Securities Law
Securities law regulates the issuance and trading of financial instruments such as stocks, bonds, and derivatives. It covers disclosure requirements, insider trading, market manipulation, public offerings, and the regulation of exchanges and brokers. This category examines securities regulation frameworks and their role in maintaining fair and efficient capital markets.
Chinese Securities Class Actions
Securities Law 2019: Article 95 The legal framework for securities class actions in China is established by Article 95 of the Securities Law of the People’s Republic of China (Zhengguan Fa), as …
Chinese Securities Enforcement and Investor Protection
Chinese securities enforcement has undergone significant reform since the 2015 stock market crash and the 2019 revision of the Securities Law. The China Securities Regulatory Commission (CSRC) has …
Chinese Securities Law
Statutory Framework and the 2019 Revision The Securities Law of the People’s Republic of China (the “PRC Securities Law”) was originally adopted in December 1998 and took effect on 1 …
Chinese Stock Exchanges and Capital Markets
China’s stock exchanges — the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), and the Beijing Stock Exchange (BSE) — constitute the world’s second-largest capital market …
EU Securities Law
The Single Rulebook and ESMA EU securities law is constructed upon the principle of a single rulebook—a harmonised set of directly applicable regulations and maximum-harmonisation directives that …
French Crowdfunding Regulation
The Legal Framework French crowdfunding regulation is structured around a three-tier classification of crowdfunding models: donations with or without consideration, loans (prêts), and equity …
French Market Infrastructure
French Market Infrastructure French financial market infrastructure comprises the trading venues, clearing houses, and settlement systems that support the issue, trading, and post-trading processing …
French Prospectus Regulation
The Regulatory Framework French prospectus regulation is governed by the EU Prospectus Regulation (Regulation 2017/1129, as amended) and supplemented by the Code monétaire et financier (CMF) and the …
French Securities Law
Codified Framework French securities law is codified principally in the Code monétaire et financier (CMF – Monetary and Financial Code) , specifically Books III (Services), IV (Markets), V (Asset …
German Capital Markets Law
The Regulatory Architecture: WpHG and BaFin German capital markets law is centred on the Wertpapierhandelsgesetz (WpHG), which transposes EU financial market directives including MiFID II (Directive …
German Securities Law
Regulatory Architecture German securities law is shaped by a dual-layer structure: directly applicable EU regulations (the Prospectus Regulation, MAR, MiFID II, EMIR) and national transposition …
Insider Trading
Introduction Insider trading is the buying or selling of securities while in possession of material, nonpublic information, in breach of a fiduciary duty or other duty of trust and confidence. Insider …
MiFID II and MiFIR
The Markets in Financial Instruments Directive II (MiFID II — Directive 2014/65/EU) and the Markets in Financial Instruments Regulation (MiFIR — Regulation (EU) 600/2014) constitute the core of the …
Overview of German Securities Law
German securities law is primarily codified in the Wertpapierhandelsgesetz (WpHG), which implements EU MiFID II/MiFIR regulation. It governs investor protection, market transparency, insider trading …
Prospectus Regulation (2017/1129)
The Prospectus Regulation (Regulation (EU) 2017/1129) establishes the legal framework for the prospectus that must be published when securities are offered to the public or admitted to trading on a …
Russian Corporate Bond Market
Federal Law on Securities Market The issuance and circulation of corporate bonds in Russia is governed by the Federal Law on the Securities Market (Federalny Zakon o Rynke Tsennykh Bumag, No. 39-FZ of …
Russian Insider Trading Law
Legislative Framework Russian insider trading law is governed by the Federal Law on Combating the Misuse of Inside Information and Market Manipulation (No. 224-FZ of 27 July 2010), which entered into …
Russian Securities Law
Statutory Foundations Russian securities law is anchored in Federal Law No. 39-FZ of 22 April 1996 “On the Securities Market” (the “Securities Market Law”), which constitutes …
Securities Fraud
Introduction Securities fraud encompasses a broad range of deceptive practices in connection with the purchase or sale of securities. The primary federal antifraud provision is SEC Rule 10b-5, …
Securities Law in Australia
Introduction Australian securities law regulates the issue and trading of financial products, the conduct of financial markets, and the provision of financial services. The principal legislative …
Securities Law in Brazil
Introduction Securities law in Brazil (Direito do Mercado de Capitais) governs the issuance, trading, and regulation of securities. The framework is centered on the Securities and Exchange Commission …
Securities Law in Canada
The Provincial Regulatory System Securities law in Canada is distinguished from most developed economies by its provincial and territorial regulatory structure. There is no federal securities …
