Capital Markets

Selecting the Right Counsel in the New Capital Markets Era

Facundo Gomez Minujin

Managing director JP Morgan Chase (head of legal department for Latin America)

Over the past 20 years capital markets have expanded exponentially from issuers in developed economies to issuers in emerging markets.

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Post-Transparency Directive - Liability for Reports and Statements

Nick Eastwell

Historically there was no statutory regime conferring a right to compensation on shareholders and investors for errors in, and omissions from, a company’s financial statements, and the common law of torts had to be relied upon in any such action. It is generally accepted, applying the principles laid down by the House of Lords in Caparo Industries plc v Dickman (which concerned the liability of auditors), that directors have a duty of care to shareholders as a whole to enable them to exercise their governance rights but not, in the absence of circumstances creating proximity or a special relationship, to individual shareholders in relation to their investment or to potential investors or other third parties.

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Capital Markets and the Selection of The Capital Markets Lawyer

Christoph Wolf

Executive director Morgan Stanley (legal and compliance division)

Capital markets had a strong year in 2006 and 2007 has also had a solid first half; they are characterised by high liquidity and investors’ quest for attractive investments.

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Capital Markets in South Africa

Megan McDonald

Director, Securitisation Standard Bank of South Africa Limited

Unlike many of its African and emerging market counterparts, South Africa relies more on its domestic capital markets for funding than on international borrowing. This is partly due to its historical legacy and the preferences of the current government.

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Editorial: Capital Markets in Florida

The lawyers listed in this chapter have a proven track record in representing and advising issuers, underwriters, investment banks, funds, REITs and other market participants on all aspects of equity and debt transactions based in Florida and around the world. They can be considered to be experts in their field of capital markets law; advising on IPOs (domestic, international and global), secondary offerings including rights issues, placements and open offers, PIPEs and other equity issuances. In addition, these practitioners may also have extensive experience in investment-grade and high-yield debt offerings, structured products, repackagings, derivatives and securitisations involving the full range of asset classes.

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Editorial: Capital Markets

The research for this chapter has once again uncovered a wealth of talent. A total of 438 lawyers from 47 jurisdictions come highly recommended, whether this is for debt, equity, securitisation or derivatives-related matters.

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Editorial: Capital Markets in Singapore

Ten firms feature in this chapter. Allen & Gledhill LLP dominates the rankings with a formidable eight-lawyer contingent. The firm excels in both debt and equity capital markets. The “fantastic” equity team oversees the listings of companies on the Singapore Stock Exchange, including dual listings in Singapore and on NASDAQ, and gives advice to unlisted companies regarding equity, and related, fundraising for unregistered offerings of shares and options. The “very successful” debt capital markets team’s experience covers stand-alone bond issues, commercial paper programmes, medium-term note programmes and depository receipts, acting for issuers and lead managers and arrangers. Recent highlights include the DBS Bank’s issue of US$900 million upper Tier II floating-rate subordinated notes.

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Editorial: Capital Markets in California

Despite a fall in big-ticket deals worldwide, Capital Markets remains a lucrative practise area, as evidenced by the volume of well-regarded practitioners listed in Calafornia.

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Editorial: Capital Markets in Texas

With an astonishing seven practitioners featuring in this chapter, Baker Botts LLP is “a real powerhouse” for capital markets.

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Editorial: Capital Markets in Illinois

The 24 lawyers in this chapter have a proven track record in representing and advising issuers, underwriters, investment banks, funds, REITs and other market participants on all aspects of equity and debt transactions, both locally and around the world. Many have experience of advising on IPOs, secondary offerings and other equity issuances, as well as debt offerings, structured products, repackagings,derivatives and securitisations. Furthermore, many are able to give clients the benefit of in-depth knowledge of the compliance and regulatory obligations of market participants.

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