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Capital Markets
Our experienced Capital Markets legal team regularly publishes
articles and updates - the full list of publications appears below. Read about the latest issues affecting domestic and international capital
markets, including important legislative changes, industry activities, and new
market trends and products. If you'd like to be notified when we add new capital
markets publications to the site, please go to our
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Visit our capital markets
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The Australian Securities and Investments Commission has issued class order relief to extend the exemption that permits a traditional rights issue to be undertaken without a prospectus or a product disclosure statement to non-traditional rights issue structures. Partners Steve Clifford and Robert Pick and Lawyer Alex Brown consider the implications for issuers and market participants generally |
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The Takeovers Panel has released Guidance Note 20 to assist market participants to understand the Panel's approach to disclosure of equity derivatives, particularly the circumstances in which positions taken by parties to equity derivatives must be disclosed to the market even though no 'relevant interest' may have been acquired. Partner Jeremy Low and Senior Associate Julian Donnan outline those circumstances, the position with respect to market makers, and the content and timing for disclosure |
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Much has been written lately about short selling and associated activities in the current period of turbulence in securities markets. Partner Warwick Painter and Law Graduate Cameron Wilson examine the background to the current debate |
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The regulator of Singapore's securities industry, the Monetary Authority of Singapore, has undertaken consultation with a wide range of stakeholders on proposed amendments to the principal legislation governing the securities industry - the Securities and Futures Act and the Financial Advisors Act. AAR TSMP Partners Robert Clarke and Stefanie Yuen Thio, and Senior Associate Krista Bowie, provide a brief overview of the proposed legislative amendments |
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The beginning of the regime providing for the mutual recognition of securities offerings between Australia and New Zealand is a step closer with the commencement of the Corporations (NZ Closer Economic Relations) and other Legislation Amendment Act 2007 (Cth). Partner Robert Pick and Articled Clerks Bryony McCormack and Sladjana Subotic take a look at how the regime will likely operate and the benefits it will have for Australian and New Zealand issuers |
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The Australian Securities and Investments Commission has released two new regulatory guides relating to expert reports - Regulatory Guide 111: Content of Expert Reports and Regulatory Guide 112: Independence of Experts - to replace its previous policies on independent expert reports. Lawyers Christalyne Look and Deborah Doctor examine these new guides |
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Consistent with its policy on foreign collective investment schemes, the Australian Securities and Investment Commission has released a class order that provides conditional exemptions allowing some Singaporean collective investment schemes to be offered in Australia. Senior Associate Rebecca Devon and Vacation Clerk Judith Hammerschlag report |
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More regulations to give effect to measures implemented under the Federal Government's 'Simpler Regulatory System' legislation have now been made. Partner Susan Burns and Senior Associate Justine Woodford report on the latest developments |
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The Federal Government has finally announced new regulations enabling financial services providers to incorporate by reference some of the information required to be included in retail disclosure documents. Consultant Derek Heath and Senior Associate Justine Woodford discuss the implications of this welcome development and the other measures introduced under these regulations |
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The revised Corporate Governance Principles and Recommendations released by the ASX Corporate Governance Council constitute a refinement rather than a rewriting of the existing Principles and Recommendations. Partner Steve Clifford, Consultant Professor Bryan Horrigan and Senior Associate Simon Lewis survey the key changes and highlight the impact for ASX listed entities |
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Recent amendments to the Corporations Act 2001 (Cth) have the potential to simplify the process for ASX-listed companies and managed investment schemes raising additional equity through rights issues. Partner Robert Pick examines the changes and considers the implications of taking advantage of this simplified approach |
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The Federal Court has rejected ASIC's charges of conflict of interest and insider trading against Citigroup. Partner Michael Schoenberg, Lawyer Alex Danne and Articled Clerk Simon Sherwood report |
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Following a public consultation process, the Takeovers Panel has published its final position on the issue of insider participation in control transactions. This issue has come into sharper focus recently with an increasing number of high-profile public-to-private transactions involving private equity where the implementation of management incentive plans is considered a key element to the success of the transaction. |
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Partner Matthew Barnard and Senior Associates Andrew Shiu and Julian Donnan look at measures to further liberalise the investment regime in the PRC by providing greater access to overseas markets to certain qualified domestic investors |
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A joint policy statement issued by The Stock Exchange of Hong Kong Limited and the Hong Kong Securities and Futures Commission has clarified the requirements for the listing of overseas companies in Hong Kong. Partner Matthew Barnard and Lawyer Andrew Shiu report on the new guidance |
