DIRECTORIO DE BUFETES en la WEB: A | B | C | D | E | F | G | H | I-K | L | M | N | O | P | Q | R | S | T | U | V | W-Z |
Le enviamos regularmente las últimas noticias
Su Nombre:
Su Email:
INTERNACIONAL
Robert Finney of Denton Wilde Sapte on "Freudenschaft - Transparency and fairness in fast markets"
Robert Finney, financial markets and regulation partner at City firm Denton Wilde Sapte says: "Porsche's covert (until last Sunday) acquisition of cash-settled options on VW shares should prompt a review of the regulatory regime that allowed it rather than further criticism of hedge funds and other short sellers. Like other countries, Germany has recently introduced a short selling ban - but it's narrow and that may have contributed to the scale of short selling in VW. Even within Europe, we are seeing significant divergence of regulatory approach, both in the scope and nature of short selling bans and in disclosure rules for long and short positions. However, there are two other key issues in this VW case: market transparency and equal treatment of shareholders in a takeover. These issues have been largely addressed in the UK, although the FSA is currently moving to extend these rules. Unfortunately, neither the Takeover Directive nor the Transparency Directive require CFDs or cash-settled options to be taken into account where there is no formal arrangement to vote or purchase the underlying shares. In the UK the Takeover Panel has addressed this gap, in the context of the trigger for a mandatory offer at 30%of a company's voting rights, and in defining what interests and dealings must be disclosed during an offer period. The FSA is in the final phase of introducing a regime for extending to cash-settled instruments the regime for disclosing interests in public companies - this will address stakebuilding up to and beyond the 30% trigger. The Takeover Directive, finally adopted in 1994 after years of resistance in Germany and elsewhere, requires as a principle EU member states to provide equivalent treatment for all ordinary shareholders and protection of minorities - this seems to be an issue in the VW case. BaFin, the German regulator, is said to be analysing dealings in VW shares. The Market Abuse Directive provides a basis to prosecute not only insider dealing but also any manipulative dealings in listed shares or related instruments." The financial markets and regulation group at Denton Wilde Sapte LLP is well-placed to comment on these developments. The group focuses on the commodities future market and energy trading, but also has retail and consumer credit advisory capabilities, and was joined by Jody Whitehorn from the OFT as well as three lawyers from the FSA's enforcement division. It advised over 30 clients on MiFID projects, and acted for Nasdaq-OMX on the establishment of a pan-European equities exchange. Clients speaking to the Chambers UK Guide to the Legal Profession say well-reputed Robert Finney is "hugely knowledgeable" and "obviously an expert on energy market participants." As head of the firm's financial markets and regulation group, he advises clients on a broad range of financial regulatory and compliance issues.
copyright, 2006 - Strong Element, S.L. - Peña Sacra 18 - E-28260 Galapagar - Madrid - Spain - Tel.: + 34 91 858 75 55 - Fax: + 34 91 858 56 97 - info@lawyerpress.com - www.lawyerpress.com - Aviso legal
