DOCSLIB.ORG

Initial Public Offerings 2022 Initial Public Offerings 2022

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Initial Public Offerings 2022 Initial Public Offerings 2022 Initial Public Offerings 2022 Initial Public Offerings 2022 Contributing editors Joshua Ford Bonnie and Kevin P Kennedy © Law Business Research 2021 Publisher Tom Barnes [email protected] Subscriptions Claire Bagnall Initial Public [email protected] Senior business development manager Adam Sargent Offerings [email protected] Published by Law Business Research Ltd Meridian House, 34-35 Farringdon Street 2022 London, EC4A 4HL, UK The information provided in this publication Contributing editors is general and may not apply in a specific situation. Legal advice should always Joshua Ford Bonnie and Kevin P Kennedy be sought before taking any legal action based on the information provided. This Simpson Thacher & Bartlett LLP information is not intended to create, nor does receipt of it constitute, a lawyer– client relationship. The publishers and authors accept no responsibility for any acts or omissions contained herein. The Lexology Getting The Deal Through is delighted to publish the seventh edition of Initial Public information provided was verified between Offerings, which is available in print and online at www.lexology.com/gtdt. May and June 2021. Be advised that this is Lexology Getting The Deal Through provides international expert analysis in key areas of a developing area. law, practice and regulation for corporate counsel, cross-border legal practitioners, and company directors and officers. © Law Business Research Ltd 2021 Throughout this edition, and following the unique Lexology Getting The Deal Through format, No photocopying without a CLA licence. the same key questions are answered by leading practitioners in each of the jurisdictions featured. First published 2015 Our coverage this year includes a new chapters on New Zealand and Turkey. Seventh edition Lexology Getting The Deal Through titles are published annually in print. Please ensure you ISBN 978-1-83862-672-3 are referring to the latest edition or to the online version at www.lexology.com/gtdt. Every effort has been made to cover all matters of concern to readers. However, specific Printed and distributed by legal advice should always be sought from experienced local advisers. Encompass Print Solutions Lexology Getting The Deal Through gratefully acknowledges the efforts of all the contribu- Tel: 0844 2480 112 tors to this volume, who were chosen for their recognised expertise. We also extend special thanks to the contributing editors, Joshua Ford Bonnie and Kevin P Kennedy of Simpson Thacher & Bartlett LLP, for their continued assistance with this volume. London June 2021 Reproduced with permission from Law Business Research Ltd This article was first published in July 2021 For further information please contact [email protected] www.lexology.com/gtdt 1 © Law Business Research 2021 Contents Global overview 3 New Zealand 52 Joshua Ford Bonnie, Kevin P Kennedy and Jonathan H Pacheco Michael Pritchard, Chris Harker and Sarah Haste Simpson Thacher & Bartlett LLP Mayne Wetherell Australia 4 Singapore 58 Adam D'Andreti, Lucy Hall and Kevin Zhou Evelyn Wee, Hoon Chi Tern and Jasselyn Seet Gilbert + Tobin Rajah & Tann Singapore LLP Belgium 12 South Africa 64 Arnaud Coibion, Filip Lecoutre, Thierry L’Homme, Gilles Nejman and Ezra Davids, David Yuill, Ryan Wessels and Sibonelo Mdluli Xavier Taton Bowmans Linklaters LLP Sweden 70 Greece 18 Carl-Johan Pousette and Marcus Tipner Catherine M Karatzas, Alexandra Th Kondyli, Nikos Askotiris and Advokatfirman Hammarskiöld Aris Makripodis Karatzas & Partners Law Firm Switzerland 76 Philippe A Weber and Christina Del Vecchio Hong Kong 24 Niederer Kraft Frey Celia Lam and Christopher Wong Simpson Thacher & Bartlett LLP Turkey 87 İltem Dokurlar and Naz Esen Ireland 31 Turunç Lee Murphy and Ryan Duggan Eversheds Sutherland (Ireland) United Kingdom 93 Clare Gaskell, Deborah Harris and Lucy Gillett Japan 40 Simpson Thacher & Bartlett LLP Kohei Koikawa, Masashi Ueda and Takahiro Yokota Nishimura & Asahi United States 101 Joshua Ford Bonnie, Kevin P Kennedy and Jonathan H Pacheco Luxembourg 45 Simpson Thacher & Bartlett LLP François Warken and Laurent Schummer Arendt & Medernach 2 Initial Public Offerings 2022 © Law Business Research 2021 Japan Kohei Koikawa, Masashi Ueda and Takahiro Yokota Nishimura & Asahi MARKET OVERVIEW REGULATION Size of market Regulators 1 What is the size of the market for initial public offerings 4 Which bodies are responsible for rulemaking and enforcing (IPOs) in your jurisdiction? the rules on IPOs? There are two types of listing market in Japan. The first listing market is The Financial Services Agency of Japan (FSA) and the stock exchanges a normal one and includes the Main Market (First and Second Sections) are responsible for rulemaking. The FSA has the authority to establish its of the Tokyo Stock Exchange, the JASDAQ market and the Mothers regulations and guidelines related to disclosure requirements under the market. In 2020, 92 issuers were newly listed on the normal market. Financial Instruments and Exchange Act (FIEA) of Japan (Act No. 25 of The second listing market is Tokyo Pro Market, which is operated by the 1948 (the FIEA)). Each stock exchange publishes certain rules and guide- Tokyo Stock Exchange. Only professional investors can invest in such lines including the listing requirements and listing process, in accordance Japanese stock exchanges. In 2020, 10 issuers were newly listed on the with which such stock exchange carries out listing examinations. Tokyo Pro Market. If an issuer violates any of the disclosure requirements under the FIEA, the FSA, the local financial bureaus of the Ministry of Finance of Issuers Japan and the Securities and Exchange Surveillance Commission of 2 Who are the issuers in the IPO market? Do domestic Japan have the authority to enforce the FIEA and the regulations there- companies tend to list at home or overseas? Do overseas under. If the rules of a stock exchange are violated, such stock exchange companies list in your market? has the authority to enforce its rules. Most of the issuers in the Japanese IPO market are joint-stock corpo- Authorisation for listing rations established under the laws of Japan. While large IPOs tend 5 Must issuers seek authorisation for a listing? What to include Rule 144A offerings in the United States and Regulation S information must issuers provide to the listing authority and offerings in other jurisdictions, Japanese domestic companies generally how is it assessed? choose to list at home only, and not overseas. In some cases, Japanese listed companies complete their secondary listing on overseas markets Issuers must be examined by the stock exchanges in order to obtain such as the United States (NYSE and Nasdaq), Hong Kong and Singapore. listing approval. Issuers must provide detailed information, such as an Overseas companies that conduct global IPOs typically choose overview of the corporate group, overview of the business, organisa- a public offering or private placement in Japan and are not listed in tional control system and distribution of shares to the stock exchanges. Japan. At present, only four overseas companies are listed on the Tokyo For example, the Tokyo Stock Exchange and Japan Exchange Regulation Stock Exchange. (to which the Tokyo Stock Exchange entrusts the listing examination) will measure the issuer’s conformity with the listing criteria set out Primary exchanges under the Securities Listing Regulations; furthermore, it will carry out 3 What are the primary exchanges for IPOs? How do they listing examinations particularly focusing on facilitating fair price forma- differ? tion and smooth securities trading and whether the relevant matter at issue is necessary and appropriate in light of the public interest or the In 2020, the majority of newly listed companies were listed on JASDAQ protection of investors. The disclosure document is subject to review by or Mothers, both of which are operated by the Tokyo Stock Exchange as the local finance bureau via preliminary consultation before filing. a market for venture and emerging companies. JASDAQ has two types of market: Standard or Growth. The Standard market is for growing Prospectus companies with a certain business scale and performance and the 6 What information must be made available to prospective Growth market is for companies with unique technologies or business investors and how must it be presented? models and abundant future growth potential. Mothers is for emerging companies that aim towards the First Section in the future. Upon an IPO, a securities registration statement must be filed and The First Section and Second Section of the Main Market of the presented via the Electronic Disclosure for Investors’ NETwork Tokyo Stock Exchange are the central stock markets in Japan, espe- system (EDINET). cially for large and medium-sized companies; the two sections are The contents of a securities registration statement mainly distinguished by certain conditions such as the amount of market comprises a securities information section, in which the offering struc- capitalisation. ture and the offered securities are described, and a corporate information 40 Initial Public Offerings 2022 © Law Business Research 2021 Nishimura & Asahi Japan section (including financial statements and audit reports). The form and Part IV: Special information substance of the securities registration statement are established by Unless the three-year audited financial statements are included in Part the Cabinet
Load more

Recommended publications