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In a draft class ruling issued to Hutchison Telecommunications (Australia) Limited on the tax treatment of rights issued under a proposed renounceable rights issue, the Australian Taxation Office proposes to adopt a position that has significant implications for the Australian capital market, with the potential to adversely affect the ability of listed entities to raise capital. Partner Victoria Poole reports |
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The Federal Government has recently issued three discussion papers on corporate law reform, covering the insider trading laws, the sanctions regime for Corporations Act breaches and ASIC infringement notices for continuous disclosure contraventions. Senior Associate Matthew McLennan and Partners John Warde and Richard Spurio highlight the main issues in each paper |
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The High Court's decision in the Sons of Gwalia case is an important one for financiers, creditors, shareholders and insolvency practitioners. Senior Associate Gabi Crafti and Partners Diccon Loxton and Michael Quinlan analyse the case and its implications |
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On 31 January, the High Court held that shareholders who have a claim against a company for misleading or deceptive conduct or breach of continuous disclosure obligations can prove in the administration or liquidation of the company, and will rank equally with unsecured creditors. Senior Associate Gabi Crafti and Partner Michael Quinlan report |
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In this edition: Australian media and ownership law changes; The importance of being a financial product; Tax promoter penalty rules; and more ... |
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Reports this week that the Australian Securities and Investments Commission planned to spend $30 million to build a share-trading surveillance system to detect insider trading and market manipulation is the latest in a series of signs that the corporate regulators are set to pursue insider trading with increasing vigour. Partner Guy Foster and Senior Associate Matthew McLennan report |
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The recent case of ASIC v Bridgecorp Finance Limited, has helped define the role of trustees for publicly offered debentures in protecting the interests of the debenture holders. Partner David Robb and Lawyer Nicole Seeto look at the implications of the Bridgecorp decision |
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The financing package for the acquisition this year of the Myer department store business is an example of what may be a growing trend of private equity players partially financing their acquisitions through public offers of listed debt securities. Partner Robert Pick looks at the specific debt securities in this deal and whether we are likely to see more like them in the future |
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The financing package for the acquisition this year of the Myer department store business is an example of what may be a growing trend of private equity players partially financing their acquisitions through public offers of listed debt securities. Partner Robert Pick looks at the specific debt securities in this deal and whether we are likely to see more like them in the future |
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The Federal Budget announced this month included a package of measures to increase activity in the venture capital sector. Partner Steve Clifford and Lawyer Jonathan de Ridder discuss the new measures and give background to the legal structures already in place for venture capitalists |
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The Federal Budget announced this month included a package of measures to increase activity in the venture capital sector. Partner Steve Clifford and Lawyer Jonathan de Ridder discuss the new measures and give background to the legal structures already in place for venture capitalists |
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The Australian Securities and Investments Commission has recently published a booklet outlining several initiatives it intends to implement as part of a commitment to better regulation. Partner Robert Pick and Lawyer Alex Brown discuss the initiatives |
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In this edition: Governance of corporate groups; Corporate social responsibility - new direction in directors' duties?; ASIC scrutiny of 'poison pills' and other entrenchment devices; and more ... |
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The Federal Government has again acted to reduce further the regulatory and compliance burden for financial services and associated industries in Australia, with a consultation paper released on 7 April 2006 |
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The Australian Securities & Investments Commission recently released draft guidelines for issuers and advisers on the preparation and content of prospectuses under Chapter 6D of the Corporations Act 2001. Partner Steve Clifford and Lawyer Alex Brown examine the draft guidelines. |
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In a judgment handed down on 23 November, a NSW Supreme Court judge has disagreed with the ruling in the Sons of Gwalia case, saying that the central element of the Federal Court case was wrongly decided. Partner David Clifford explains |
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The Federal Government has been urged to reform the 'dividends out of profits' rule in the Corporations Act. Partner Jon Webster and Articled Clerk Daniel Allender report |
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ASIC and APRA released a joint Guide to Good Practice in Unit Pricing earlier this month. This follows more than a year of industry consultation and review by the regulators of unit pricing practices in the funds management, superannuation and life insurance industries. Senior Associate Penny Nikoloudis and Lawyer Priya Kumar summarise the key aspects of the Guide, including the five good practice principles developed by ASIC and APRA |
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Appeals have now been lodged in the Sons of Gwalia case. Partner David Clifford and Senior Associate Gareth Lewis examine the case and its implications |
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