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Capital Markets Insight: How to Know When You Need a Temporary CUSIP Number for Reopenings

If you are involved in issuing or trading securities, you are familiar with CUSIP numbers, the ninedigit alphanumeric codes that identify specific securities in the United States and Canada. What you may not know is that...more

Mayer Brown

SEC Issues Concept Release on Definition of Foreign Private Issuer

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On June 4, 2025, the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) issued a concept release soliciting public comment on the definition of foreign private issuer (“FPI”), particularly on whether the...more

A&O Shearman

Council of EU agrees position on move to T+1

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The Council of the European Union has approved its position on the European Commission's (EC) proposal regarding a shorter settlement cycle, shortening the settlement period for transactions in transferable securities from...more

A&O Shearman

ECON draft amendments to CSDR for move to T+1

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The European Parliament's Committee on Economic and Monetary Affairs (ECON) has published a report proposing amendments to the European Commission's proposal to amend Regulation (EU) No 909/2014 (CSDR) as regards shortening...more

A&O Shearman

ECB opinion on moving to T+1

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The European Central Bank (ECB) has published its opinion of 31 March on the proposal to shorten the securities settlement cycle from two business days (T+2) to one business day after trading takes place (T+1), by amending...more

ArentFox Schiff

SEC’s Division of Corporation Finance: Stablecoins Are Not Securities

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On April 4, the Division of Corporation Finance of the US Securities and Exchange Commission (SEC) issued a statement providing clarity on the application of federal securities laws to stablecoins, specifically those designed...more

A&O Shearman

ESMA peer review on implementation of STS securitisation requirements

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The European Securities and Markets Authority (ESMA) has published its peer review report on national competent authorities' (NCAs) supervision of simple, transparent and standardised (STS) securitisations. The report looks...more

A&O Shearman

ESMA statement on treatment of settlement fails following incident affecting T2S and T2 in February 2025

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The European Securities and Markets Authority (ESMA) has published a statement confirming that national competent authorities do not expect central securities depositories (CSDs) to impose cash penalties under the Central...more

A&O Shearman

ESMA consultation paper on draft guidelines for supplements on new securities to a base prospectus

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The European Securities and Markets Authority (ESMA) has published a consultation paper containing draft guidelines on supplements which introduce new securities to a base prospectus. This is further to the new EU Listing Act...more

Mayer Brown

BaFin Provides Guidance on Accelerated Review of Equity Prospectuses

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In line with broader efforts to remove procedural deterrents from issuers engaging in securities offerings, for about the past year, the German Federal Financial Supervisory Authority (Bundesanstalt für...more

BCLP

What New Digital Sandbox Regs Hold in Store for UK Markets

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The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 came into force on Jan. 8, creating the U.K.'s first digital securities sandbox within which firms would be able to test new...more

Bass, Berry & Sims PLC

SEC Adopts Amendments to Modernize Beneficial Ownership Reporting

On October 18, 2023, the Securities and Exchange Commission (SEC) adopted amendments to the rules governing beneficial ownership reporting to “require market participants to provide more timely information on their positions...more

Jones Day

Hong Kong Stock Exchange Implements Reforms to Relax IPO "Double Dipping" Restrictions

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The Stock Exchange of Hong Kong Limited ("HKEx") introduced a new exemption allowing existing shareholders and cornerstone investors to subscribe for or purchase further securities in an IPO (i.e., to "double dip") under...more

A&O Shearman

EU Authority Seeks Feedback on Potential Shorter EU Settlement Cycle

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The European Securities and Markets Authority has opened a call for evidence on shortening the settlement cycle in the EU. The existing EU settlement cycle for trades in transferable securities executed on trading venues is...more

Troutman Pepper Locke

Kirschner Update: 2nd Circuit Affirms District Court Opinion That Leveraged Loans Are Not Securities

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In its highly anticipated decision, the Second Circuit has answered the question of whether a syndicated term loan qualifies as a “security” with a definitive “no”. On August 24, the Court of Appeals for the Second Circuit...more

A&O Shearman

European Securities and Markets Authority Provides Regulatory Forbearance for EU CSDR Buy-In

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The European Securities and Markets Authority has issued a public statement on the supervisory approach to the implementation of the buy-in regime under the EU Central Securities Depositories Regulation. The EU CSDR provides...more

Cadwalader, Wickersham & Taft LLP

European Parliament Rapporteur Publishes Draft Amendments to the Proposed EU Securitisation Regulation

On 6 June 2016, Paul Tang MEP, the Rapporteur of the Committee on Economic and Monetary Affairs (“ECON”) of the European Parliament, published a “Draft Report”, consisting mainly of draft amendments (the “Proposed...more

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