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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 20 Issuers incorporated in third countries S. 1018-1020

„… Article 20 Issuers incorporated in third countries 1. The competent authority of the home Member …” „… State of issuers having their registered office in a third country may approve a prospectus for an offer …” „… trading on a regulated market of securities, issued by an issuer incorporated in a third country, in a …”

Article 17 Information requirements for issuers whose shares are admitted to trading on a regulated market S. 1179-1183

„… 17 Information requirements for issuers whose shares are admitted to trading on a regulated market (1 …” „… ) The issuer of shares admitted to trading on a regulated market shall ensure equal treatment for all …” „… holders of shares who are in the same position. (2) The issuer shall ensure that all the facilities and …”

Article 18 Information requirements for issuers whose debt securities are admitted to trading on a regulated market S. 1183-1187

„… their national central banks in their capacity as share issuers if the shares were admitted to trading …” „… for issuers whose debt securities are admitted to trading on a regulated market (1) The issuer of debt …” „… . (2) The issuer shall ensure that all the facilities and information necessary to enable debt …”

Article 18 Insider lists S. 799-808

„… ‘promptly’. Article 18 Insider lists (1) Issuers or any person acting on their behalf or on their account …” „… authority as soon as possible upon its request. (2) Issuers or any person acting on their behalf or on their …” „… account of the issuer assumes the task of drawing up and updating the insider list, the issuer remains …”

Article 2 Definitions S. 1104-1114

„… original version of the TD allowed for an opt out from the obligation to require issuers to disclose new …” „… a market as defined in Article 4(1), point 14, of Directive 2004/39/EC; (d) ‘issuer’ means a natural …” „… regulated market, the issuer means the issuer of the securities represented, whether or not those securities …”

Article 17 Public disclosure of inside information S. 778-799

„… information (1) An issuer shall inform the public as soon as possible of inside information which directly …” „… concerns that issuer. The issuer shall ensure that the inside information is made public in a manner which …” „… Directive 2004/109/EC of the European Parliament and the Council. The issuer shall not combine the …”

Article 20 Languages S. 1189-1193

„… additionally imposed on issuers under TD Article 3(1).5 This concerns, inter alia, the periodic information …” „… addressed to either the issuer or ‘any person having requested, without the issuer’s consent, the admission …” „… of its securities to trading on a regulated market’. Where the issuer or such a person discloses any …”

Article 13 Approval of the prospectus S. 999-1004

„… reasonable to assume that issuers will not have URDs filed and approved by multiple competent authorities (as …” „… process of reviewing the prospectus – whenever an issuer files a prospectus outside of its home Member …” „… authority of the home Member State. 2. This competent authority shall notify the issuer, the offeror or the …”

Article 19 Managers’ transactions S. 808-824

„… persons closely associated with them, shall notify the issuer or the emission allowance market participant …” „… issuers, of every transaction conducted on their own account relating to the shares or debt instruments of …” „… that issuer or to derivatives or other financial instruments linked thereto; (b) in respect of emission …”

Article 5 The prospectus S. 974-984

„… issuer and of the securities offered to the public or admitted to trading on a regulated market, is …” „… position, profit and losses, and prospects of the issuer and of any guarantor, and of the rights attaching …” „… form. 2. The prospectus shall contain information concerning the issuer and the securities to be …”

Article 21 Access to regulated information S. 1193-1197

„… notification would be in the language of the issuer’s home Member State. Article 20(5) goes beyond this and …” „… requires Member States to allow notifications to be made in English. What is more, where an issuer receives …” „… information (1) The home Member State shall ensure that the issuer, or the person who has applied for …”

Article 8 Exemptions S. 1137-1140

„… correspond to the issuer’s home state.13 Article 8 Exemptions (1) Articles 4 and 5 shall not apply to the …” „… following issuers: (a) a State, a regional or local authority of a State, a public international body of …” „… central banks whether or not they issue shares or other securities; and (b) an issuer exclusively of debt …”

Article 4 Annual financial reports S. 1118-1124

„… control. Chapter II Periodic information Article 4 Annual financial reports (1) The issuer shall make …” „… by the persons responsible within the issuer, whose names and functions shall be clearly indicated …” „… , financial position and profit or loss of the issuer and the undertakings included in the consolidation taken …”

Article 23 Third countries S. 1200-1204

„… central access point at EU level, the use of a unique identifier number for each issuer, a common format …” „… realised. Article 23 Third countries (1) Where the registered office of an issuer is situated in a third …” „… country, the competent authority of the home Member State may exempt that issuer from requirements under …”

Article 2 Definitions S. 958-965

„… that securities of the latter type are issued by the issuer of the underlying shares or by an entity …” „… belonging to the group of the said issuer; c. ‘non-equity securities’ means all securities that are not …” „… request to the issuer without prejudice to the relevant legislation on data protection. Investment firms …”

Article 5 Half-yearly financial reports S. 1124-1131

„… yield significant capital market benefits. Article 5 Half-yearly financial reports (1) The issuer of …” „… three months thereafter. The issuer shall ensure that the half-yearly financial report remains available …” „… persons responsible within the issuer, whose names and functions shall be clearly indicated, to the effect …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… shareholder acquires or disposes of shares of an issuer whose shares are admitted to trading on a regulated …” „… market and to which voting rights are attached, such shareholder notifies the issuer of the proportion of …” „… voting rights of the issuer held by the shareholder as a result of the acquisition or disposal where that …”

Article 16 Additional information S. 1177-1179

„… would thus be required. Article 16 Additional information (1) The issuer of shares admitted to trading …” „… the issuer itself and giving access to the shares of that issuer. (2) The issuer of securities, other …” „… published by issuers regarding changes in the rights attaching to the various classes of shares and changes …”

Article 7 Minimum information S. 987-990

„… the European Economic Area; e. the various activities and size of the issuer, in particular credit …” „… , to their shorter track record; f. if applicable, the public nature of the issuer; g. a proportionate …” „… abuse, provided that the issuer has not disapplied the statutory pre-emption rights. 3. The delegated …”

Article 3 Integration of securities markets S. 1114-1118

„… Article 3 Integration of securities markets (1) The home Member State may make an issuer subject to …” „… requirements more stringent than those laid down in this Directive, except that it may not require issuers to …” „… derogation from paragraph 1, the home Member States may require issuers to publish additional periodic …”

Article 19 Home Member State control S. 1187-1189

„… between issuer and debtholders, not necessarily limited to information pertaining to meetings.13 Again …” „… strengthening ways of using modern information and communications technology.14 Each issuer needs to submit this …” „… Home Member State control (1) Whenever the issuer, or any person having requested, without the issuer’s …”

Article 33 SME growth markets S. 217-221

„… that the following is complied with: (a) at least 50 % of the issuers whose financial instruments are …” „… to trading of financial instruments of issuers on the market; (c) on initial admission to trading of …” „… issuer on the market, for example audited annual reports; (e) issuers on the market as defined in point …”

Article 12 Prospectuses consisting of separate documents S. 997-999

„… The above example is possible in the internal market; however, the issuer may only ‘passport’ the …” „… consisting of separate documents 1. An issuer which already has a registration document approved by the …” „… Article 16. The securities and summary notes shall be subject to a separate approval. 3. Where an issuer …”

Article 14 S. 1174-1176

„… lawmaking discussed above.5 Article 14 (1) Where an issuer of shares admitted to trading on a regulated …” „… but on the issuer’s behalf, the home Member State shall ensure that the issuer makes public the …” „… the issuer’s own shares at the 5 and 10 % levels. The information about a significant position in its …”

Article 8 Omission of information S. 990-994

„… detrimental to the issuer, provided that the omission would not be likely to mislead the public with regard to …” „… facts and circumstances essential for an informed assessment of the issuer, offeror or guarantor, if any …” „… not such as will influence the assessment of the financial position and prospects of the issuer …”

Article 3 Definitions S. 1236-1242

„… of an issuer of such a debt or financial obligation, debt security, preferred share or other …” „… characteristics of the types of rated entities, issuers and financial instruments or other assets; […] (w) ‘rating …” „… , borrowers, issuers, banks and governments by providing important insights that help when making informed …”

Introduction S. 941-951

„… ’ (www.law.ox.ac.uk/business-law-blog/blog/2016/05/eu-prospectus -regulation-some-out-box-thinking) (2016); Enriques L and Tröger TH, ‘Issuer …” „… Securities Disclosure: Why Issuer Choice is not Investor Empowerment’ (1999) 85 Virginia Law Review 1335 …” „… transparency requirements in relation to information about issuers whose securities are admitted to trading on …”

Article 16 S. 587-588

„… issuer of the certificates is offering adequate safeguards for the protection of investors. Article 15 …” „… shares shall only be considered if the relevant NCAs are of the opinion that the issuer of the …” „… Information requested by the competent authorities Article 16 1. An issuer whose securities are admitted to …”

Article 7 Responsibility and liability S. 1135-1137

„… at least with the issuer or its administrative, management or supervisory bodies and shall ensure …” „… that their laws, regulations and administrative provisions on liability apply to the issuers, the …” „… bodies referred to in this Article or the persons responsible within the issuers. I. General features …”

Article 14 Publication of the prospectus S. 1004-1007

„… securities set out in this Directive”. – The “issuer” is the issuer of the Depository Receipts (in the …” „… abovementioned case, the trust) and not the issuer of the underlying shares. In the specific case mentioned above …” „… denomination over 1,000 EUR and if the issuer chooses Germany as home Member State provided that a public offer …”

Article 8 S. 581-583

„… issuer of the shares represented by the certificates complies with Arts 42 through 44, 64 through 69, and …” „… below → Art 8) are fulfilled, issuers have a legal right to admission.2 Article 7 Member States may not …” „… additional conditions apply generally for all issuers or for individual classes of issuer and that they have …”

Article 7 Inside information S. 673-692

„… more issuers or to one or more financial instruments, and which, if it were made public, would be …” „… issuers or to one or more financial instruments, and which, if it were made public, would be likely to …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 c) Relating to issuers of financial instruments …”