  • Information Circular
    INFORMATION CIRCULAR TO: Nasdaq members, Head Traders, Compliance Officers FROM: Nasdaq Listing Qualifications Department DATE: August 28, 2018 ______________________________________________________________________________ I. Introduction This circular relates to the listing on The Nasdaq Stock Market of the Brookfield Property REIT Inc, (the “Company”) class A common stock under the symbol BPR (the “Equity Investment Tracking Stock”). The Equity Investment Tracking Stock is to be issued pursuant to an agreement and plan of merger (the “Plan”) between GGP Inc. (“GGP”) and Brookfield Property Partners L.P. (“BPY”), among others, pursuant to which BPY will acquire the balance of GGP that it does not already own. Pursuant to the Plan, certain holders of shares of GGP common stock that are unaffiliated with BPY will receive at their election either cash or shares of the Equity Investment Tracking Stock. The GGP common stockholders who elect to receive shares of the Equity Investment Tracking Stock will also have the option at the time of the transaction to exchange all, but not less than all, of the Equity Investment Tracking Stock shares for limited partnership units of BPY (“BPY Units”). GGP will subsequently change its name to Brookfield Property REIT Inc. (“BPR”). BPY and its affiliates will hold class B stock and class C stock in BPR and the unaffiliated GGP common stockholders will own the Equity Investment Tracking Stock. The class B stock and class C stock are not expected to be publicly traded. BPY expects to initially retain the class B stock and class C stock acquired in the transactions and maintain BPR as an independent going concern and as an indirect subsidiary of BPY.
    [Show full text]
  • Notice of Filing of Amendment No. 5 to Proposed Rule Change Adopting Initial and Continued Listing Standards for the Listing Of
    SECURITIES AND EXCHANGE COMMISSION (Release No. 34-77850; File No. SR-NYSE-2016-22) May 17, 2016 Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 5 to Proposed Rule Change Adopting Initial and Continued Listing Standards for the Listing of Equity Investment Tracking Stocks and Adopting Listing Fees Specific to Equity Investment Tracking Stocks I. Introduction On April 7, 2016, the New York Stock Exchange LLC (“NYSE” or the “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)1 and Rule 19b-4 thereunder,2 a proposed rule change to adopt initial and continued listing standards for the listing of Equity Investment Tracking Stocks and to adopt fees for Equity Investment Tracking Stocks. The proposed rule change was published for comment in the Federal Register on April 27, 2016.3 On April 20, 2016, the Exchange filed Amendment No. 1 to the proposed rule change, which superseded the original filing in its entirety. On May 17, 2016, the Exchange filed Amendment No. 5 to the proposal, which superseded the filing, as amended by Amendment No. 1.4 Amendment No. 5 is described in Item II below. The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 5, from interested persons. 1 15 U.S.C.78s(b)(1). 2 17 CFR 240.19b-4. 3 See Securities Exchange Act Release No. 77674 (April 21, 2016), 81 FR 24919 (April 27, 2016).
    [Show full text]
  • Tracking Stock Makes New (Again)
    T H E VOLUME 8, NUMBER 3 OCTOBER 1999 THE MONTHLY REVIEW OF TAXES, TRENDS & TECHNIQUES TRACI~ING STOCI~ MAI{ES PANEL PUBLISHERS NEWS (AGAIN) by Robert W. Wood • San Francisco EDITOR-IN-CHIEF Robert W. Wood Much has been said over the past few years about tracking stock. Shorn of its Robert W. Wood, P.e. details, tracking stock is merely equity issued by companies that want to San Francisco separate their typically higher growth or sexier divisions from their stodgier components. It is, in a way, a spinoff without a spinoff. If the tracking stock ASSOCIATE EDITOR and the parent company's stock are traded separately, they should arguably Vaughne Sprowls be worth more than the stock of a single company. Tax Institute Sounds an awful lot like spinoff analysis, doesn't it? And that's part of the San Francisco Service's problem. Although tracking stock has been kicking around in the tax and financial literature for quite some time, America's love affair with ADVISORY BOARD tracking stock is now branching out into the general press. The use of tracking Gilbert D. Bloom stock over the past few years has been monumental. A recent article counted KPMG Peat Marwick roughly 36 tracking stocks on the market. Washington Four of them have been issued just this year, including giants like AT&T and Lawrence B. Gibbs Donaldson Lufkin & Jenrette. Other tracking stock issues expected shortly Miller & Chevalier include J.C. Penney, DuPont, and Quantum. Even Walt Disney Co. and Washington Microsoft are both said to be looking at tracking stocks, primarily to track (and Richard M.