Securities Law in Japan
The Financial Instruments and Exchange Act Japanese securities law is codified principally in the Financial Instruments and Exchange Act (FIEA, Kinyū Shōhin Torihiki Hō, 1948). Originally enacted as …
Securities Law in Mexico
Introduction Mexican securities law is primarily governed by the Securities Market Law (Ley del Mercado de Valores, LMV), enacted in 2006 and substantially reformed in 2014. The National Banking and …
Securities Law in Nigeria
Introduction Securities law in Nigeria governs the regulation of capital markets, the issuance and trading of securities, and the conduct of market participants. The Investments and Securities Act …
Securities Law in South Africa
Introduction South African securities law regulates the trading of financial instruments, the conduct of market participants, and the integrity of financial markets. The legal framework is built on …
Securities Law in South Korea
Introduction South Korean securities law is governed by the Financial Investment Services and Capital Markets Act (FISCMA, 자본시장과 금융투자업에 관한 법률, 2007) . FISCMA consolidated and modernized previously …
Securities Regulation in Australia
Introduction Securities regulation in Australia governs the issuance and trading of securities, aiming to protect investors and ensure fair and efficient capital markets. Regulatory Framework The …
Securities Regulation in Brazil
Introduction Securities regulation in Brazil governs the issuance and trading of securities, aiming to protect investors and ensure fair and efficient capital markets. Regulatory Framework Law No. …
Securities Regulation in Canada
Introduction Securities regulation in Canada governs the issuance and trading of securities, aiming to protect investors and ensure fair and efficient capital markets. Regulatory Framework Provincial …
Securities Regulation in Japan
Introduction Securities regulation in Japan governs the issuance and trading of securities, aiming to protect investors and ensure fair and efficient capital markets. Regulatory Framework The …
Securities Regulation in Mexico
Introduction Securities regulation in Mexico governs the issuance and trading of securities, aiming to protect investors and ensure fair and efficient capital markets. Regulatory Framework The …
Securities Regulation in Nigeria
Introduction Securities regulation in Nigeria governs the issuance and trading of securities, aiming to protect investors and ensure fair and efficient capital markets. Regulatory Framework The …
Securities Regulation in South Africa
Introduction Securities regulation in South Africa governs the issuance and trading of securities, aiming to protect investors and ensure fair and efficient capital markets. Regulatory Framework The …
Securities Regulation in South Korea
Introduction Securities regulation in South Korea governs the issuance and trading of securities, aiming to protect investors and ensure fair and efficient capital markets. Regulatory Framework The …
Takeover Regulation in Australia
Introduction Takeover regulation in Australia governs the acquisition of control over publicly listed companies. The framework ensures that shareholders are treated fairly and have adequate …
Takeover Regulation in Brazil
Introduction Takeover regulation in Brazil governs the acquisition of control over publicly listed companies. The framework ensures that shareholders are treated fairly and have adequate information …
Takeover Regulation in Canada
Introduction Takeover regulation in Canada governs the acquisition of control over publicly listed companies. The framework ensures that shareholders are treated fairly and have adequate information …
Takeover Regulation in Japan
Introduction Takeover regulation in Japan governs the acquisition of control over publicly listed companies. The framework ensures that shareholders are treated fairly and have adequate information to …
Takeover Regulation in Mexico
Introduction Takeover regulation in Mexico governs the acquisition of control over publicly listed companies. The framework ensures that shareholders are treated fairly and have adequate information …
Takeover Regulation in Nigeria
Introduction Takeover regulation in Nigeria governs the acquisition of control over publicly listed companies. The framework ensures that shareholders are treated fairly and have adequate information …
Takeover Regulation in South Africa
Introduction Takeover regulation in South Africa governs the acquisition of control over publicly listed companies. The framework ensures that shareholders are treated fairly and have adequate …
Takeover Regulation in South Korea
Introduction Takeover regulation in South Korea governs the acquisition of control over publicly listed companies. The framework ensures that shareholders are treated fairly and have adequate …
UK Securities Law
Statutory Framework: FSMA 2000 The cornerstone of UK securities regulation is the Financial Services and Markets Act 2000 (FSMA 2000) , as amended. Part VI of FSMA governs the official listing of …
US Securities Law
Historical and Statutory Framework US securities law is principally governed by two landmark New Deal statutes. The Securities Act of 1933 (the “Securities Act”) regulates primary …