaries and are simply providing liquidity under a CfD. For example, an investment bank that writes a long CfD and hedges his payment obligations by acquiring the underlying shares in the market will not be required to make a disclosure under the DTR provided that the position is only held on the books for the purposes of providing liquidity and the voting rights or any other ownership rights are not exercised. The proposed amendments to the disclosure rules should be finalised in February 2009 and are expected to come into force in September What are the disclosures requirements for CfDs in other jurisdictions? United States Historically, absent special circumstances, CfDs (or cash-settled total return swaps) that are exclusively cash-settled are not required to be disclosed in the United States by a passive CfD holder. 2 The United States major shareholder notification regime, which is governed by the Securities Exchange Act of 1934 (the "Exchange Act"), focuses on "beneficial owners" of shares, and the disclosure rules do not currently deem a CfD holder to "beneficially own" the referenced shares, subject to certain exceptions. 3 However, the issue of whether a CfD holder "beneficially owns" the referenced shares underlying a CfD have been challenged in a recent federal court case. 4 As a result, the United States Securities and Exchange Commission (the "SEC") has announced that it is reviewing the rules and likely will propose changes to the definition of "beneficial 1 The full text of the consultation paper and the amended regulations can be found at 2 Special circumstances include situations where the CfD holder (in its own capacity or together with other collaborating shareholders) is already subject to the Schedule 13D disclosure regime in respect of the referenced shares or the CfD holder intends to use the CfD to influence the voting or corporate policies of the referenced shares' issuer. 3 Pursuant to Section 13(d) of the Exchange Act, a person is deemed to beneficially own a security if that person has or shares voting and/or investment power with respect to the security, including if the person has the right to acquire beneficial ownership of the security within 60 days, such as through the exercise of an option, warrant, right or through the conversion of another security. 4 CSX Corporation v. The Children's Investment Fund Management (UK) LLP, et al., 562 F. Supp. 2d 511 (S.D.N.Y. 2008); affirmed by 2008 U.S. App. LEXIS (2nd Cir. N.Y. Sept. 15, 2008). 3

4 ownership" in 2009 to include a CfD holder's interest in the referenced shares underlying its CfDs. If such a rule change were to be adopted, CfD holders would be required to file a Schedule 13D with the SEC (which is a publicly available electronic disclosure) when the total amount of the CfD holder's interests in the referenced securities (including direct holdings, holdings by affiliated parties, holdings by other members of a "group" (as defined in the Exchange Act rules) or interests attributable through CfDs) exceeds 5% of the issuing company's outstanding shares. 5 The disclosure requirement applies to the registered securities of U.S. public companies (i.e., companies that are subject to the periodic reporting requirements of the Exchange Act). Due to the current uncertainty of the disclosure regime, most CfD holders whose interests in a U.S. public company's securities (including through CfDs) exceeds 5% elect to disclose their ownership by filing a Schedule 13D as soon as they cross the 5% threshold. Europe The major shareholder notification requirements were substantively harmonised across Europe in early 2007 when most member states adopted the Transparency Directive 6. Under the Transparency Directive, member states are required to ensure that, where a shareholder directly or indirectly acquires or disposes of shares of a company whose shares are admitted to trading on an EEA 5 Once a Schedule 13D has been filed, the filer must promptly amend it to reflect any material changes in respect of the filer's interest in the referenced shares, including any greater than 1% change in its holdings, amendments to its CfDs, or the entry into new CfDs. See Commission Guidance on the Application of Certain Provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and Rules Thereunder to Trading in Securities Futures Products, Exchange Act Release No. 46,101, at Question 20 (June 21, 2002) d)); accord. Section 3A(b)(1) of the Exchange Act (excluding security-based swap agreements from the definition of "security"). 6 Directive 2004/109/EC. regulated market, and such shareholding exceeds or falls below certain prescribed thresholds, the shareholder will be required to notify to the issuer the proportion of voting rights that it holds. The Transparency Directive imposes minimum standards which must be incorporated into national law by members states. By focusing holdings of voting rights, CfDs are not covered in the major shareholder notification regime in the Transparency Directive and, to the extent that they wish to bring CfDs within the scope of their national regimes, member states will have to impose more stringent national requirements. The disclosure regimes for CfDs and other derivatives differs in each member state. Below is a brief outline of the current regimes in France and Germany. France The current French major shareholder notification regime requires any acquisition or disposal of shares resulting in the shareholder holding or ceasing to hold the requisite thresholds of voting rights (i.e., 5%, 10%, 15%, 20%, 25%, 33%, 66%, 90% and 95%) to be notified. In addition, on obtaining a holding of 10% or 20%, a holder is required to issue a statement of intent with respect to its holding over the next twelve months. The French securities regulatory authority, Autorité des marches financiers, has recently published proposals with respect to the notification of major shareholdings. The proposals recommend that, in line with the UK approach outlined above, equity swaps, CfDs and similar instruments should be aggregated with any other holding for notification purposes. It is likely that the proposals will be adopted into French law in early Germany The German major shareholder notification regime is set out in the German Securities Trading Act 4