Article 19 Uses of languages S. 1016-1018

„… Chapter V Use of languages and issuers incorporated in third countries Article 19 Uses of languages …” „… in a language customary in the sphere of international finance, at the choice of the issuer, offeror …” „… the choice of the issuer, offeror or person asking for admission to trading, as the case may be. 3 …”

Article 6 Report on payments to governments S. 1131-1135

„… , addressed to Member States, to require quarterly reporting from the issuers (see → Art 3(1)). However, the …” „… prohibition and remains free to require issuers to publish additional periodic financial information in all or …” „… jurisdictions such as the US.48 V. Voluntary reporting Issuers sometimes deliberately and voluntarily publish …”

Article 14 S. 586-587

„… made simultaneously or within short intervals to multiple NCAs by a single issuer or where an …” „… another Member State where the issuer fails to comply with the obligations resulting from admission in …” „… already officially listed in another Member State where the issuer fails to comply with the obligations …”

Article 17 S. 588-590

„… II. Commentary Duty to provide information Article 16(1) requires an issuer whose securities are …” „… of an NCA to request information corresponds with the duty of the issuer to provide such information …” „… issuers whose securities have already been admitted to listing, i.e. it is a post-admission duty.2 An NCA …”

Article 3 Short and long positions S. 888-892

„… issued by a sovereign issuer; (b) entering into a transaction which creates or relates to a financial …” „… a company or a debt instrument issued by a sovereign issuer; (b) entering into a transaction which …” „… sovereign issuer. 4. For the purposes of this Regulation, the position remaining after deducting any long …”

Article 30 Transitional provisions S. 1226-1227

„… statements in accordance with Regulation (EC) No 1606/2002 issuers referred to in Article 9 of that …” „… shareholder shall notify the issuer at the latest two months after the date in Article 31(1) of the proportion …” „… of voting rights and capital it holds, in accordance with Articles 9, 10 and 13, with issuers at that …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… for discussion), as well as share buy-backs by issuers, including buy-backs that fall outside the …” „… scope of Arts 5(1) through (3),35 provided the acquirer or issuer simply carries out the planned …” „… example of a case where an issuer was held not to have used inside information regarding a possible …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… shall have as its sole purpose: (a) to reduce the capital of an issuer; (b) to meet obligations arising …” „… of the administrative, management or supervisory bodies of the issuer or of an associate company. 3 …” „… . In order to benefit from the exemption provided for in paragraph 1, the issuer shall report to the …”

Article 1 Purpose and scope S. 951-958

„… ‘bostadsobligationer’, in accordance with the articles of association of the issuer, are placed in assets which provide …” „… ) and (j), an issuer, an offeror or a person asking for admission to trading on a regulated market shall …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 b) The nature of the issuer or the guarantor …”

Article 21 Powers S. 1020-1023

„… a prospectus shall be empowered at least to: a. require issuers, offerors or persons asking for …” „… necessary for investor protection; b. require issuers, offerors or persons asking for admission to trading …” „… information and documents; c. require auditors and managers of the issuer, offeror or person asking for …”

Article 18 Notification S. 1014-1016

„… Notification 1. The competent authority of the home Member State shall, at the request of the issuer or the …” „… of the summary produced under the responsibility of the issuer or person responsible for drawing up …” „… the prospectus. The same procedure shall be followed for any supplement to the prospectus. The issuer …”

Article 8 d Use of multiple credit rating agencies S. 1274-1276

„… independent. An issuer or related third party soliciting a rating of a structured finance investment shall …” „… decisions. Article 8 d Use of multiple credit rating agencies 1. Where an issuer or a related third party …” „… entity, the issuer or a related third party shall consider appointing at least one credit rating agency …”

Article 20 Investment recommendations and statistics S. 824-833

„… , explicitly or implicitly, concerning one or several financial instruments or issuers, including any opinion …” „… particular investment proposal in respect of a financial instrument or an issuer; or (ii) other persons, and …” „… communication which is related to a specific financial instrument or an issuer. “Financial instruments” have …”

Article 1 Subject matter and scope S. 1099-1104

„… issuers whose securities are admitted to trading on a regulated market (OJ L 390, 31.12.2004, p. 38-57 …” „… than Sorry’ (2015) 15 Journal of Corporate Law Studies 55; Enriques L and Tröger T, ‘Issuer Choice in …” „… Seattle Law Review 1027-1115; Ringe W and Hellgardt A, ‘An international dimension of issuer liability …”

Article 16 Supplements to the prospectus S. 1009-1013

„… period may be extended by the issuer or the offeror. The final date of the right of withdrawal shall be …” „… issuer, offeror or person asking for the admission to trading on a regulated market must use a prospectus …” „… supplement is upon the issuer, offeror or person asking for the admission to trading on regulated markets …”

Article 51 Admission of financial instruments to trading S. 299-303

„… regulated market to establish and maintain effective arrangements to verify that issuers of transferable …” „… markets, even without the consent of the issuer and in compliance with the relevant provisions of …” „… Directive 2003/71/EC. The issuer shall be informed by the regulated market of the fact that its securities …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… rights on behalf of that shareholder. (2) The notification to the issuer shall be effected promptly, but …” „… paragraph 1, but no later than three trading days thereafter, the issuer shall make public all the …” „… information contained in the notification. (7) A home Member State may exempt issuers from the requirement in …”

Article 35 a Civil Liability S. 1294-1301

„… issuer may claim damages from that credit rating agency for damage caused to it due to that infringement …” „… invest into, hold onto or divest from a financial instrument covered by that credit rating. An issuer may …” „… provided by the issuer to the credit rating agency, directly or through information publicly available. 2 …”

Article 7 Notification to competent authorities of significant net short positions in sovereign debt S. 899-902

„… position reaches or falls below the relevant notification thresholds for the sovereign issuer concerned. 2 …” „… incremental levels in relation to each sovereign issuer, as specified in the measures taken by the Commission …” „… sovereign issuer, and the average size of positions held by market participants relating to the sovereign …”

Article 26 Precautionary measures S. 1210-1211

„… issuer or the holder of shares or other financial instruments, or the person or entity referred to in …” „… competent authority of the home Member State, or because such measures prove inadequate, the issuer or the …” „… 26 describes the role of the host Member State1 towards irregular behaviour by an issuer, person or …”

Article 13 S. 1163-1172

„… draft ITS. These forms would then be used for the notification to the issuer and to the competent …” „… person has on an issuer, but systematically does not seek to regulate the objectives or aims of such …” „… which voting rights are attached, already issued, of an issuer whose shares are admitted to trading on a …”

Article 3 Obligation to publish a prospectus S. 965-969

„… investors with a view to enabling them to understand the nature and risks of the issuer, guarantor, and …” „… include a short description of (i) the risks associated with and essential characteristics of the issuer …” „… and any guarantor, including the assets, liabilities and financial position of the issuer and …”

Article 15 S. 1176-1177

„… public by the issuer of the total number of voting rights and capital at the end of each calendar month …” „… number of voting rights of an issuer. In order to strengthen the reliability of this information, Article …” „… 15 requires the issuer to publish the total number of its voting rights and its capital at the end of …”

Article 11 Incorporation by reference S. 995-997

„… ) which contemplates a shelf registration regime and allows an issuer, offeror or person asking for …” „… the issuer. The summary shall not incorporate information by reference. 1 Before the amendment by the …” „… to balance the interests of issuers, in terms of costs, and investors, in terms of clarity and access …”

Article 33 Review S. 1228-1229

„… of whether it is appropriate to end the Article 30(4) exemption for large debt issuers after ten …” „… quarterly financial reporting and statements by the management of issuers. The Commission integrated these …” „… /EC on the harmonisation of transparency requirements in relation to information about issuers whose …”

Article 8 Insider dealing S. 692-705

„… member of the administrative, management or supervisory bodies of the issuer or emission allowance market …” „… participant; (b) having a holding in the capital of the issuer or emission allowance market participant; (c …” „… obtained inside information ‘as a result of ’ the administrative organ of the issuer, etc., whereas the …”

Article 15 S. 587

„… issuer of the certificates is offering adequate safeguards for the protection of investors. Article 15 …” „… shares shall only be considered if the relevant NCAs are of the opinion that the issuer of the …” „… Information requested by the competent authorities Article 16 1. An issuer whose securities are admitted to …”

Article 8 c Double credit rating of structured finance instruments S. 1273-1274

„… Article 8 c Double credit rating of structured finance instruments 1. Where an issuer or a related …” „… least two credit rating agencies to provide credit ratings independently of each other. 2. The issuer or …” „… . An issuer or related third party soliciting a rating of a structured finance investment shall ensure …”

Article 2 Definitions S. 883-888

„… contract, which has a similar economic effect; (d) ‘sovereign issuer’ means any of the following that …” „… or default relating to a sovereign issuer; (f) ‘sovereign debt’ means a debt instrument issued by a …” „… sovereign issuer; (g) ‘issued sovereign debt’ means the total of sovereign debt issued by a sovereign issuer …”

Article 22 Professional secrecy and cooperation between authorities S. 1023-1025

„… of the issuer, offeror or person asking for admission to trading on a regulated market, as well as …” „… the public that an issuer is failing to comply with its obligations (see particulars in Arts 21(3)(h …” „… national competent authorities to, first, require an issuer to disclose all material information which may …”

Article 6 Responsibility attaching to the prospectus S. 984-987

„… raise relatively lower amounts than other issuers, the cost of drawing up a standard prospectus can be …” „… compared to larger issuers and should disclose sufficient information for investors to take their …” „… for issuers to complete. It shall consist of a specific summary, a specific registration document and …”

Article 31 Transposition S. 1227-1228

„… (b) the third country where the issuer is incorporated has not made mandatory the application of …” „… law, regulations or administrative provisions of the third country where the issuer is incorporated …” „… , or – the accounting standards of a third country such an issuer has elected to comply with. (4) The …”

Article 23 Precautionary measures S. 1025-1027

„… . Cooperation would be required when an issuer has more than one home Member State because it has multiple …” „… ’ competent authorities may also be required. Indeed, whenever an issuer applies for approval of a prospectus …” „… for a new type of security, the competent authority shall decide, in consultation with the issuer …”

