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CONTENTS<br/>List of Contributors<br/>Table of Cases<br/>Table of Legislation<br/>Abbreviations<br/>1 REGULATORY FRAMEWORK IN EUROPE<br/>1. The European Directives Relating to Issue and Trading of Securities<br/>Lachlan Burn, Linklaters LLP<br/>1.1 Introduction<br/>1.2 Overview<br/>1.3 Disclosure-Initial and Ongoing<br/>1.4 Investor Protection<br/>1.5 Some Conclusions<br/>2 DOING DEALS IN EUROPE<br/>2. Equity<br/>Raj Panasar, Cleary Gottlieb Steen & Hamilton LLP; Angela Berti,<br/>Cleary Gottlieb Steen & Hamilton LLP; Luis de Carlos, Urfa Menedez;<br/>Javier Redonet, Uria Menendez<br/>2.1 Preparing to Go Public<br/>2.2 Organizing the Transaction and Laying the Ground Rules<br/>2.3 Dealing with the Regulator<br/>2.4 Drafting the Prospectus<br/>2.5 Passporting a Prospectus<br/>3. Debt Offerings and Programmes<br/>Mark Trapnell, Freshjields Bruckhaus Deringer LLP;<br/>Eric Phillips, Slaughter and May<br/>3.1 Overview<br/>3.2 Types of Commonly Issued Debt Securities<br/>3.3 Types of Offering of Debt Securities<br/>3.4 Preparation of the Prospectus or Base Prospectus-Applicable Regulations<br/>3.5 The Principal Components of a Prospectus or Base Prospectus<br/>3.6 Approval Process for the Prospectus or Base Prospectus<br/>3.7 Prospectus Supplements<br/>3.8 Approval Process for a Prospectus Supplement<br/>vii<br/>Contents<br/>3.9 Distribucion Arrangements<br/>Appendix I- Oudine steps and illustrative cimeline for a debt securities<br/>issue-stand-aJone issue<br/>Appendix 2-Summary of main differences berween Annex rv and<br/>Annex IX of the Prospecrus Directive Regulation<br/>Appendix 3-0verview of Annexes to the Prospecrus Directive Regulation reley.<br/>to an issue of debt securities under a prospectus or base prospectus<br/>4. Private Placements<br/>Charles Howarth, Herbert Smith LLP<br/>4. 1 lntroduccion<br/>4.2 Reasons for a Private Placement over a Prospectus Directive<br/>Compliant Offer<br/>4.3 Regulatory Framework<br/>4.4 Pre-emption Righrs<br/>4.5 Structuring a Private Placement<br/>4.6 Liability for Offering Transferable Securides Wi,hoU[ an<br/>Approved Prospec[Us<br/>4.7 Structuring a Private Placement under US Law<br/>4.8 Publicity<br/>5. Liability for London Listing<br/>Kathy Hughes, Slaughur and May<br/>5.1 LisdngApprovai Process<br/>5.2 Ongoing Reporring Obligations<br/>6. Takeovers and Stakebuilding<br/>Tim Lewis, MacFarlanes LLP; Graham Gibb, Macfarlanes LLP<br/>6.1 Introduction ,<br/>6.2 Key Takeover Terms<br/>6.3 Prepamion for Takeover-Bidder<br/>6.4 Preparation for Takeover-Target<br/>6.5 The Offer Process<br/>6.6 Using a Scheme of Arrangemenr as an Alternative to a Takeover Offer<br/>6.7 Mandatory Offers<br/>6.8 Hostile Offers<br/>6.9 Addicionallssues with Public to Private Transactions<br/>6.10 Close-out Procedures<br/>7. Special Considerations for Non-EU (ssue"<br/>Andrew R Thompson, Cravath. Swaine & Moore LLP<br/>7. 