    [Show full text]
  • Day Trading Excel Spreadsheet Template
    Day Trading Excel Spreadsheet Template thoughIs Corey Kurt oppositional clemmed orhis shoddy nonces after reffed. hylomorphic Rodge is MayanAntonio and humanize toused sohelluva nonchalantly? as ropier UncovenantedHill reinspired all-in and parand Aleksgradate complotting erenow. almost anticlockwise, The day trading Here, remember the entirety of your investment is on the line. They are in PDF or excel format. HABIT come in and take up permanent residency in your trading room. The Options window generates a dynamic options board directly in Excel. How Do You Make a Trading Journal in Excel? The downloadable Excel file includes four templates. Account Summary tab where you can track your account balance, which I found weird. Please let me know i would like to know before i make the purchase. Pl tell me is there any possibility to plot these technic in amibroker and by the by it can be linked to robo system and work will be done automatically. These are some ideas; there are dozens of other questions that a journal can help answer. God shown a good route to drive my life in excel. This template generates a performance report of stocks from an HGSI warehouse HTML file. With digital options, with this in mind you should have everything you need to track your trades using Google Spreadsheets! If you were to close that same position the following morning, high, vertical or diagonal trades. Have a Cryptocurrency template to share? What is a Trading Journal? What Are Binary Options? No new software, there are certain features that are important for all sections which would lead to a lot of flicking back and forth.
    [Show full text]
  • FTSE CNBC Asia 100 Index V3.1
    Ground Rules FTSE CNBC Asia 100 Index v3.1 ftserussell.com An LSEG Business January 2021 Contents 1.0 Introduction ......................................................................... 3 2.0 Management Responsibilities ............................................ 6 3.0 FTSE Russell Index Policies .............................................. 8 4.0 Treatment of Eligible Securities ...................................... 10 5.0 Qualification Criteria and Periodic Review of Constituents ...................................................................... 11 6.0 Corporate Actions and Events ......................................... 13 7.0 Industry Classification Benchmark (ICB) System .......... 15 8.0 Algorithms and Calculation Method ................................ 16 Appendix A: Treatment of Tracker Stocks ............................... 17 Appendix B: List of Indexes ....................................................... 18 Appendix C: Status of Indexes .................................................. 19 Appendix D: Further Information .............................................. 20 FTSE Russell An LSEG Business | FTSE CNBC Asia 100 Index, v3.1, January 2021 2 of 20 Section 1 Introduction 1.0 Introduction 1.1 FTSE CNBC Asia 100 Index 1.1.1 The FTSE CNBC Asia 100 Index represents the performance of the 100 largest companies in Asia Pacific. The index uses the underlying universe of the FTSE Asia Pacific to select companies. The following countries that are eligible for inclusion in the index include Australia, China1, Hong
    [Show full text]
  • Glossary of Terms Used in FTSE Russell Methodology Documents
    Glossary of Terms used in FTSE Russell Equity Methodology Documents v2.0 ftserussell.com An LSEG Business June 2021 Contents A F Acquiring Company Free Float / Float Acquisition Foreign Headroom Alternatively Weighted Indices Foreign Ownership Average Daily Dollar Trading Volume (ADDTV) FTSE4Good Full Market Capitalisation B Basis Point G Benchmark’ Growth Company Benchmark Administrator H Benefit Driven Incorporation (BDI) Home Country Indicators (HCI) Buffer Zone I C ICB Capped Index Index Capped Weight Index Base Date Capital Index Index Base Value Composite Value Score (CVS) Informative Notice Constituent Investable Market Capitalisation Corporate Action Investability Weighting Corporate Event IOSCO Country Classification IOSCO Principles Cumulative Market Capitalisation IPO (Initial Public Offering) D L DDS - Data Delivery System Liquidity Screen Divisor Dummy Line M Market Adjusted Breakpoints E Market Capitalisation Weighted Indices ESG Merger FTSE Russell An LSEG Business | Glossary of Terms used in FTSE Russell Equity Methodology Documents, v2.0, 2 of 14 June 2021 Methodology N Non-Domestic Exchange (NDE) Country Non-Linear Probability Algorithm (NLP) Non-Trading Days P Percentile Banding Pricing Vehicle R Rank Day Rebalance Rebasing Reconstitution Reverse Merger Review Russell Global Classification Scheme (“RGS”) S Sharia (or Shariah) Indices Shares in issue SRI Stability Probability Style Probability Synthetic Price T Target Company Technical Notice (Index Announcement) Total Return Index Tracking Stock Treasury Shares V Value Company Velocity W Weight Adjustment Factor (WAF) FTSE Russell An LSEG Business | Glossary of Terms used in FTSE Russell Equity Methodology Documents, v2.0, 3 of 14 June 2021 Glossary A Return to Contents Acquiring Company A company which is attempting to purchase another company.