Article 13 S. 585-586

„… a security to official listing if, in its opinion, the issuer's situation is such that admission …” „… would be detrimental to investors' interests. This may, for example, be the case where the issuer is on …” „… issuer or where an application for admission is made in respect of a security already listed on an …”

Article 6 b Maximum duration of the contractual relationship with a credit rating agency S. 1258-1261

„… rating agency enters into a contract for rating re-securitisations, it shall request that the issuer: (a …” „… ratings issued on new re-securitisations with underlying assets from the same issuer for four years.1 This …” „… out above does not apply, according to Art 6b(2) subpara 2 CRA Regulation, to issuers who have …”

Article 9 Validity of a prospectus, base prospectus and registration document S. 994-995

„… securities, meaning that an issuer must check each national regime in the Member States where the issuer …” „… . Moreover, Art 1(3) of the Prospectus Directive entitles an issuer, an offeror or a person asking for …” „… . Once an issuer decides to use the option provided in Art1(3) of the Prospectus Directive to draw up a …”

Article 29 Publication of decisions S. 1223-1226

„… respective Member State. Delimitation problems can arise where an issuer or person infringes a ‘gold-plated …” „… from disclosing financial statements in accordance with Regulation (EC) No 1606/2002 issuers referred …” „… ) Notwithstanding Article 12(2), a shareholder shall notify the issuer at the latest two months after the date in …”

Article 4 Exemptions from the obligation to publish a prospectus S. 969-974

„… two conditions are met: (i) a valid prospectus is available and (ii) the issuer or the person …” „… been given, the issuer or person responsible for drawing up the initial prospectus should be liable for …” „… and no other prospectus should be required. However, in case the issuer or the person responsible for …”

Article 13 a Aggregation S. 1172-1174

„… same issuer reaching or exceeding the thresholds laid down by Article 9(1). 52 ESMA, Call for Evidence …” „… , consider shareholder S who holds 4 % of the voting rights in issuer X and 2 % in financial instruments …” „… principles of Article 12, 13 and the delegated lawmaking discussed above.5 Article 14 (1) Where an issuer of …”

Articles 20-41 Art. 20-41 S. 592-593

„… of an issuer to apply to the courts for relief. The entitlement to apply to the courts is – as may be …” „… securities are subdivided into conditions relating to the issuer (Arts 42 through 44 apply to shares and Art …” „… 63) contains conditions relating to only the securities and not to the issuer. In cases where the …”

Article 6 S. 580-581

„… laid down by this Directive are satisfied, and (b) that issuers of securities admitted to such official …” „… ensure that the issuers are subject to the obligations provided by the CARD. Article 6 1. The admission …” „… shares may be admitted to official listing only if the issuer of the shares represented fulfils the …”

Article 22 Access to regulated information at Union level S. 1199-1200

„… technical requirements regarding the use of a unique identifier for each issuer by the mechanisms referred …” „… number for each issuer, a common format for the delivery of information by the OAMs and a common …” „… issuer is situated in a third country, the competent authority of the home Member State may exempt that …”

Introduction to Title III S. 593

„… conditions relating to the issuer (Arts 42 through 44 apply to shares and Art 52 applies to debt securities …” „… relating to only the securities and not to the issuer. In cases where the issuer is a state, regional or …” „… also unnecessary to establish special conditions relating to the issuer, because such debt securities …”

Article 10 Acquisition or disposal of major proportions of voting rights S. 1148-1155

„… common policy towards the management of the issuer in question; (b) voting rights held by a third party …” „… specified as requiring an agreement for a ‘lasting common policy towards the management of the issuer in …” „… agreement needs to be the adoption of a common policy towards the issuer. The duration of the common policy …”

Article 24 Competent authorities and their powers S. 1204-1208

„… nancial reports (Articles 4 and 5). This requires that the issuer is subject to IFRS standards …” „… functions. It shall at least be empowered to: (a) require auditors, issuers, holders of shares or other …” „… them or are controlled by them, to provide information and documents; (b) require the issuer to …”

Article 34 Entry into force S. 1229-1230

„… issuers and stored in the officially appointed mechanisms for the storage of regulated information …” „… cash-settled derivatives) as well as the opportunity to simplify the reporting requirements for issuers in the …” „… allowed Member States to exempt certain large debt issuers, during a transitional period of ten years …”

Article 27 Committee procedure S. 1211-1214

„… where issuers or other market participants show irregular behaviour. II. The precautionary principle …” „… issuer’s home Member State is responsible for monitoring compliance with all requirements under the TD …” „… . This can lead to problems where the issuer acts irregularly and the host Member State – where …”

Article 6 Independence and avoidance of conflicts of interest S. 1252-1257

„… rating agency is its reputation and the confidence that investors and issuers have in the integrity and …” „… rating industry on the "issuer pays" model, in which a commission is paid to a rating agency by an issuer …” „… being rated, has led to an increase in the risk of conflicts of interest.6 The “issuer pays”-model …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… ) Additionally, regulated markets have to establish and maintain effective arrangements to verify that issuers of …” „… issuer; 22 however, the regulated market must then inform the issuer of its securities being traded on …” „… that regulated market.23 If an issuer has not consented to its securities being traded on a regulated …”

Articles 34 to 35 S. 1293-1294

„… credit rating, an investor or issuer may claim damages from that credit rating agency for damage caused …” „… credit rating. An issuer may claim damages under this Article where it establishes that it or its …” „… and inaccurate information provided by the issuer to the credit rating agency, directly or through …”

Article 11 Market soundings S. 718-730

„… more potential investors by: (a) an issuer; (b) a secondary offeror of a financial instrument, in such …” „… participants, including between the issuer and its shareholders, with a view to facilitating the raising of …” „… rules create a safe harbour for the disclosure of inside information by issuers, secondary offerors …”

Article 52 S. 604-605

„… ) LCD) requires – corresponding with Art 42 regarding shares – the legal conformity of the issuer. The …” „… that an issuer which does not fulfil these basic requirements is not suitable to have its debt …” „… the wider term ‘undertaking’ with respect of the issuer of debt securities (instead of ‘company’ as is …”

Article 42 S. 593-594

„… conditions relating to the issuer (Arts 42 through 44 apply to shares and Art 52 applies to debt securities …” „… relating to only the securities and not to the issuer. In cases where the issuer is a state, regional or …” „… also unnecessary to establish special conditions relating to the issuer, because such debt securities …”

Article 10 S. 583-584

„… as those laid down in Art 9, i.e. that such derogations must apply generally for all issuers where …” „… general course of business Article 8(4) permits Member States to require issuers of securities admitted to …” „… must apply generally for all issuers where the circumstances justifying them are similar. The CARD …”

Article 3 Definitions S. 654-657

„… to the second subparagraph of Article 17(2); (21) ‘issuer’ means a legal entity governed by private …” „… or public law, which issues or proposes to issue financial instruments, the issuer being, in case of …” „… depository receipts representing financial instruments, the issuer of the financial instrument represented …”

Article 9 S. 583

„… as those laid down in Art 9, i.e. that such derogations must apply generally for all issuers where …” „… general course of business Article 8(4) permits Member States to require issuers of securities admitted to …” „… must apply generally for all issuers where the circumstances justifying them are similar. The CARD …”

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… the issuer or financial instrument Art. 32 MiFID II 1. Security Markets and Services 212 Christoph …” „… information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No …” „… the financial viability of an issuer is threatened. Article 80(2) of Commission Delegated Regulation …”

Article 26 Scope S. 1521-1522

„… issuers Article 26 Scope 1. This Section shall apply to the following: (a) AIFMs managing one or more AIFs …” „… managing AIFs that acquire control over issuers. For the purposes of those Articles, paragraphs 1 and 2 of …” „… issuers control shall be determined in accordance with Article 5(3) of Directive 2004/25/EC. 6. This …”

Article 4 Uncovered position in a sovereign credit default swap S. 892-894

„… instruments of a certain issuer with a nominal value of € 10 m and a ‘modified duration’15 of 2, and a € 20 m …” „… sovereign CDS position. Thus, S holds a net short position in the sovereign debt of the issuer that amounts …” „… default swap does not serve to hedge against: (a) the risk of default of the issuer where the natural or …”

Introduction to Chapter III Intro Chapter III S. 221-222

„… administrative burdens for issuers and that de-registration as an SME growth market should not be the result of …” „… temporary failure to meet the 50% threshold for issuers. Financial instruments issued by SMEs may be traded …” „… on several SME growth markets simultaneously. However, an issuer must be informed of the fact that …”

Article 13 Restrictions on uncovered short sales in sovereign debt S. 914-918

„… a long position in debt instruments of an issuer, the pricing of which has a high correlation with …” „… debt for each sovereign issuer. 5. In order to ensure uniform conditions of application of paragraph 1 …” „… instruments of an issuer, the pricing of which has a high correlation with the pricing of the given sovereign …”

Article 10 Disclosure and presentation of credit ratings S. 1277-1280

„… entity or issuer about the publication of the rating or rating outlook during normal working hours and at …” „… rated company or issuer outside business hours, the notification will be deemed delivered on the next …” „… business day in respect of the company or issuer.7 A rated company or issuer should be provided with at …”

Article 51 S. 604

„… ) LCD) requires – corresponding with Art 42 regarding shares – the legal conformity of the issuer. The …” „… that an issuer which does not fulfil these basic requirements is not suitable to have its debt …” „… the wider term ‘undertaking’ with respect of the issuer of debt securities (instead of ‘company’ as is …”

Article 7 S. 581

„… issuer of the shares represented by the certificates complies with Arts 42 through 44, 64 through 69, and …” „… below → Art 8) are fulfilled, issuers have a legal right to admission.2 Article 7 Member States may not …” „… additional conditions apply generally for all issuers or for individual classes of issuer and that they have …”

Article 50 S. 602-604

„… of the issuer. But in order to provide for protection by way of information6 in cases where the …” „… ) LCD) requires – corresponding with Art 42 regarding shares – the legal conformity of the issuer. The …” „… that an issuer which does not fulfil these basic requirements is not suitable to have its debt …”