5 (Wertpapierhandelsgesetz "WpHG"). Any acquisition or disposal of shares resulting in the shareholder holding or ceasing to hold the requisite thresholds of voting rights (3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) must be notified. In addition, the WpHG also provides for the disclosure of positions held as a result of certain financial instruments, provided such instruments entitle the owner to acquire already issued shares with voting rights. Cash-settled derivative instruments, such as CfDs, are therefore not taken into account when calculating the holdings of voting rights. 7 No proposed changes to the major shareholder notification regime have been announced by the German authorities even in the light of the fall-out from Porsche's use of cash-settled options in building a 74.1% stake in Volkswagen. Those transactions are, however, being scrutinised under the German market abuse rules. Conclusion CfDs and similar derivative instruments have drawn the attention of securities regulators in a number of jurisdictions. In Europe, even though the Transparency Directive has provided harmonised minimum requirements, CfDs are excluded from those requirements and individual member states will need to take specific legislative steps if they are to impose more stringent national requirements to provide for the disclosure of CfDs. 7 This position was recently confirmed by the German securities regulatory authority, BaFin, in the takeover of Continental AG by Schaeffler KG in 2008 (www.bafin.de/cln_109/nn_721140/shareddocs/mitteilungen/en/20 08/pm conti.html). 5

Recent developments in the disclosure regime for economic interest in shares

Recent developments in the disclosure regime for economic interest in shares Recent developments in the disclosure regime for economic interest in shares by Peter Green and Jeremy Jennings-Mares, Morrison & Foerster (UK) LLP Most jurisdictions impose obligations requiring the disclosure

More information

Contracts for Difference (CFDs)

Contracts for Difference (CFDs) Contract for Difference (CFDs) and FCA Disclosure Requirements What are Contract for Difference (CFDs) CFDs (also known as Synthetic Equity Swaps (SES)) are Over the Counter (OTC) transactions which allow

More information

New FSA rules on disclosure of interests in UK companies

New FSA rules on disclosure of interests in UK companies New FSA rules on disclosure of interests in UK companies The FSA s new rules on Disclosure of Contracts for Difference, which come into force on 1 June 2009, will considerably extend the scope of the disclosure

More information

DISCLOSURE OF EQUITY DERIVATIVE POSITIONS RECOMMENDATIONS TO THE MINISTER OF COMMERCE FROM THE TAKEOVERS PANEL

DISCLOSURE OF EQUITY DERIVATIVE POSITIONS RECOMMENDATIONS TO THE MINISTER OF COMMERCE FROM THE TAKEOVERS PANEL DISCLOSURE OF EQUITY DERIVATIVE POSITIONS RECOMMENDATIONS TO THE MINISTER OF COMMERCE FROM THE TAKEOVERS PANEL Introduction and glossary of terms 1. The Takeovers Panel has the function, among other things,

More information

Consultation Paper 07/20. Financial Services Authority. Disclosure of Contracts for Difference. Consultation and draft Handbook text

Consultation Paper 07/20. Financial Services Authority. Disclosure of Contracts for Difference. Consultation and draft Handbook text Consultation Paper 07/20 Financial Services Authority Disclosure of Contracts for Difference Consultation and draft Handbook text November 2007 Contents 1 Overview 3 2 CfDs on UK Equities 11 3 Potential

More information

Disclosure of CfDs concerns for corporate issuers. slaughter and may. January 2008

Disclosure of CfDs concerns for corporate issuers. slaughter and may. January 2008 Disclosure of CfDs concerns for corporate issuers slaughter and may January 2008 contents 1. Introduction 1 2. The Failings of the Current Regime 1 3. The FSA Options 2 4. Option 2 3 5. Concerns with Option

More information

POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION)

POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION) POLICY STATEMENT TO REGULATION 55-103 RESPECTING INSIDER REPORTING FOR CERTAIN DERIVATIVE TRANSACTIONS (EQUITY MONETIZATION) The members of the Canadian Securities Administrators (the CSA) that have adopted

More information

IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES

IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES 30 July 2008 Contents Page A. Introduction 4 B. Amendments

