News Centre

Nigerian Stock Exchange Hosts Dangote Cement To Joint Virtual Facts Behind The Figures And Sustainability Report

Date 23/09/2020

The Nigerian Stock Exchange (NSE or The Exchange) hosted Dangote Cement Plc to a joint virtual Facts Behind the Figures and Sustainability Report on Wednesday, 23 September 2020. The event provided a platform for the Management of Dangote Cement Plc to present its financial performance, strategic and operational developments and sustainability initiatives to the capital market community.

SEC Adopts Amendments To Modernize Shareholder Proposal Rule

Date 23/09/2020

The Securities and Exchange Commission today voted to adopt amendments to modernize its shareholder proposal rule, which governs the process for a shareholder to have its proposal included in a company’s proxy statement for consideration by all of the company’s shareholders.  The principal requirements for: (1) initial inclusion in the proxy statement — the amount and length of ownership of the proposing shareholder — and (2) for subsequent resubmission if the proposal is not approved — the amount of support from other shareholders — have not been substantively amended since 1998 and 1954, respectively.    

ESMA Agrees Position Limits Under MiFID II

Date 23/09/2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).

JSS Real Estate SOCIMI To Start Trading On BME Growth On 25 September

Date 23/09/2020

• It is the 7th company to list on this BME Market in 2020
• The company will have a value of 58 million euros on its market debut

Statement On Procedural Requirements And Resubmission Thresholds Under Exchange Act Rule 14a-8, SEC Commissioner Elad L. Roisman, Sept. 23, 2020

Date 23/09/2020

Change is difficult.  Especially when something has been a certain way for as long as you can remember.  Twenty-two years have passed since the Commission last updated Rule 14a-8.  In particular, the submission threshold was last substantively reviewed and amended in 1998, and the resubmission thresholds have not been updated since 1954.  Yet, over the last several decades, not only has the composition of public company ownership changed drastically, but the ways in which shareholders communicate with companies, and with each other, have evolved with the times as well.  I believe that the only constant in our markets is the fact that they will change.  It is a regulator’s job to adjust rules to respond to, if not to anticipate, such dynamics.  It is our responsibility to adjust these rules to reflect our current markets, and the time is now. 

ESMA Receives Securitisation Repository Registration Application

Date 23/09/2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has received its first application for registration as a securitisation repository (SR) under the Securitisation Regulation.

Modernizing The Shareholder Proposal Framework For The Benefit Of All Shareholders, SEC Chairman Jay Clayton, Sept. 23, 2020

Date 23/09/2020

Over the past three years, we have engaged in a number of retrospective reviews of the rules that implement our securities law framework.  These reviews often, but not always, have yielded the unassailable conclusion that modernization is necessary and appropriate.  This should come as no surprise given how much has changed in the past 20, 30, 40 or more years since key rules were last comprehensively reviewed.  At a macro level, I note that interaction among market participants, including trading, disclosures and other information-based interactions, is now largely electronic, adding tremendous efficiencies but also new challenges.  Virtually all trading in equities is electronic.  The days of disclosure reports and proxy materials being filed in paper form, but not electronic form, with the Commission are well behind us.  In addition, as I have noted at other recent open Commission meetings, our Main Street investors generally have shifted from investing directly in our public companies to investing through mutual funds and ETFs.[1]  For many small and medium-sized companies, our private capital markets are the only reasonable means for obtaining financing to grow their businesses.  As I often say, the core principles are the same as they were in the 1930s, but the landscape is far different.

Bitfinex Terminal Powers Data-Driven Algo Trading Strategies With Dazaar

Date 23/09/2020

Bitfinex, a state-of-the-art digital asset trading platform, has launched Bitfinex Terminal, a real-time market data feed to power algorithmic trading, available via Dazaar. 

SEC Adds Clarity, Efficiency And Transparency To Its Successful Whistleblower Award Program

Date 23/09/2020

The Securities and Exchange Commission today voted to adopt amendments to the rules governing its whistleblower program that are designed to provide greater clarity to whistleblowers and increase the program’s efficiency and transparency.  Concurrently, to provide additional efficiencies, as well as clarity and transparency in the award determination process, the SEC’s Office of the Whistleblower published guidance regarding the process for determining award amounts for eligible whistleblowers.   

BIS - Competitive Effects Of IPOs: Evidence From Chinese Listing Suspensions

Date 23/09/2020

Summary

Focus

We look at periods where all initial public offerings (IPOs) were suspended in China in order to assess the effect of IPOs on stock markets and individual listed firms.