Article 64 S. 614-615

„… features Article 64 (previously Annex Schedule C(1) LCD) imposes a post-admission obligation on the issuer …” „… imposes a post-admission obligation on the issuers of shares which have already been officially listed …” „… different class. Duty to apply for admission An issuer is required to apply for the admission to official …”

Article 28 b Sanctioning powers S. 1219-1222

„… the issuer to make public, within the required time limit, information required under the national …” „… provisions’).1 They concern the issuer (lit. (a)) and the infringer of voting rights notifications (lit. (b …” „… )). Breaches by the issuer include the periodic requirements to publish annual and halfyearly financial reports …”

Article 17 Community scope of approvals of prospectuses S. 1013-1014

„… before the final closing date of the offer to the public and the delivery of the securities.6 An issuer …” „… home Member State shall, at the request of the issuer or the person responsible for drawing up the …” „… responsibility of the issuer or person responsible for drawing up the prospectus. The same procedure shall be …”

Article 19 S. 591-592

„… consider the interests of the market and the issuer.8 Suspension is only possible in case of temporary …” „… level,9 or where an issuer fails to comply with important obligations resulting from the admission to …” „… interests of the market and of the issuer. Section 5 Right to apply to the courts in case of refusal of …”

Article 21 a European electronic access point S. 1197-1199

„… exchanged between the EEAP and the OAMs will only relate to the metadata necessary to identify the issuer …” „… Study for a pan-European storage system for information disclosed by issuers of securities – Final …” „… , Feasibility Study for a pan-European storage system for information disclosed by issuers of securities – Final …”

Article 8 b Information on structured finance instruments S. 1271-1273

„… EUR 500,000 to EUR 750,000. Article 8 b Information on structured finance instruments 1. The issuer …” „… creates an obligation for issuers, originators and sponsors of structured finance instruments to jointly …” „… credit rating of structured finance instruments 1. Where an issuer or a related third party intends to …”

Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage S. 1519-1521

„… of non-listed companies and issuers Article 26 Scope 1. This Section shall apply to the following: (a …” „… 30 shall apply also to AIFMs managing AIFs that acquire control over issuers. For the purposes of …” „… Article 30 in regard to issuers control shall be determined in accordance with Article 5(3) of Directive …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… relation to information about issuers whose securities are admitted to trading on a regulated market, and …” „… ) security issuers are subject to periodic and ongoing information requirements ensuring a high level of …” „… agreement with a sovereign issuer, it is dealing as principal in a financial instrument in relation to …”

Index S. 1785-1803

„… – internal rating CRAR 3 12 – investor pays model CRAR 3 16 et seq. – issuer pays model, rating agency …” „… MAR 18 29 et seq. – group of persons MAR 18 33 – instructing insiders MAR 18 35 et seq. – issuers …” „… ’ withdrawal rights PD 16 18 Irrevocability – and finality SFD 5 2 ert seq. – time SFD 5 4 et seq. Issuer …”

Article 14 Restrictions on uncovered sovereign credit default swaps S. 918-920

„… market, especially by increasing the cost of borrowing for sovereign issuers or affecting the sovereign …” „… issuers’ ability to issue new debt. Those grounds shall be based on the following indicators: (a) a high …” „… sovereign debt compared to the sovereign debt of other sovereign issuers; (c) a widening of the sovereign …”

Article 52 Diversification S. 1389-1391

„… assets in the bonds referred to in the first subparagraph which are issued by a single issuer, the total …” „… subparagraph together with the categories of issuers authorised, in accordance with the laws and supervisory …” „… event of failure of the issuer, would be used on a priority basis for the reimbursement of the principal …”

Article 15 Advertisements S. 1007-1009

„… said authority is of the opinion that a newspaper chosen by an issuer does not comply with the …” „… prospectuses approved or a list of prospectuses approved with a link to the relevant issuers’ or regulated …” „… where the issuer, the offeror or the person applying for admission to trading is covered by the …”

Article 32 Amendments S. 1228

„… of whether it is appropriate to end the Article 30(4) exemption for large debt issuers after ten …” „… quarterly financial reporting and statements by the management of issuers. The Commission integrated these …” „… /EC on the harmonisation of transparency requirements in relation to information about issuers whose …”

Article 28 a Breaches S. 1219

„… the issuer to make public, within the required time limit, information required under the national …” „… provisions’).1 They concern the issuer (lit. (a)) and the infringer of voting rights notifications (lit. (b …” „… )). Breaches by the issuer include the periodic requirements to publish annual and halfyearly financial reports …”

Article 5 S. 580

„… laid down by this Directive are satisfied, and (b) that issuers of securities admitted to such official …” „… ensure that the issuers are subject to the obligations provided by the CARD. Article 6 1. The admission …” „… shares may be admitted to official listing only if the issuer of the shares represented fulfils the …”

Article 9 Legitimate behaviour S. 705-711

„… result of providing professional services to issuers of financial instruments and simultaneously trading …” „… market purchases or exercising an over-allotment option granted by the issuer. In spite of the discretion …” „… decision to build up a stake in an issuer with a view to launching a takeover bid does not, of itself …”

Article 12 Market manipulation S. 730-756

„… contract or an auctioned product based on emission allowances (or indirectly about its issuer) while having …” „… services firm, sold a large number of shares of an issuer listed on the Euronext Amsterdam market with the …” „… trading strategy may be motivated by the intention to avoid a downgrading of an issuer’s credit rating …”

Article 16 Exemption where the principal trading venue is in a third country S. 921-924

„… unnecessary complexity that may discourage issuers from having their shares traded on venues in the European …” „… of transparency requirements in relation to information about issuers whose securities are admitted …” „… manner, and are freely negotiable; (c) security issuers are subject to periodic and ongoing information …”

Article 2 Definitions S. 624-627

„… ) No 1227/2011 of the European Parliament and of the Council (10); (14) ‘issuer’ means an issuer as …” „… of the administrative, management or supervisory bodies of the issuer or emission allowance market …” „… participant; (b) having a holding in the capital of the issuer or emission allowance market participant; (c …”

Article 2 S. 577-580

„… Services 578 Jessica Schmidt 3 ment and the issuer.14 However, in practice – depending on the respective …” „… conditions laid down by this Directive are satisfied, and (b) that issuers of securities admitted to such …” „… met, and to ensure that the issuers are subject to the obligations provided by the CARD. Article 6 1 …”

Article 26 Right of appeal S. 1030-1031

„… regimes which make, at least, an issuer or its administrative, management or supervisory bodies, an …” „… issuers may choose to issue securities in a specific Member State instead of another only on the basis of …” „… Transitional provision 1. Issuers which are incorporated in a third country and whose securities have already …”

Article 2 Definitions S. 1317-1323

„… 2004 on the harmonisation of transparency requirements in relation to information about issuers whose …” „… either market prices or prices made available by valuation systems independent from issuers; (ii) in the …” „… and derived from information from the issuer of the security or from competent investment research; (d …”

Article 16 Organisational requirements S. 65-120

„… involved in the production of the investment research do not promise issuers favourable research coverage …” „… ; (f) before the dissemination of investment research issuers, relevant persons other than financial …” „… , have arrangements in place to inform the issuer client of the following: (a) the various financing …”

Article 9 Outsourcing S. 1276-1277

„… list enables issuers and related third parties to comply with Art 8d(1) CRA Regulation. Credit rating …” „… information since 2014 in order to allow issuers to consider additional factors.5 The additional information …” „… also recommends that issuers consider the list of rating agencies as part of their due diligence in the …”

Article 11 S. 584-585

„… listing if, in their opinion, the issuer's situation is such that admission would be detrimental to …” „… admission of a security to official listing if, in its opinion, the issuer's situation is such that …” „… admission would be detrimental to investors' interests. This may, for example, be the case where the issuer …”

Articles 65-104 Art. 65-104 S. 615-616

„… application Article 64 imposes a post-admission obligation on the issuers of shares which have already been …” „… shares of a different class. Duty to apply for admission An issuer is required to apply for the admission …” „… has to be made not more than a year after the issue. An issuer is free to choose any date convenient …”

Commentary on Articles 40 and 41 Art. 40, 41 S. 545-549

„… other activity or practice must occur in the EU. It does not matter where the issuer or actor is …” „… established. The powers therefore also apply to products issued by a third country issuer or marketed or …” „… , the pricing and associated costs, the financial situation of the issuer, the selling practices …”

Article 53 Investment limits for diversified target investments S. 1391-1392

„… cover claims attached to the bonds and that, in the event of failure of the issuer, would be used on a …” „… invests more than 5% of its assets in these bonds issued by a single issuer, the total value of these …” „… instruments are highly dominant. The investment up to that limit shall be permitted only for a single issuer …”

Article 18 S. 590-591

„… of the market and the issuer.8 Suspension is only possible in case of temporary dangers, i.e. when …” „… where an issuer fails to comply with important obligations resulting from the admission to official …” „… the market and of the issuer. Section 5 Right to apply to the courts in case of refusal of admission …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… significant influence over an issuer and, more significantly, precluding its ability to control an issuer. The …” „… control ban as well as the specific limits for public issuers, certain vehicles and subsidiaries engaged …”

Article 28 Disclosure in case of acquisition of control S. 1524-1526

„… non-listed company or an issuer pursuant to Article 26(1), in conjunction with paragraph 5 of that Article …” „… company and the acquisition of control in other qualifying issuers. II. Commentary Art 28 applies if an …” „… AIF individually or jointly acquires control of a non-listed company or of other issuers. In such a …”

Article 25 Professional secrecy and cooperation between Member States S. 1208-1210

„… Precautionary measures (1) Where the competent authority of a host Member State finds that the issuer or the …” „… authority of the home Member State, or because such measures prove inadequate, the issuer or the security …” „… the role of the host Member State1 towards irregular behaviour by an issuer, person or entity under …”