More information

1) at the end of the term of the CFD, acquired shares held as a hedge by the CFD writer, or

1) at the end of the term of the CFD, acquired shares held as a hedge by the CFD writer, or ISDA International Swaps and Derivatives Association, Inc. One Bishops Square London E1 6AO United Kingdom Telephone: 44 (20) 3088 3550 Facsimile: 44 (20) 3088 3555 email: isdaeurope@isda.org website:

More information

Implications of the Second Circuit Decision in CSX Corporation v. The Children s Investment Fund Management (UK) LLP

Implications of the Second Circuit Decision in CSX Corporation v. The Children s Investment Fund Management (UK) LLP Implications of the Second Circuit Decision in CSX Corporation v. The Children s Investment Fund Management (UK) LLP David H. Pankey David L. Ronn David N. Oakey www.mcguirewoods.com McGuireWoods news

More information

Contracts for Difference. CFA Society of the UK

Contracts for Difference. CFA Society of the UK Contracts for Difference A response by CFA Society of the UK About CFA Society of the UK The CFA Society of the UK (CFA UK), formerly UKSIP, represents the interests of around 7,000 leading members of

More information

England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]

England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL

More information

Private Equity Newsletter

Private Equity Newsletter Private Equity Newsletter July 2006 What Every Investor Should Know Before Acquiring a Large Stake in a Public Company Private equity funds, hedge funds and other investors should consider a variety of

More information

Canada Takeover Guide

Canada Takeover Guide Canada Takeover Guide Contact Jay Lefton Borden Ladner Gervais LLP 1 JLefton@BLG.com 1 The information contained herein is current as of July 2013 and is a summary only of the applicable laws and regulations

More information

Strategic Research: Contracts For Difference

Strategic Research: Contracts For Difference Strategic Research: Contracts For Difference Ian Littlewood Contracts For Difference April 2007 Strategic Research reports from Thomson Financial are designed to enable strategic decision-making for investor

More information

Mr Toby Wallis Primary Markets Policy Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS 23 January 2009

Mr Toby Wallis Primary Markets Policy Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS 23 January 2009 LIBA L ONDON I NVESTM ENT BANKING A SSOCIATION 6 Fr eder i ck' s Pl ace L ondon, EC2R 8BT Telephone: 44 (20) 7796 3606 Facsimile: 44 (20) 7796 4345 e-mail: liba@liba.org.uk websi te: www.liba.org.uk ISDA

More information

o The filing and timing requirements are summarized on Exhibit A. Other Securities Law Issues

o The filing and timing requirements are summarized on Exhibit A. Other Securities Law Issues MORRISON & FOERSTER LLP CHECKPOINTS: THE CONSEQUENCES OF CROSSING VARIOUS OWNERSHIP THRESHOLDS WHEN INVESTING B. JEFFERY BELL * This memorandum outlines certain considerations associated with the acquisition

More information

Joint SIFMA / ICMA Response to the FSA Consultation Paper on Disclosure of Contracts for Difference (CP07/20)

Joint SIFMA / ICMA Response to the FSA Consultation Paper on Disclosure of Contracts for Difference (CP07/20) 12 February 2008 Mr Simon Cottee Policy Primary Markets Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Dear Mr Cottee Joint SIFMA / ICMA Response to the FSA Consultation

More information

F R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T E U R O P E A N S E C U R I T I E S L E G I S L A T I ON

F R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T E U R O P E A N S E C U R I T I E S L E G I S L A T I ON F R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T E U R O P E A N S E C U R I T I E S L E G I S L A T I ON Who is affected by European securities legislation? European securities legislation applies

More information

Client Update Germany Tightens Voting Rights Disclosure Regime and Steps Up Sanctions

Client Update Germany Tightens Voting Rights Disclosure Regime and Steps Up Sanctions 1 Client Update Germany Tightens Voting Rights Disclosure Regime and Steps Up Sanctions FRANKFURT Dr. Thomas Schürrle tschuerrle@debevoise.com Dr. Peter Wand pwand@debevoise.com Philipp von Holst pvonholst@debevoise.com

More information

Chapter 5. Rules and Policies

Chapter 5. Rules and Policies Chapter 5 Rules and Policies 5.1.1 NI 55-104 Insider Reporting Requirements and Exemptions and Consequential Amendments to Related Instruments and Repeal Instruments for Certain Predecessor Instruments

More information

Response to FSA Consultation on Disclosure of Contracts for Differences

Response to FSA Consultation on Disclosure of Contracts for Differences Response to FSA Consultation on Disclosure of Contracts for Differences Introduction Hermes is one of the largest pension fund managers in the City of London and is wholly owned by the BT Pension Scheme.

