Regulation Monthly archive

Feb 26, 2019
SEC votes to expand ‘testing the waters’ proposal to all IPOs
The SEC has voted for a proposal that gives another benefit of the 2012 Jobs Act to all companies, expanding a so-called testing-the-waters rule to all potential public companies so they can gauge institutional investor interest in advance of an IPO filing. Currently this is available only to emerging growth companies – those with less than $1 bn in annual revenue. Expanding the rule to a wider range of companies could boost the number of IPOs. Extending th...
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Feb 26, 2019
Bridging the Mifid II gap
Mifid II is putting a lot of pressure on small and mid-cap IR teams due to the disruption the sell side has faced, according to Elena Basova, senior analyst at Nasdaq IR Intelligence. ‘Historically they were supported by the sell side, which scheduled buy-side meetings,...
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Feb 20, 2019
Investors risk failing on stewardship, warns Hermes
‘Investors across Europe are at risk of ignoring their role as responsible stewards’ – that is the conclusion of new research from Hermes Investment Management in a survey of 175 European institutional investors, showing that few investors have implemented the European Shareholder Rights Directive II (SRD II) in its entirety.  T...
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Feb 14, 2019
Hundreds of stocks at risk from Brexit and Mifid II trading rule
Up to 230 stocks listed in the UK and EU are at risk from Brexit because of a Mifid II trading rule, according to a leading trading expert.  Christian Voigt, senior regulatory adviser at software trading company Fidessa and former vice president at Deutsche Börse, has published an analysis that finds 230 liquid stocks with a roughly 50/50 split of turnover across the UK and remaining EU memb...
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Feb 01, 2019
Mifid II results in lower commission rates
Mifid II, introduced one year ago, has brought trading costs under closer scrutiny, with many asset managers negotiating lower commission rates, Greenwich Associates says in a new report. Combined average commission rates fell to 8.4 basis points (bps) in 2018 from 9.7 in 2017 in developed markets, and to 12.7 bps from 16.7 bps in emerging markets, while they rose to 40.1 bps from 34.0 bps in frontier markets, the report adds. ‘Understandably, the largest d...
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