Article 34 S. 1097-1099

„… relation to information about issuers whose securities are admitted to trading on a regulated market (OJ L …” „… and Tröger T, ‘Issuer Choice in Europe’ (2008) 67 Cambridge Law Journal 521; Ferrarini G, ‘Equity …” „… dimension of issuer liability – Liability and choice of law from a transatlantic perspective’ (2011) 31 …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… ) failure by the issuer to make public, within the required time limit, information required under the …” „… (‘key provisions’).1 They concern the issuer (lit. (a)) and the infringer of voting rights notifications …” „… (lit. (b)). Breaches by the issuer include the periodic requirements to publish annual and halfyearly …”

Introduction S. 574-576

„… relation to information about issuers whose securities are admitted to trading on a regulated market and …” „… Chapter I Definitions Article 1 For the purposes of this Directive: (a) ‘issuers’ shall mean companies and …” „… legal definitions of some important terms, namely (a) ‘issuers’, (b) ‘collective investment undertakings …”

Article 4 S. 1039-1046

„… the product is a PRIP. The legal form and the issuer of a product are irrelevant. Explicitly included …” „… performance of the issuer’s assets, finances and earnings the product cannot be considered a PRIP. The …” „… , including when advising corporate issuers on the launch of new financial instruments”. 20 Paragraph 9 …”

Article 53 S. 605

„… II. Commentary Governing law Like in the case of the issuer of shares (see above → Art 42), the …” „… governing law is that of the place of incorporation of the issuer, i.e. the registered office (and not the …”

Article 42 Provision of services at the exclusive initiative of the client S. 242-246

„… standard UCITS to be in the same category as other standard UCITS, and a bond issued by one public issuer …” „… to be in the same category like that of another public issuer. As argued above, we ask for caution …” „… also the risks that could be created due to a different issuer or investment manager. The second …”

Article 12 S. 585

„… a security to official listing if, in its opinion, the issuer's situation is such that admission …” „… would be detrimental to investors' interests. This may, for example, be the case where the issuer is on …”

Article 10 InformationRemoved by the 2010 Prospectus Amending Directive. S. 995

„… ) which contemplates a shelf registration regime and allows an issuer, offeror or person asking for …” „… the issuer. The summary shall not incorporate information by reference. 1 Before the amendment by the …”

Titelei/Inhaltsverzeichnis

„… issuers whose securities are admitted to trading on a regulated market (OJ L 390, 31.12.2004, p. 38-57 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 587 Section 3 Action against an issuer failing to comply with the obligations resulting from admission …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 18 1014 Chapter V Use of languages and issuers incorporated in third countries Uses of languages …”

Article 4 Definitions S. 22-34

„… non-domiciled issuer while being able to be admitted to trading on a regulated market and traded independently …” „… of the securities of the non-domiciled issuer; (46) ‘exchange-traded fund’ means a fund of which at …” „… Lehmann (60) ‘sovereign issuer’ means any of the following that issues debt instruments: (i) the Union …”

Article 1 S. 576-577

„… SCOPE OF APPLICATION Chapter I Definitions Article 1 For the purposes of this Directive: (a) ‘issuers …” „… interest of legal certainty, Art 1 provides legal definitions of some important terms, namely (a) ‘issuers …”

Article 54 Investment limits for state-backed target investments S. 1392-1393

„… for a single issuer. I. Purpose Art 53 of UCITSD raises the investments limits under Art 52 of UCITSD …” „… to public issuers. Member States may authorise UCITS to invest up to 100% of their assets in …”

Article 25 Sanctions S. 1029-1030

„… administrative liability regimes which make, at least, an issuer or its administrative, management or supervisory …” „… arbitrage, i.e. certain issuers may choose to issue securities in a specific Member State instead of another …”

Article 3 Exclusions from the scope S. 1323-1324

„… commodity prices or an issuer’s credit worthiness. Operational risk. In accordance with first paragraph of …”

Article 3 Insider dealing, recommending or inducing another person to engage in insider dealing S. 627-628

„… bodies of the issuer or emission allowance market participant; (b) having a holding in the capital of the …” „… issuer or emission allowance market participant; (c) having access to the information through the …”

Article 1 Subject matter and scope S. 623-624

„… Article 2 of Regulation (EU) No 1227/2011 of the European Parliament and of the Council (10); (14) ‘issuer …” „… ’ means an issuer as defined in point (21) of Article 3(1) of Regulation (EU) No 596/2014. Art. 2 MAD 2 …”

Article 8 Notification to competent authorities of uncovered positions in sovereign credit default swaps S. 902-903

„… the sovereign issuer, as specified in accordance with Article 7. I. General features Purpose The …” „… who holds the relevant position, the size of the relevant position, the issuer in relation to which …”

Article 54 S. 605-606

„… II. Commentary Governing law Like in the case of the issuer of shares (see above → Art 42), the …” „… governing law is that of the place of incorporation of the issuer, i.e. the registered office (and not the …”

Article 18 Trading process and finalisation of transactions in an MTF and an OTF S. 134-142

„… consent of the issuer, the issuer shall not be subject to any obligation relating to initial, ongoing or …” „… available. If a transferable security is traded on an MTF/OTF without the issuer's consent, the issuer is …”

Article 4 Definitions S. 1471-1477

„… Christian Schmies 1473 (t) ‘issuer’ means an issuer within the meaning of point (d) of Article 2(1) of …” „… Directive 2004/109/EC where that issuer has its registered office in the Union, and where its shares are …”

Article 2 Scope S. 1234-1236

„… instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other …” „… characteristics of the types of rated entities, issuers and financial instruments or other assets; […] (w) ‘rating …”

Article 11 Information to be provided to ESMA S. 906-908

„… , (c) the daily aggregated net short position on each individual sovereign issuer, and (d) where …” „… applicable, daily aggregated uncovered positions on credit default swaps of a sovereign issuer. Under Art 3(1 …”

Article 30 Asset stripping S. 1527-1529

„… company or an issuer pursuant to Article 26(1), in conjunction with paragraph 5 of that Article, the AIFM …” „… of the acquisition of control of a non-listed company and an issuer as defined in Art 26 (1). The …”

Article 27 Notification of the acquisition of major holdings and control of non-listed companies S. 1522-1524

„… control of non-listed companies and issuers. These provisions are particularly – though not exclusively …” „… an AIF acquires, individually or jointly, control of a non-listed company or an issuer pursuant to …”

Article 16 Prevention and detection of market abuse S. 772-778

„… information (1) An issuer shall inform the public as soon as possible of inside information which directly …” „… concerns that issuer. The issuer shall ensure that the inside information is made public in a manner which …”

Articles 42 to 48 S. 939-941

„… /eu-prospectus -regulation-some-out-box-thinking) (2016); Enriques L and Tröger TH, ‘Issuer Choice in Europe …” „… Issuer Choice is not Investor Empowerment’ (1999) 85 Virginia Law Review 1335; Gerner-Beuerle C, ‘The …”

Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings S. 1261-1263

„… its lack of competition.10 However, the rotation requirement for issuers does not differentiate …” „… based on the size of the rating agency, and an issuer could comply by rotating among the three largest …”

Overview of Articles 12-15 S. 908-910

„… each individual sovereign issuer, and (d) where applicable, daily aggregated uncovered positions on …” „… credit default swaps of a sovereign issuer. Under Art 3(1) of the Implementing Regulation (EU) No …”

Article 6 Public disclosure of significant net short positions in shares S. 897-899

„… sovereign issuer concerned. 2. The relevant notification thresholds shall consist of an initial amount and …” „… then additional incremental levels in relation to each sovereign issuer, as specified in the measures …”

Article 1 Scope S. 881-883

„… instrument referred to in point (a) or to an issuer of such a financial instrument, including such …” „… that derivative contract, which has a similar economic effect; (d) ‘sovereign issuer’ means any of the …”

Article 24 General principles and information to clients S. 157-180

„… instruments available on the market which must be sufficiently diverse with regard to their type and issuers …” „… , issuer or product provider, and may not be limited to proprietary or otherwise tied financial instruments …” „… several financial instruments or other assets, or current or potential issuers of financial instruments …”

Article 9 Method of notification and disclosure S. 903-906

„… position, the size of the relevant position, the issuer in relation to which the relevant position is held …” „… position,4 the size of the position, the issuer in relation to which the position is held, and the date on …”

Introduction S. 644-650

„… issuer).15 This judgment constitutes an extension of the so-called ‘classical theory’ of insider trading …” „… ., who become temporarily fiduciaries of the issuer. 15 US v O’Hagan, 521 US 642 (1997). In that case …” „… information or work for an issuer of financial instruments, and notify competent authorities of the dealings …”

Article 43 S. 594-597

„… features As the second condition relating to the issuer, Art 43 (previously Annex Schedule A(I)(2) LCD …” „… condition relating to the issuer. It requires generally that a company has published or filed its annual …”

Articles 27 to 31 S. 934-937

„… possibility of a default by any Member State or supranational issuer; (c) any serious damage to the physical …” „… structures of important financial issuers, market infrastructures, clearing and settlement systems, and …”

Article 50 Eligible assets S. 1381-1385

„… than those dealt in on a regulated market, which fall under Article 2(1)(o), if the issue or issuer of …” „… equivalent to that laid down in points (i), (ii) or (iii) and provided that the issuer is a company whose …”

Article 6 Inciting, aiding and abetting, and attempt S. 629-637

„… or indirectly to issuers of financial instruments or to financial instruments, and be likely to have …” „… seriousness of an act include, for example, whether disclosure is made to persons within the corporate issuer …” „… information can no longer be controlled by the issuer.23 Onward disclosure of recommendations or inducements …”

Article 1 Scope and UCITS definition S. 1304-1317

„… in single issuers (albeit in different securities) to 20% of the overall fund assets and investments …” „… of transparency requirements in relation to information about issuers whose securities are admitted …” „… 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers …”

Article 1 Subject matter S. 1231-1234

„… and investor protection. This Regulation also lays down obligations for issuers, originators and …” „… issuers, originators and sponsors domiciled in the EU, in accordance with the last sentence of Art 1 CRA …”

Article 4 Use of credit ratings S. 1242-1246

„… investors, issuers and markets, as ratings. Thus, rules set in the CRA Regulation applicable to ratings also …” „… . Where a prospectus contains a reference to a credit rating or credit ratings, the issuer, offeror, or …”