1 Introduction<br/>vii i<br/>Contents<br/>7.2 Choosing a Home Member State<br/>7.3 Coordinating Offering Aspects<br/>7.4 Coordinating Ongoing Disclosure Requirements<br/>8. Underwriting Practice and Procedure<br/>Simon Witty, Davis Polk & Wardwell London LLP; Will Pearce,<br/>Davis Polk & Wardwell London LLP; Dan Hirschovits, Davis Polk &<br/>Wardwell London LLP<br/>8.1 Introduction<br/>8.2 The Underwriters<br/>8.3 The Underwriting Agreement<br/>8.4 The Agreement Among Underwriters<br/>8.5 Specific Transaction Issues<br/>3 MEMBER STATE REGULATION<br/>9. Austria<br/>Florian Khol, Binder Grosswang; Mathias Burger, Binder Grosswang<br/>9.1 Listing Securities in Austria<br/>9.2 The Prospectus<br/>9.3 Continuing Obligations<br/>10. Belgium<br/>Jean-Pierre Blumberg, Linklaters LLP; Filip Lecoutre, Linklaters LLP<br/>10.1 Jurisdiction Overview<br/>10.2 Listing Securities in Practice<br/>10.3 Continuing Obligations/Maintaining a Listing in Practice<br/>10.4 Public Takeover Bids<br/>11. D~nmark<br/>Christian Lundgren, Kromann Reumert; Pernille Hostrup Dalhoff,<br/>Kromann Reumert .<br/>11.1 Process and Timing of Prospectus Approval 1 :<br/>11.2 Passporting Requirements 1:<br/>11.3 Market Stabilization Transactions and Overallotment Facilities 1:<br/>11.4 Takeover Bids and Defensive Measures 1<br/>11.5 Squeeze-outs 11 .<br/>12. Finland<br/>Petri Haussila, White & Case LLP; Petri Avikainen, White & Case LLP<br/>12.1 Jurisdiction Overview<br/>12.2 Listing Securities in Practice<br/>12.3 Continuing Obligations<br/>IX<br/>1<br/>1<br/>Contents<br/>13. France<br/>Marie-Laurence Tibi, Cleary Gottlieb Steen 6-Hamilton LLP<br/>13.1 Listing Securities in Paris<br/>13.2 The Prospectus<br/>13.3 Continuing Obligations<br/>14. Germany<br/>Mark Strauch, Freshjields Bruckhans Deringer LLP<br/>14.1 Listing Securities in Germany<br/>14.2 The Prospectus<br/>14.3 Continuing Obligations<br/>15. Ireland<br/>Cian McCourt, A6-L Goodbody; Lyndsey Falconer, A6-L Goodbody<br/>15.1 Introduction and Jurisdiction Overview<br/>15.2 Listing and Offering Securities in Practice<br/>15.3 Maintaining a Listing in Practice<br/>16. Italy<br/>Pietro Fioruzzi, Cleary Gottlieb Steen 6- Hamilton LLP; Eugenion<br/>S. de Nardis, Cleary Gottlieb Steen 6- Ha1lJilton LLP; Nicole B. Puppieni,<br/>Cleary Gottlieb Steen 6- Hamilton LLP; Fabio Saccone,<br/>Cleary Gottlieb Steen 6- Hamilton LLP<br/>16.1 Listing Securities in Italy<br/>16.2 The Prospectus Obligation<br/>16.3 Continuing Obligations<br/>17. Luxembourg<br/>Philippe Hoss, Elvinger, Hoss 6- Prussen<br/>17.1 Listing Securities in Luxembourg<br/>17.2 Listing Securities in Practice<br/>17.3 Continuing Obligations<br/>17.4 Other Information Required<br/>17.5 Major Shareholding Notifications<br/>18. The Netherlands<br/>Derk Lemstra, Stibbe N v.; Marius Josephus Jitta, Stibbe N v.;<br/>Rogier Raas, Stibbe N V.<br/>18.1 Offering and Listing Securities in the Netherlands<br/>18.2 The Prospectus<br/>18.3 Continuing Obligations<br/>Contents<br/>19. Portugal<br/>Carlos Costa Andrade, Uria Mem!ndez; Ana Sd Couto, Uria Menendez<br/>19.1 Introduction<br/>19.2 Securities Listings on Regulated Markets in Portugal<br/>19.3 Ongoing Disclosure Obligations<br/>20. Spain<br/>Luis de Carlos, Uria Menendez; Marta Rios, Uria Menendez<br/>20.1 Listing Securities in Spain<br/>20.2 The Prospectus<br/>20.3 Continuing Obligations<br/>20.4 Takeover Bids in Spain<br/>21. Sweden<br/>Emil Bostrom, Mannheimer Swartling Advokatbyra AB<br/>21.1 Jurisdiction Overview<br/>21.2 Listing Securities in Practice<br/>21.3 Continuing Obligations<br/>22. United Kingdom<br/>Raj Panasar, Cleary Gottlieb Steen & Hamilton LLP; Sebastian Cameron,<br/>Cleary Gottlieb Steen & Hamilton LLP<br/>22.1 Listing Securities in London<br/>22.2 The Prospectus<br/>22.3 Advertisements and Financial Promotions<br/>22.4 Continuing Obligations<br/>22.5 Market Abuse<br/>Index |