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

AIM Rules for Companies May 2014

AIM Rules for Companies May 2014 AIM Rules for Companies May 2014 AIM Rules for Companies Introduction 2 Part One AIM Rules 3 Retention and role of a nominated adviser 3 Applicants for AIM 3 Special conditions for certain applicants 4

More information

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order

More information

A I M R U L E S F O R C O M PA N I E S F E B R U A R Y 2 0 0 7

A I M R U L E S F O R C O M PA N I E S F E B R U A R Y 2 0 0 7 A I M R U L E S F O R C O M PA N I E S F E B R U A R Y 2 0 0 7 AIM Rules for Companies Introduction 2 Part One AIM Rules 3 Retention and role of a nominated adviser 3 Applicants for AIM 3 Special conditions

More information

AIM Rules for Companies. January 2016

AIM Rules for Companies. January 2016 AIM Rules for Companies January 2016 1 AIM Rules for Companies Introduction 3 Part One AIM Rules 4 Retention and role of a nominated adviser Applicants for AIM 4 4 Special conditions for certain applicants

More information

AIM Rules for Companies (effective 17 February 2010)

AIM Rules for Companies (effective 17 February 2010) AIM Rules for Companies Introduction 1 Part One AIM Rules 3 Retention and role of a nominated adviser 3 Applicants for AIM 3 Special conditions for certain applicants 4 Principles of disclosure 5 General

More information

POLICY 5.6 NORMAL COURSE ISSUER BIDS

POLICY 5.6 NORMAL COURSE ISSUER BIDS Scope of Policy POLICY 5.6 NORMAL COURSE ISSUER BIDS This Policy sets out the procedures and policies of the Exchange with respect to normal course issuer bids made through its facilities. In general,

More information

Trust and transparency. Small Business, Enterprise and Employment Bill: Trust and transparency

Trust and transparency. Small Business, Enterprise and Employment Bill: Trust and transparency Small Business, Enterprise and Employment Bill: 1 Government proposals to increase transparency of ownership and control of UK businesses came a step closer on 25 June 2014 with the publication of the

More information

Improving Australia s Framework for Disclosure of Equity Derivative Products

Improving Australia s Framework for Disclosure of Equity Derivative Products Improving Australia s Framework for Disclosure of Equity Derivative Products Determining the degree of effective control obtained through equity derivatives and identifying appropriate disclosure requirements

More information

(Legislative acts) REGULATIONS

(Legislative acts) REGULATIONS 24.3.2012 Official Journal of the European Union L 86/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 236/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 March 2012 on short selling and

More information

France Takeover Guide

France Takeover Guide France Takeover Guide Contact Youssef Djehane BDGS Associés djehane@bdgs-associes.com Contents Page INTRODUCTION 1 PUBLIC OFFERS IN FRANCE: GENERAL OVERVIEW 1 PUBLIC OFFERS: KEY HIGHLIGHTS 1 PUBLIC OFFERS:

More information

Financial Report Annual Financial Report 2015

Financial Report Annual Financial Report 2015 Deutsche Postbank Funding Trust IV (a statutory trust formed under the Delaware Statutory Trust Act with its principal place of business in New York, NY, U.S.A.) Financial Report Annual Financial Report

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

More information

Companion Policy 55-104CP Insider Reporting Requirements and Exemptions

Companion Policy 55-104CP Insider Reporting Requirements and Exemptions Companion Policy 55-104CP Insider Reporting Requirements and Exemptions PART 1 INTRODUCTION AND DEFINITIONS 1.1 Introduction and Purpose (1) National Instrument 55-104 Insider Reporting Requirements and

More information

United Kingdom: Main Market - IPO Overview

United Kingdom: Main Market - IPO Overview United Kingdom: Main Market - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the Main Market (premium and standard) of the London Stock Exchange

More information

ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on

ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010. Approved by shareholders of the Company on. Adopted by the board of the Company on DISPLAY VERSION ST IVES PLC ST IVES LONG TERM INCENTIVE PLAN 2010 Approved by shareholders of the Company on Adopted by the board of the Company on The Plan is a discretionary benefit offered by St Ives

More information

Scrip Dividend Scheme Terms and Conditions

Scrip Dividend Scheme Terms and Conditions Scrip Dividend Scheme Terms and Conditions If you are in any doubt about the action you should take with this document, you should immediately consult an appropriate independent advisor duly authorised

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES OF BENEFICIAL OWNERSHIP OF SECURITIES

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES OF BENEFICIAL OWNERSHIP OF SECURITIES UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES OF BENEFICIAL OWNERSHIP OF SECURITIES The Commission is authorized to solicit the information required

More information

M&G HIGH INCOME INVESTMENT TRUST P.L.C

M&G HIGH INCOME INVESTMENT TRUST P.L.C This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available

More information

National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Table of Contents

National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Table of Contents National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues Table of Contents PART PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 TITLE DEFINITIONS AND INTERPRETATION

More information

Half - Year Financial Report January June 2015

Half - Year Financial Report January June 2015 Deutsche Bank Capital Finance Trust I (a statutory trust formed under the Delaware Statutory Trust Act with its principle place of business in New York/New York/U.S.A.) Half - Year Financial Report January

More information

Final Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission.