Article 4 Notifications and list of financial instruments S. 657-661

„… exchanged; (iv) instruments which are issued or guaranteed by the issuer or guarantor of the securities and …” „… must further include the legal entity identifier (LEI) of the issuer or trading venue operator, the …”

Article 2 Scope S. 650-654

„… or work for an issuer of financial instruments, and notify competent authorities of the dealings of …” „… listed securities of the same issuer.9 The second sentence of Art 2(1) extends the scope of the …”

Article 47 Equivalence decision S. 566-571

„… Perspective on the Regulation of Foreign Private Issuers’, 79 University of Cincinnati Law Review 619, 633 …” „… of equivalence of accounting standards applied by third country issuers of securities pursuant to …”

Introduction to MiFID II and MiFIR Matthias Lehmann S. 1-6

„… serves the interests of investors and issuers by reducing transaction costs. It also leads to wider …” „… information about the issuer and the products, which investors lack. This creates inefficiencies and could …”

Article 8 Methodologies, models and key rating assumptions S. 1263-1269

„… example, in the event of a sudden insolvency of the issuer. A credit rating agency should set internal …” „… indirectly indicate a course of action that an issuer should follow, and that doing so might constitute …”

Article 29 Transposition S. 1031

„… . Issuers which are incorporated in a third country and whose securities have already been admitted to …”

Article 28 Repeal S. 1031

„… . Issuers which are incorporated in a third country and whose securities have already been admitted to …”

Article 27 Amendments S. 1031

„… . Issuers which are incorporated in a third country and whose securities have already been admitted to …”

Article 1 Subject matter S. 650

„… or work for an issuer of financial instruments, and notify competent authorities of the dealings of …”

Overview of Articles 1-4 S. 881

„… instrument referred to in point (a) or to an issuer of such a financial instrument, including such …”

Article 60 S. 612

„… irrespective of whether the issue is a tap issue. The rationale is to provide sovereign debt issuers with more …”

Article 30 Transitional provision S. 1031-1032

„… . Issuers which are incorporated in a third country and whose securities have already been admitted to …”

Article 21 Depositary S. 1504-1512

„… in accordance with point (a) of paragraph 8 or generally invest in issuers or non-listed companies in …” „… instruments issued in a nominative form and registered with an issuer or a registrar, in accordance with point …”

Article 27 Authorisation, legal form, registered office S. 1365-1366

„… depositary is to safekeep the financial instruments issued in a nominative form and registered with an issuer …”

Article 26 b Implementing acts S. 1364-1365

„… with an issuer or a registrar, in accordance with point (b) of Article 22(5); (c) the due diligence …”

Article 63 S. 613-614

„… obligation on the issuer to apply for admission to official listing in case of a new public issue of shares …”

Article 55 Investment limits for UCI target investments S. 1393-1394

„… more discretion to public issuers. Member States may authorise UCITS to invest up to 100% of their …”

Article 11 Annual financial reports S. 1155-1156

„… to exercise voting rights on behalf of that shareholder. (2) The notification to the issuer shall be …”

Article 57 Exemptions from Art 52, 56 in certain cases S. 1396-1397

„… control ban as well as the specific limits for public issuers, certain vehicles and subsidiaries engaged …”

Article 44 S. 597-598

„… (previously Annex Schedule A(I)(3) LCD) contains the third condition relating to the issuer. It requires …”

Article 39 Market monitoring S. 541-542

„… like an index, financial instrument, commodity or foreign exchange, yet the issuer has at least to pay …”

Article 61 S. 612-613

„… irrespective of whether the issue is a tap issue. The rationale is to provide sovereign debt issuers with more …”

Article 42 Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM S. 1560-1561

„… managing AIF acquiring major holdings or control of non-listed companies or issuers as set out in Art 26-30 …”

Article 29 Specific provisions regarding the annual report of AIFs exercising control of non-listed companies S. 1526-1527

„… control of a non-listed company or an issuer pursuant to Article 26(1), in conjunction with paragraph 5 of …”

Article 6 a Conflicts of interest concerning investments in credit rating agencies S. 1257-1258

„… into a contract for rating re-securitisations, it shall request that the issuer: (a) determine the …”

Introduction to Chapter I S. 34-35

„… ) MiFIR II) only apply to the activities of the intermediaries and not to those of the issuer itself …”

Article 49 S. 601-602

„… is that in such cases, the shares are held by the issuer or an emission consortium at the time of …”

Article 48 S. 600-601

„… rationale for this exception is that in such cases, the shares are held by the issuer or an emission …”

Article 11 a European rating platform S. 1281-1283

„… issuers, investors and interested parties to access, on a central platform, all relevant and up-to-date …”

Article 59 S. 610-612

„… issue is a tap issue. The rationale is to provide sovereign debt issuers with more leeway.2 3. 9 Cf …”

Article 2 Definitions S. 1720-1722

„… ; (ii) in relation to financial instruments, means financial instruments of the same issuer or debtor …”

Article 20 Delegation S. 1502-1504

„… ) of paragraph 8 or generally invest in issuers or non-listed companies in order to potentially acquire …”

Article 2 Scope S. 1467-1469

„… issuer to benefit from the exemption under Art 2 (3) lit. g AIFMD. Article 3 Exemptions 1. This Directive …”

Article 40 ESMA temporary intervention powers S. 542-544

„… an index, financial instrument, commodity or foreign exchange, yet the issuer has at least to pay …”

Overview of Articles 5-11 S. 894-895

„… issuer. 12 Art 20 Delegated Regulation (EU) No 918/2012 lays down how the sovereign CDS position and the …”

Article 2 Definitions S. 1576-1578

„… transparency requirements in relation to information about issuers whose securities are admitted to trading on …”

Article 43 Marketing of AIFs by AIFMs to retail investors S. 1561-1563

„… companies or issuers as set out in Art 26-30, i.e. in particular the asset stripping rules (→ Art 30 …”

Article 3 Exemptions S. 1469-1471

„… in order for the issuer to benefit from the exemption under Art 2 (3) lit. g AIFMD. Article 3 …”

Article 8 a Sovereign ratings S. 1269-1271

„… Information on structured finance instruments 1. The issuer, the originator and the sponsor of a structured …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… issuer or financial instrument Art. 32 MiFID II 1. Security Markets and Services 212 Christoph Kumpan …”

Article 6 Exemption for monetary and public debt management activities and climate policy activities S. 670-673

„… not been made public, relating, directly or indirectly, to one or more issuers or to one or more …”

Introduction to Articles 39-43 Intro Art. 39-43 S. 538-541

„… little benefit for investors, but carried a high downward risk, such as the insolvency of the issuer.8 In …”

Article 50 Synchronisation of business clocks S. 296-299

„… arrangements to verify that issuers of transferable securities that are admitted to trading on the regulated …”

Article 12 Restrictions on uncovered short sales in shares S. 910-914

„… long position in debt instruments of an issuer, the pricing of which has a high correlation with the …”

Article 23 Conflicts of interest S. 151-155

„… clients do not improperly influence the quality of services provided to the issuer client.8 An investment …”

Articles 18 to 26 S. 930-934

„… financial issuers, market infrastructures, etc. which adversely affect markets, and (e) any relevant …”

Article 23 Powers of competent authorities S. 838-843

„… information, including by requiring an issuer or other person who has published or disseminated false or …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… hand, not exercised or otherwise used to intervene in the management of the issuer and, on the other …”

Article 2 Definitions S. 396-403

„… in case of a repayment of investment by the issuer are ranked above shares but below unsecured bond …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… in a fair, orderly and efficient manner, and are freely negotiable; (c) issuers of financial …”

Introduction and overview S. 874-881

„… ) or to an issuer of such a financial instrument, including such derivatives when traded outside a …”

Article 13 Accepted market practices S. 756-767

„… 2(3)(b). For example, in the case of liquidity contracts, beneficiary is the issuer and the AMP is …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… being traded in a fair, orderly and efficient manner, and are freely negotiable; (iii) security issuers …”

doi.org/10.5771/9783845279893

Anke Zierenberg - Der Foreign Corrupt Practices Act (FCPA) in deutschen Verträgen am Beispiel der Pharmaindustrie

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Anke Zierenberg

Der Foreign Corrupt Practices Act (FCPA) in deutschen Verträgen am Beispiel der Pharmaindustrie

Series: Marburger Schriften zum Gesundheitswesen

Volume 15 2011

Results in this title

Anhang: Gesetzestext des FCPAs S. 395-408

„… ) Reports by issuer of security; contentsEvery issuer of a security registered pursuant to section 78l of …” „… copiesthereof), as the Commission may prescribe.Every issuer of a security registered on a national securities …” „… exchange.(b) Form of report; books, records, and internal accounting; directives* * *(2) Every issuer which …”

„Record keeping” S. 200-201

„… BuchführungsvorschriftenAnwendungsbereichDie Buchführungsvorschriften finden nur auf „issuers“ Anwendung, d.h. auf börsennotierte …” „… , Geschäftsführer, leitenden Angestellten und Angestellten der „issuers“. Will ein US-Gericht direkt gegen diese …” „… . Kapitel 1. Abschnitt. zu den Antikorruptionsvorschriften entsprechend.„Record keeping”Jeder „issuer“ hat …”

Anwendungsbereich S. 84-94

„… nennthier drei Gruppen:• „Domestic concerns“• „Issuers“• Jede PersonAn jede der drei Gruppen stellt der FCPA …” „… unterschätzt werden.„Issuers“DefinitionDarüber hinaus genügt für die Anwendbarkeit des FCPAs, dass Unternehmen …” „… Vorfeld der Notierung unterworfen sind („issuers“ – „Emittenten“) (15 U.S.C. §§ 78 o (d), 78dd-1(a)). Es …”

Anwendungsbereich S. 200

„… BuchführungsvorschriftenAnwendungsbereichDie Buchführungsvorschriften finden nur auf „issuers“ Anwendung, d.h. auf börsennotierte …” „… , Geschäftsführer, leitenden Angestellten und Angestellten der „issuers“. Will ein US-Gericht direkt gegen diese …” „… . Kapitel 1. Abschnitt. zu den Antikorruptionsvorschriften entsprechend.„Record keeping”Jeder „issuer“ hat …”