Final Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission. July 2011 Final Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission. Contents Implications for Non-U.S. Investment Advisers On June 22, 2011, the

More information

FREQUENTLY ASKED QUESTIONS ABOUT RIGHTS OFFERINGS

FREQUENTLY ASKED QUESTIONS ABOUT RIGHTS OFFERINGS FREQUENTLY ASKED QUESTIONS ABOUT RIGHTS OFFERINGS Background What is a rights offering? A rights offering typically provides an issuer s existing shareholders the opportunity to purchase a pro rata portion

More information

The Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective.

The Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective. REITS REAL ESTATE INVESTMENT TRUSTS The Listing Rules Chris Luck, Nabarro LLP As at 1 April 2008, 18 companies have either converted to or have listed as UK-REITS. This article considers how to convert

More information

Share Pledge Disclosures by Directors and Controlling Shareholders

Share Pledge Disclosures by Directors and Controlling Shareholders Share Pledge Disclosures by Directors and Controlling Shareholders A review of existing regulations and policy recommendations by the Asia Pacific Office of the CFA Institute Centre for Financial Market

More information

NOVAGOLD RESOURCES INC. (THE COMPANY ) INSIDER TRADING POLICY

NOVAGOLD RESOURCES INC. (THE COMPANY ) INSIDER TRADING POLICY PURPOSE NOVAGOLD RESOURCES INC. (THE COMPANY ) INSIDER TRADING POLICY The Company is a publicly traded company listed on the Toronto Stock Exchange (the TSX ) and the NYSE MKT LLC (the NYSE MKT, and together

More information

National Instrument 55-104 Insider Reporting Requirements and Exemptions

National Instrument 55-104 Insider Reporting Requirements and Exemptions National Instrument 55-104 Insider Reporting Requirements and Exemptions PART 1 DEFINITIONS AND INTERPRETATION 1.1 Definitions and interpretation (1) In this Instrument acceptable summary form means, in

More information

Proposed Guidance on Insider Order Marking

Proposed Guidance on Insider Order Marking Rules Notice Request for Comments UMIR Please distribute internally to: Legal and Compliance Trading Contact: Naomi Solomon Senior Policy Counsel, Market Regulation Policy Telephone: 416.646.7280 Fax:

More information

Appendix 5. Admission to Trading Rules. Contents. Introduction 2. Part 1 Admission to the Main Securities Market 3. 1 General 3

Appendix 5. Admission to Trading Rules. Contents. Introduction 2. Part 1 Admission to the Main Securities Market 3. 1 General 3 Appendix 5 Admission to Trading Rules Contents Introduction 2 Part 1 Admission to the Main Securities Market 3 1 General 3 2 Conditions for Admission 3 3 Application Process 5 4 Continuing Obligations

More information

Scrip Dividend Scheme

Scrip Dividend Scheme Scrip Dividend Scheme Scrip Dividend Scheme The following explains how the Scheme operates and sets out further details and terms of the Scheme. 1. What is the Scheme? The Scheme enables you to receive

More information

EXCHANGE Traded Funds

EXCHANGE Traded Funds EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...

More information

The Options Clearing Corporation

The Options Clearing Corporation PROSPECTUS M The Options Clearing Corporation PUT AND CALL OPTIONS This prospectus pertains to put and call security options ( Options ) issued by The Options Clearing Corporation ( OCC ). Certain types

More information

Company Policy. This document details Auckland Airport's policy on, and rules for dealing in the following securities ("Restricted Securities"):

Company Policy. This document details Auckland Airport's policy on, and rules for dealing in the following securities (Restricted Securities): Insider Trading Policy and Guidelines Company Policy This policy applies to all Directors, officers and employees of Auckland International Airport Limited ("Auckland Airport") and its subsidiaries who

More information

New UK Premium and Standard Listing Regime.

New UK Premium and Standard Listing Regime. March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed

More information

Companies (Consolidated Accounts) 1999-28

Companies (Consolidated Accounts) 1999-28 Companies (Consolidated Accounts) 1999-28 COMPANIES (CONSOLIDATED ACCOUNTS) ACT by Act. 2014-19 as from 1.11.2014 Principal Act Act. No. 1999-28 Commencement 1.4.2000 Assent 28.10.1999 Amending enactments

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position

More information

How do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions.

How do CFDs work? CFD trading is similar to traditional share dealing, with a few exceptions. What is a CFD? A CFD is an agreement to exchange the difference between the opening and closing prices of the share, index or commodity between the time at which a contract is opened and the time at which

More information

ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 FINANCIAL REPORTING STANDARD EARNINGS ACCOUNTING STANDARDS BOARD

ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 FINANCIAL REPORTING STANDARD EARNINGS ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 14 EARNINGS FINANCIAL REPORTING STANDARD PER SHARE ACCOUNTING STANDARDS BOARD Financial Reporting Standard 14 Earnings per Share is issued by the Accounting

More information

The Revised Canadian Take-Over Bid and Issuer Bid Regime. February 2008

The Revised Canadian Take-Over Bid and Issuer Bid Regime. February 2008 The Revised Canadian Take-Over Bid and Issuer Bid Regime Table of Contents INTRODUCTION...1 TAKE-OVER BIDS...2 WHAT IS A TAKE-OVER BID?...2 ACTING JOINTLY OR IN CONCERT...2 EQUAL TREATMENT OF TARGET'S

More information

SEC ADOPTS FINAL RULES TO THE INVESTMENT ADVISERS ACT OF 1940 IMPLEMENTING PROVISIONS OF THE DODD FRANK ACT

SEC ADOPTS FINAL RULES TO THE INVESTMENT ADVISERS ACT OF 1940 IMPLEMENTING PROVISIONS OF THE DODD FRANK ACT SEC ADOPTS FINAL RULES TO THE INVESTMENT ADVISERS ACT OF 1940 IMPLEMENTING PROVISIONS OF THE DODD FRANK ACT 1. INTRODUCTION On 22 June 2011, the Securities and Exchange Commission ("SEC") adopted final

More information

Chapter 7 EQUITY SECURITIES METHODS OF LISTING. 7.01 Equity securities may be brought to listing by any one of the methods described below.

Chapter 7 EQUITY SECURITIES METHODS OF LISTING. 7.01 Equity securities may be brought to listing by any one of the methods described below. Chapter 7 EQUITY SECURITIES METHODS OF LISTING 7.01 Equity securities may be brought to listing by any one of the methods described below. Offer for Subscription 7.02 An offer for subscription is an offer

More information

ENTERPRISE SECURITIES MARKET RULES FOR COMPANIES

ENTERPRISE SECURITIES MARKET RULES FOR COMPANIES ENTERPRISE SECURITIES MARKET RULES FOR COMPANIES Release 3 16 October 2015 Contents Introduction 3 Part 1 ESM Rules 4 Retention and role of an ESM Advisor 4 Applicants for ESM 4 Special conditions for

More information

Managed Fund Service. Terms and Conditions

Managed Fund Service. Terms and Conditions Managed Fund Service Terms and Conditions Important Information These are the Terms and Conditions for your Balkerne Asset Management Managed Fund Service. You are advised to read them carefully. The terms

More information

Listing of Shares on the Luxembourg Stock Exchange

Listing of Shares on the Luxembourg Stock Exchange Listing of Shares on the Luxembourg Stock Exchange The firm in brief Elvinger, Hoss & Prussen, leaders in their fields since 1964, has broad experience of working on all kinds of capital market transactions

More information

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act 1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:

More information

pauline.ashall@linklaters.com 29 May 2001

pauline.ashall@linklaters.com 29 May 2001 Direct Line 2842 4819 Direct Fax e-mail Our ref Your ref pauline.ashall@linklaters.com 29 May 2001 The Secretary Bills Committee on the Securities & Futures Bill Legislative Council 8 Jackson Road Central

More information

A R T I C L E S O F A S S O C I A T I O N X I N G AG XING AG

A R T I C L E S O F A S S O C I A T I O N X I N G AG XING AG A R T I C L E S O F A S S O C I A T I O N OF X I N G AG 1. Name and place of incorporation of the Company 1.1. The name of the Company is: XING AG 1.2. The place of incorporation of the Company is Hamburg.