„Internal accounting controls” S. 201-203

„… of the issuer”Die Bücher sind ordnungsgemäß in angemessener Detailgetreue und Sorgfalt zuführen …” „… the assetsof the issuer”(“in angemessener Detailgenauigkeit, so dass die Transaktionen und …” „… Dispositionen über die Vermögenswerte des “issuers” genau und sorgfältig abgebildet werden.“)„Reasonable detail …”

Verschulden S. 203-208

„… ) und zum Wohle des „issuers“.(„ and for the benefit of the issuer.“)Damit diese „agency principles …” „… 50 % ist die Mutter als „issuer“ lediglich verpflichtet, in gutem Glauben ihren Einfluss auf die …” „… zwar enger, da nur „issuers“ adressiertwerden, allerdings finden die Buchführungsvorschriften Anwendung …”

Noch laufende Verfahren S. 227-229

„… GlaxoSmithKline plc handelt es sich nicht umUS-Unternehmen. Allerdings sind sie „issuers“.Bausch & Lomb Inc …” „… Zeneca ist ein englischerPharmahersteller, allerdings “issuer”.Johnson & Johnson, Inc., Biomet, Inc …” „… nur verfolgt, wenn sie entweder „issuer“ waren oderTochter eines US-Unternehmens bzw. eines „issuers …”

Syncor International Corporation (2002) S. 208-212

„… Anwendungsbereich ist zwar enger, da nur „issuers“ adressiertwerden, allerdings finden die Buchführungsvorschriften …” „… Buchführungsvorschriften ernst genommen werden müssen. Ein „issuer“ haftet hier ohne Kenntnis für die Richtigkeitder Bücher …” „… radiopharmazeutische Produkte und Dienstleistungen anbietet. Syncor ist „issuer“ undbesitzt weltweit …”

Antikorruptionsvorschriften S. 61-64

„… gegenbörsennotierte Unternehmen („issuers“) sowie deren Geschäftsführer und Angestellte zuständig.53 Im Übrigen, d.h …” „… , Need for the Legislation (1977).53 15 U.S.C. § 78u-3; Zur Definition von „issuers“ vgl. 2. Teil 2 …” „… zuständig. Die SEC ist für zivilrechtliche Verfahren gegen „issuers“ und derenGeschäftsführer und …”

Schlussfolgerungen S. 229

„… nur verfolgt, wenn sie entweder „issuer“ waren oderTochter eines US-Unternehmens bzw. eines „issuers …”

Bedeutung S. 208

„… Anwendungsbereich ist zwar enger, da nur „issuers“ adressiertwerden, allerdings finden die Buchführungsvorschriften …” „… Buchführungsvorschriften ernst genommen werden müssen. Ein „issuer“ haftet hier ohne Kenntnis für die Richtigkeitder Bücher …”

Buchführungsvorschriften S. 64-65

„… Verfahren gegen „issuers“ und derenGeschäftsführer und Angestellte zuständig.60 Im Übrigen ist das DOJ …” „… Gesetz verlangt: Jeder „issuer“ (s. Kapitel 2. Teil 3. Kapitel 1. Abschnitt) hat(1) seine Bücher …”

Immucor, Inc. (2007) S. 221-223

„… verwendet wird.Immucor ist „issuer“. In Europa besitzt es mehrere hundertprozentige …” „… „issuers“.„Corrupt intent“ – angemessene Gegenleistung?Die SEC ist mit keinem Wort darauf eingegangen, ob der Betrag …”

Siemens (2008) S. 224-227

„… . Damit ist es „issuer“.Im Zusammenhang mit dem Medizinproduktegeschäft wurde Siemens Folgendes …” „… keine Mühen, hiergegen vorzugehen. Auch die Töchter, die nicht „issuer“ waren, wurden separat verfolgt …”

Diagnostic Products Corporation (2005) S. 216-220

„… Practices Act.216DPC ist „issuer“. In China besitzt sie seit 1991 eine Tochter, DPC Tianjin, ander DPC …” „… erforderlich, dass der „issuer“ den „agent“ dirigiert oder kontrolliert.483Eine Kontrolle bestand hier laut …”

Verteidigungsmöglichkeiten S. 159-200

„… derTatbestandsmerkmale der BuchführungsvorschriftenAnwendungsbereichDie Buchführungsvorschriften finden nur auf „issuers …” „… Buchführungsvorschriften sich an die Gesellschafter, Geschäftsführer, leitenden Angestellten und Angestellten der „issuers …” „… entsprechend.„Record keeping”Jeder „issuer“ hat seine Bücher („books, records and accounts“) ordnungsgemäß,in …”

Titelei/Inhaltsverzeichnis S. 2-38

„… Tochtergesellschaften von US-Unternehmen2.88„Issuers“II. 89DefinitionA. 89Erforderlicher Bezug zu den USAB. 90Mit dem …” „… „issuer“ verbundene PersonenC. 90Verwendung des „interstate commerce“1. 90„Personal jurisdiction“2. 91Jede …” „… thetransactions and dispositions of the assets of the issuer”II.201„Internal accounting controls”3. Abschnitt: 201 …”

Sanktionen S. 65-73

„… „issuer“ (s. Kapitel 2. Teil 3. Kapitel 1. Abschnitt) hat(1) seine Bücher („books, records and accounts …” „… Position des Geschäftsführers jedes„issuers“ gesperrt werden.„Deferred prosecution agreements“ – DPAsSelten …”

AGA Medical Corp. (2008) S. 223-224

„… deutsches Unternehmen, das aber seit2001 an der US-Börse gelistet war. Damit ist es „issuer“.Im Zusammenhang …”

Akzo Nobel NV (2007) S. 220-221

„… Blutanalyse-Equipment, das von Krankenhäusern und Blutbanken verwendet wird.Immucor ist „issuer“. In Europa besitzt es …”

Schering Plough Corporation (2004) S. 212-215

„… „Corrupt intent“Syncor selbst haftet als „issuer“ nach 15 U.S.C. § 78dd-1. Die Zurechnung …”

Aufbau und Inhalt des Gesetzes S. 57-61

„… concerns15 U.S.C.78dd-(2)-- Prohibited foreign trade practices bypersons other than issuers ordomestic …”

Empfänger S. 94-130

„… : „minimumcontacts”/ „sufficient nexus”„Issuers“ • kein weiterer territorialerBezug für Handlungen imAusland …” „… , Beauftragte und Gesellschafter der„issuers“, die in deren Namenhandeln• US persons: kein weitererterritorialer …” „… ”/ „sufficient nexus” Ausländische Tochtergesellschaften von US-Unternehmen oder „issuers“ unterfallen in der …”

doi.org/10.5771/9783845230924

José Ignacio Gutiérrez Díaz - Elektronische Vertragsform und Urkundenform im Akkreditivgeschäft

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José Ignacio Gutiérrez Díaz

Elektronische Vertragsform und Urkundenform im Akkreditivgeschäft

Series: Schriften des Rechtszentrums für Europäische und Internationale Zusammenarbeit (R.I.Z.)

Volume 29 2007

Results in this title

UCC Article 7 S. 343-353

„… . (8) "Issuer" means a bailee that issues a document of title or, in the case of an unaccepted delivery …” „… authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed, or …” „… in any other respect the agent or employee violated the issuer's instructions. (9) "Person entitled …”

E-Sign S. 336-343

„… under the Investment Company Act of 1940, or concerning the issuer thereof, to be excluded from the …” „… Commercial Code if the electronic record were in writing; (B) the issuer of the electronic record expressly …” „… . (8) " Issuer " means a bailee that issues a document of title or, in the case of an unaccepted …”

Das Akkreditiv als Geschäftsform S. 41-51

„… by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a …” „… "Issuer" means a bank or other person that issues a letter of credit, but does not include an individual …”

Gesetzliche Lösung zu bestimmten elektronischen Wertpapieren in den untersuchten Rechtsordnungen S. 110-122

„… writing; and (2) the issuer of the electronic record expressly has agreed is a transferable record”. Nach …” „… ; (B) the issuer of the electronic record expressly has agreed is a transferable record; and (C …”

UETA S. 331-336

„… writing; and (2) the issuer of the electronic record expressly has agreed is a transferable record. (b) A …”

doi.org/10.5771/9783845200064

Ioannis N. Androulakis - Die Globalisierung der Korruptionsbekämpfung

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Ioannis N. Androulakis

Die Globalisierung der Korruptionsbekämpfung

Series: Schriftenreihe zum deutschen, europäischen und internationalen Wirtschaftsstrafrecht

Volume 5 2007

Results in this title

Bestechungsverbote des »Foreign Corrupt Practices Act« in der Fassung von 1998 (kodifiziert) S. 571-581

„… (kodifiziert)U.S.C. TITLE 15 > CHAPTER 2B Sec. 78dd-1. – Prohibited foreign trade practices by issuers (a …” „… ) Prohibition It shall be unlawful for any issuer which has a class of securities registered pursuant to section …” „… officer, director, employee, or agent of such issuer or any stockholder thereof acting on behalf of such …”

Gesetz zur Bekämpfung internationaler Bestechung vom 10. September 1998 – IntBestG S. 570-571

„… issuers (a) Prohibition It shall be unlawful for any issuer which has a class of securities registered …” „… title, or for any officer, director, employee, or agent of such issuer or any stockholder thereof acting …” „… on behalf of such issuer, to make use of the mails or any means or instrumentality of interstate …”

Ergebnis betreffend die erste Phase der Internationalisierung: Der moralische Blickwinkel als unzureichende Alleingrundlage einer multilateralen Korruptionsbekämpfung und die Zurückweisung des amerikanischen Strafrechts S. 214-219

„… issuers and domestic concerns by the amendments made by this section. Such international agreement should …”

Ein strafrechtliches Novum: Die Bestechungsvorschriften des FCPA S. 149-166

„… Corrupt Practices by Issuers (15 U.S.C. § 78dd-1, 78 ff).393 Id., § 104: Foreign Corrupt Practices by …” „… Muttergesellschaft vorgelegen. Ferner konnten sich die Muttergesellschaften, die »issuers« waren, strafbar machen …”