More information

Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex )

Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex ) Risk Warning Notice for Contracts for Difference ( CFDs ) and Spot Foreign Exchange ( Forex ) 1. INTRODUCTION 1.1. TradingForex.com is a domain owned and operated by TTCM Traders Trust Capital Markets

More information

HF Markets Europe Ltd. RISKS ASSOCIATED WITH TRANSACTIONS IN DERIVATIVE FINANCIAL INSTRUMENTS (CFDS)

HF Markets Europe Ltd. RISKS ASSOCIATED WITH TRANSACTIONS IN DERIVATIVE FINANCIAL INSTRUMENTS (CFDS) HF Markets Europe Ltd. RISKS ASSOCIATED WITH TRANSACTIONS IN DERIVATIVE FINANCIAL INSTRUMENTS (CFDS) May 2014 Risks associated with transactions in Derivative Financial Instruments (CFDs) WARNING: It is

More information

DIVIDEND REINVESTMENT PLAN RIO TINTO PLC

DIVIDEND REINVESTMENT PLAN RIO TINTO PLC DIVIDEND REINVESTMENT PLAN RIO TINTO PLC TERMS & CONDITIONS Computershare Investor Services PLC has arranged to provide a Dividend Reinvestment Plan to Rio Tinto plc and a number of other clients that

More information

The Alternative Investment Fund Managers Directive a guide for US managers

The Alternative Investment Fund Managers Directive a guide for US managers Financial Services Regulation Practice Group The Alternative Investment Fund Managers Directive a guide for US managers November 15, 2013 The EU Alternative Investment Fund Managers Directive (AIFMD) has

More information

7 IX. Equity (EEA Prospectus Directive) this is provisionally deleted pending review

7 IX. Equity (EEA Prospectus Directive) this is provisionally deleted pending review ICMA PRIMARY MARKET HANDBOOK (IPMA HANDBOOK) Section Seven Standard Documentation & Standard Language 7 IX Standard Form Selling Restrictions A B Debt (UK) Equity (EEA Prospectus Directive) this is provisionally

More information

Consolidated and Separate Financial Statements

Consolidated and Separate Financial Statements Compiled Accounting Standard AASB 127 Consolidated and Separate Financial Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted.

More information

APPENDIX FOR U.S. SECURITIES TRADING

APPENDIX FOR U.S. SECURITIES TRADING APPENDIX FOR U.S. SECURITIES TRADING This Appendix applies in respect of securities trading services in U.S. Securities provided by ICBCIS to the Client. In the event that there is any inconsistency between

More information

Equity Sponsors. Eligibility Criteria, Application Process and Other Regulations. Release 2

Equity Sponsors. Eligibility Criteria, Application Process and Other Regulations. Release 2 Equity Sponsors Eligibility Criteria, Application Process and Other Regulations Release 2 14 April 2014 1 INTRODUCTION 1.1 This paper sets out the Irish Stock Exchange s requirements for applications from

More information

QUESTERRE ENERGY CORPORATION (the Corporation ) INSIDER TRADING AND REPORTING POLICY

QUESTERRE ENERGY CORPORATION (the Corporation ) INSIDER TRADING AND REPORTING POLICY QUESTERRE ENERGY CORPORATION (the Corporation ) INSIDER TRADING AND REPORTING POLICY The purpose of this insider policy is to summarize the insider trading restrictions to which directors, officers, consultants

More information

The Bank of Nova Scotia Shareholder Dividend and Share Purchase Plan

The Bank of Nova Scotia Shareholder Dividend and Share Purchase Plan The Bank of Nova Scotia Shareholder Dividend and Share Purchase Plan Offering Circular Effective November 6, 2013 The description contained in this Offering Circular of the Canadian and U.S. income tax

More information

Transparency Directive 2. Are you ready? Darren Fox 25 June 2015

Transparency Directive 2. Are you ready? Darren Fox 25 June 2015 Transparency Directive 2 Are you ready? Darren Fox 25 June 2015 Introduction Current state of play under TD1 Changes under TD2 Some tricky issues experienced under TD1 (and how TD2 might impact them) 2

More information

PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES

PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES PRINCIPLES FOR PERIODIC DISCLOSURE BY LISTED ENTITIES Final Report TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2010 CONTENTS Chapter Page 1 Introduction 3 Uses

More information

JACKSON NATIONAL LIFE INSURANCE COMPANY JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK. 1 Corporate Way Lansing, Michigan 48951

JACKSON NATIONAL LIFE INSURANCE COMPANY JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK. 1 Corporate Way Lansing, Michigan 48951 JACKSON NATIONAL LIFE INSURANCE COMPANY JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK February 19, 2015 Dear Contract Owner: 1 Corporate Way Lansing, Michigan 48951 Enclosed is a notice of a Special