Die Kriminalisierung der internationalen Korruption S. 372-449

Die mißlungene Suche nach Homogenität S. 178-201

„… Erfassung von ausländischen »issuers«), wäre vielleicht die explizite Anknüpfung der Bestrafung an die – an …”

doi.org/10.5771/9783845201719

Christiane Albrecht - Das Übernahmerecht des U.S.-amerikanischen Williams Act

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Christiane Albrecht

Das Übernahmerecht des U.S.-amerikanischen Williams Act

Series: Nomos Universitätsschriften - Recht

Volume 576 2008

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Die Erstanzeige nach § 13(d) SEA S. 63-70

„… is to acquire control of the business of the issuer of the securities any plans or proposals which …” „… such persons may have to liquidate such issuer, to sell its assets to or merge it with any other …” „… acquisition of securities of the issuer. Describe any plans or proposals which the reporting persons may have …”

Regelungsinhalt S. 48-49

„… purpose of and do not have the effect of changing or influencing the control of the issuer nor in …” „… , changing or influencing the control of the issuer or otherwise as not comprehended within the purpose of …” „… ten days after such acquisition, send to the issuer of the security at its principal executive office …”

Gruppe als Beneficial Owner S. 55-60

„… disposing of securities of an issuer, such syndicate or group shall be deemed a "person" for the purposes of …” „… purpose of acquiring, holding, voting or disposing of equity securities of an issuer, the group formed …” „… the Act, as of the date of such agreement, of all equity securities of that issuer beneficially owned …”

Zielsetzung der Neuregelung S. 232-233

„… verschiedenen Regelungsszenarien für Issuer- und Third Party Tender Offers, Mergers, Going Private Transactions …” „… für Issuer Tender Offers und ein drittes für Going Private Transactions. In der Vergangenheit traten …” „… ) einheitlich neu.1170 Im Rahmen der Neuregelung wurden daher die ursprünglichen Schedules 13E-4 (Issuer Tender …”

Summary Publication S. 156-157

„… materials pursuant to the summary advertisement or otherwise“. 717 Dieser Regelung entspricht für Issuer …” „… ) definiert: „The term „security position listing“ means, with respect to securities of any issuer held by a …” „… the clearing agency holds the issuer’s securities and of the participants respective positions in such …”

Regelungszweck S. 49-51

„… class shall, within ten days after such acquisition, send to the issuer of the security at its principal …” „… the Schedule filed pursuant to Rule 13d-1 and Rule 13d-2 shall be sent to the issuer of the security …” „… account of the issuer or a subsidiary of the issuer“. 148 SEC-Rule 13d-1(b)(3)(ii), 17 C.F.R. § 240.13d-1 …”

Zusammenführung der verschiedenen Regelungsbereiche S. 233

„… gab es drei verschiedene Schedules: eines für Third Party Tender Offers, eines für Issuer Tender …” „… Im Rahmen der Neuregelung wurden daher die ursprünglichen Schedules 13E-4 (Issuer Tender Offer) und …” „… eigenen Aktien zurückkaufen wollte (Issuer Tender Offer). 1170 Coffee/Seligman, S. 806. …”

Self Tender Offers nach § 13(e) SEA S. 197

„… )(8)(B) SEA , 15 U.S.C. § 78n(d)(8)(B). 947 Auch als Issuer Tender Offers bezeichnet. 948 …” „… SEC-Rule 13e-4(f)(8). 953 Cox/Hilman/Langevoort, S. 972. 954 Dies gilt nicht für Issuer Tender Offers …” „… , diese sind in SEC-Rule 13e-4 geregelt, die sich auf alle Issuer Tender Offers bezieht ohne eine 5 …”

Ausnahmen vom Begriff des Beneficial Owner S. 55

„… disposing of securities of an issuer, such syndicate or group shall be deemed a "person" for the purposes of …” „… purpose of acquiring, holding, voting or disposing of equity securities of an issuer, the group formed …” „… the Act, as of the date of such agreement, of all equity securities of that issuer beneficially owned …”

Einbeziehung der Parteien, die Kontrolle über die Bietergesellschaft ausüben? S. 131-140

„… securities of an issuer, such syndicate or group shall be deemed a „person“ for purposes of this subsection …” „… Offer Aktien der eigenen Gesellschaft zurück erhalten wollen (sog. Self Tender Offer bzw. Issuer Tender …” „… Offer)581. Diese SEC-Rule basiert auf der Regelung des § 14 (d)(8)(B) SEA, der den Emittenten (Issuer …”

Vereinfachung durch direkte Bezugnahme auf vorangegangene Anzeigen und zusammengefasste Informationen (Summary Disclosure) S. 233-234

„… gab es drei verschiedene Schedules: eines für Third Party Tender Offers, eines für Issuer Tender …” „… Im Rahmen der Neuregelung wurden daher die ursprünglichen Schedules 13E-4 (Issuer Tender Offer) und …” „… eigenen Aktien zurückkaufen wollte (Issuer Tender Offer). 1170 Coffee/Seligman, S. 806. 234 tiefergehende …”

Ausnahmen nach § 14(d)(8) SEA S. 196-197

„… , 15 U.S.C. § 78n(d)(8)(B). 947 Auch als Issuer Tender Offers bezeichnet. 948 Cox/Hilman/Langevoort, S …” „… -4(f)(8). 953 Cox/Hilman/Langevoort, S. 972. 954 Dies gilt nicht für Issuer Tender Offers, diese sind …” „… in SEC-Rule 13e-4 geregelt, die sich auf alle Issuer Tender Offers bezieht ohne eine 5%-Schwelle …”

Mini Tender Offers S. 197-198

„… )(8)(B) SEA , 15 U.S.C. § 78n(d)(8)(B). 947 Auch als Issuer Tender Offers bezeichnet. 948 …” „… SEC-Rule 13e-4(f)(8). 953 Cox/Hilman/Langevoort, S. 972. 954 Dies gilt nicht für Issuer Tender Offers …” „… , diese sind in SEC-Rule 13e-4 geregelt, die sich auf alle Issuer Tender Offers bezieht ohne eine 5 …”

Die Sonderproblematik der Defensive Stock Repurchases im Rahmen der Begriffsdefinition S. 126-129

„… . Solche Issuer Tender Offers werden in SEC-Rule 13-4(a)(2) folgendermaßen definiert: „The term issuer …” „… security, made by the issuer of such class of equity security or by an affiliate of such issuer“. 558 Der …”

Natürliche Personen als Beneficial Owner – Die Entscheidung SEC v. First City Financial Corp., Ltd. S. 51-55

„… Recording the Ownership of Securities in the Records of the Issuer in the Other than the Name of the …” „… issuer, such syndicate or group shall be deemed a "person" for the purposes of this subsection“. 179 …” „… , voting or disposing of equity securities of an issuer, the group formed thereby shall be deemed to have …”

Direktversand an die Aktionäre der Zielgesellschaft S. 157-159

„… ) definiert: „The term „security position listing“ means, with respect to securities of any issuer held by a …” „… the clearing agency holds the issuer’s securities and of the participants respective positions in such …”

Anzeige wesentlicher Änderungen (Material Changes) S. 70-71

„… the issuer and the exchange, and in the statement filed with the Commission, an amendment shall be …” „… transmitted to the issuer and the exchange and shall be filed 71 einer Gesellschaft, muss er jeden weiteren …”

Die Two-Tier-Ausnahmeregelung für Cross-Border-Transactions in SEC-Rule 14d-1 S. 236-238

„… sich bei der Zielgesellschaft um einen sog. Foreign Private Issuer handelt. Der Begriff ist in SEC-Rule …” „… Ausschlussvoraussetzungen in aller Regel nicht vorliegen und daher werden diese generell als Foreign Private Issuer …”

Auslösung der Anzeigepflicht bei Gruppen – Die Entscheidung GAF Corp. v. Milstein S. 60-63

„… , holding, voting or disposing of equity securities of an issuer, the group formed thereby shall be deemed …” „… date of such agreement, of all equity securities of that issuer beneficially owned by any such persons …”

Long Form Publication S. 153-156

„… entspricht für Issuer Tender Offers die Regelung in Rule 13e-4(e)(1)(i). 712 Der Begriff wird in SEC Rule 14d …” „… materials pursuant to the summary advertisement or otherwise“. 717 Dieser Regelung entspricht für Issuer …”

Historischer Hintergrund und Regelungszweck S. 223-225

„… Offers werden auch als Issuer Tender Offers bezeichnet. 1119 Coffee/Seligman, S. 854. 1120 No Collective …”

Gleichbehandlung der Aktionäre der Zielgesellschaft S. 193-195

„… Issuer Tender Offers. 924 17 C.F.R. § 240.13e-4(h)(5) (2002). 925 Cox & Hazen on Corporations, S. 1474 …”

Zuteilungsregelungen bei Teilgeboten S. 175-177

„… security holder receiving that type of consideration.“ [§ 240. 13(e)-4(f)(9) Parallelregelung für Issuer …”

Praktische Probleme beider Regelungen S. 239-242

„… Foreign Private Issuer und die Nichterreichung der 10%-Schwellen grundsätzlich angenommen, es sei denn …”

Best-Price-Rule § 14(d)(7) SEA i.V.m. SEC-Rule 14d-10(a)(2) S. 177-193

„… receiving that type of consideration.“ [§ 240. 13(e)-4(f)(9) Parallelregelung für Issuer Tender Offer]. 178 …” „… the subject company or bidder, as applicable, is a foreign private issuer, any or all members of the …”

Der Acht-Punkte-Test der Leitentscheidung Wellman v. Dickinson - Abgrenzung des Tender Offer von Privately Negotiated Purchases S. 95-107

„… die Private Offering Exemption folgendermaßen definiert: „ ... transactions by an issuer not involving …”

Einbeziehung der Parteien, die das Tender Offer maßgeblich finanzieren? S. 140-152

„… other group for the purpose of acquiring, holding, or disposing of securities of an issuer, such …”

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