More information

PRIVATE WEALTH MANAGEMENT COMPANIES

PRIVATE WEALTH MANAGEMENT COMPANIES PRIVATE WEALTH MANAGEMENT COMPANIES (SPFs) www.bdo.lu 2 Private Wealth Management Companies (SPFs) TABLE OF CONTENT FOREWORD 3 1. INTRODUCTION 4 2. ACTIVITIES OF AN SPF 2.1 Permitted activities...5 2.2

More information

Corporate Governance Developments in Greece

Corporate Governance Developments in Greece Corporate Governance Developments in Greece, Managing Partner, Tsibanoulis & Partners 1. Background The following presentation examines the Corporate Governance rules for listed companies according to

More information

FORM 3 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

FORM 3 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 3 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES The Commission is authorized to solicit the information required by

More information

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee. International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out

More information

SECURITIES TRADING AND INSIDER REPORTING POLICY

SECURITIES TRADING AND INSIDER REPORTING POLICY SECURITIES TRADING AND INSIDER REPORTING POLICY Securities law generally prohibits trading or dealing in the securities of a company on the basis of undisclosed material information. Anyone violating these

More information

In accordance with Listing Rule 12.10, Computershare Limited attaches its updated Share Trading Policy.

In accordance with Listing Rule 12.10, Computershare Limited attaches its updated Share Trading Policy. MARKET ANNOUNCEMENT Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile

More information

Authorisation Requirements and Standards for Debt Management Firms

Authorisation Requirements and Standards for Debt Management Firms 2013 Authorisation Requirements and Standards for Debt Management Firms 2 Contents Authorisation Requirements and Standards for Debt Management Firms Contents Chapter Part A: Authorisation Requirements

More information

Insider Trading Policy Approved by the Board of Trustees on September 17, 2015.

Insider Trading Policy Approved by the Board of Trustees on September 17, 2015. Insider Trading Policy Approved by the Board of Trustees on September 17, 2015. AUTOMOTIVE PROPERTIES REAL ESTATE INVESTMENT TRUST A. INTRODUCTION INSIDER TRADING POLICY (the Policy ) 1. This Policy applies

More information

Individual Savings Account Supplementary Terms

Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms and Conditions for Stocktrade Retail Clients forming part of the Agreement between Stocktrade (a division of

More information

PART A: Redlined changes to the current AIM Rules for Companies. AIM opened on 19 June 1995. It is regulated by London Stock Exchange plc.

PART A: Redlined changes to the current AIM Rules for Companies. AIM opened on 19 June 1995. It is regulated by London Stock Exchange plc. STOCK EXCHANGE AIM NOTICE 30 PROPOSED RULE CHANGES & AIM NOTE FOR INVESTING COMPANIES PART A: Redlined changes to the current AIM Rules for Companies Introduction AIM opened on 19 June 1995. It is regulated

More information

AIFMD investor information document Temple Bar Investment Trust PLC

AIFMD investor information document Temple Bar Investment Trust PLC AIFMD investor information document Temple Bar Investment Trust PLC Temple Bar Investment Trust PLC (the Company ) was incorporated in 1926 with the registered number 214601. The Company carries on business

More information

Axway Code of Conduct

Axway Code of Conduct Axway Code of Conduct 1. Preamble The purpose of this Code of Conduct is to describe regulations relating to insider trading applicable to Axway Software S.A. and its subsidiaries ( Axway or the Company

More information

CP 107 Securities lending and substantial shareholding disclosure

CP 107 Securities lending and substantial shareholding disclosure 19 August 2009 Ms Roslyn Nippita Lawyer Investment Banks Australian Securities and Investments Commission GPO Box 9827 Sydney NSW 2001 Dear Ms Nippita CP 107 Securities lending and substantial shareholding

More information

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration.

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration. December 8, 2010 FINANCIAL MARKETS UPDATE SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration The Securities and Exchange Commission (the SEC ) has published

More information

Continuous disclosure policy

Continuous disclosure policy Continuous disclosure policy OtherLevels Holdings Limited ACN 603 987 266 Adopted on 19 February 2015 Level 11 Central Plaza Two 66 Eagle Street Brisbane QLD 4000 GPO Box 1855 Brisbane QLD 4001 Australia

More information

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax USA Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of regulated investment companies: income tax Investment companies in the United States (US) are structured either as openend

More information

CONTRACTS FOR DIFFERENCE

CONTRACTS FOR DIFFERENCE PRODUCT DISCLOSURE STATEMENT CONTRACTS FOR DIFFERENCE Halifax Investment Services Limited Australian Financial Services Licence No. 225973 Date 20th October 2014 HALIFAX Product Disclosure Statement 1

More information