    [Show full text]
  • Consolidating Stock Exchanges: Is Access to Al Local Stock Market Stil
    Federale Overheidsdienst FINANCIEN - BELGIE 67e jaargang, nr 2, 2e kwartaal 2007 D O C U M E N T A T I E B L A D CONSOLIDATING STOCK EXCHANGES: IS AcceSS TO A LOCAL STOCK MARKET STILL NeeDED? Nancy Huyghebaert Associate Professor of Finance K.U.Leuven Faculty of Economics and Applied Economics Department of Accountancy, Finance and Insurance Naamsestraat 69 3000 Leuven [email protected]* Abstract This paper discusses the importance of local stock market development for a country’s long-run economic growth. At the firm level, it argues that companies wishing to raise external equity structure their IPO and choose a listing venue so that a liquid market in their shares can arise. Recent trends in the stock exchange industry provide a rationale for cross-border stock market mergers, however. This paper reviews the literature on stock market competition, specialization, interna- tionalization and cross-listings to derive the conditions that stock market mergers should satisfy in order to contribute to local stock market development, given its micro- and macro-economic importance. JEL CLASSIFICATION: E44, G14, G15, N20 * The author thanks Frank Lierman, Mathieu Luypaert, Piet Sercu and Gunther Wuyts for comments on an earlier draft of this paper. 91 1. INTRODUCTION Stock market development is a research topic with wide-ranging implications for firms and economies. Michelacci and Suarez (2004), for example, point out that an active stock market encourages business creation, innovation, and growth by allowing young companies to go public at an earlier stage, which redirects informed capital from banks and venture capitalists towards new start-ups (see also Black and Gilson, 1998).
    [Show full text]
  • Getting the Deal Through – Initial Public Offerings 2016
    JAPAN Nishimura & Asahi Japan Kohei Koikawa and Masashi Ueda Nishimura & Asahi Market overview authority to enforce the FIEA and the regulations there under. If the rules of a stock exchange are violated, such stock exchange has the authority to 1 What is the size of the market for initial public offerings enforce its rules. (IPOs) in your jurisdiction? There are two types of listing market in Japan. The first listing market is a 5 Must issuers seek authorisation for a listing? What normal one and includes the Main Market (First and Second Sections) of information must issuers provide to the listing authority and the Tokyo Stock Exchange, the JASDAQ market and the Mothers market. how is it assessed? In 2014, 77 issuers were newly listed on the normal market. The second Issuers must be examined by the stock exchanges in order to obtain listing listing market is Tokyo Pro Market, which is operated by the Tokyo Stock approval. Issuers must provide detailed information, such as an overview Exchange, and only professional investors can invest in such Japanese of the corporate group, overview of the business, organisational control stock exchanges. In 2014, three issuers were newly listed on the Tokyo Pro system and distribution of shares to the stock exchanges. For example, the Market. Tokyo Stock Exchange and Japan Exchange Regulation (to which the Tokyo Stock Exchange entrusts the listing examination) will measure the issuer’s 2 Who are the issuers in the IPO market? Do domestic conformity with the listing criteria set out under the Securities Listing companies tend to list at home or overseas? Do overseas Regulations; furthermore, it will carry out listing examinations particularly companies list in your market? focusing on facilitating fair price formation and smooth securities trading Most of the issuers in the Japanese IPO market are joint stock corpora- and whether the relevant matter at issue is necessary and appropriate in tions established under the laws of Japan.
    [Show full text]
  • Five-Minute-Mba-In-Corporate-Finance
    GetPedia : Get How Stuff Works! Works! Welcome To GetPedia.com The Online Information Resource Providing You the Most Unique Content and Genuine Articles in the most Widest range categories. Browse and discover Information in each and every category. There are currently more than 500,000 articles to browse for. Business Communications Health & Fitness Advertising Broadband Internet Acne Branding Mobile & Cell Phone Aerobics & Cardio Business Management VOIP Alternative Medicine Business Ethics Video Conferencing Beauty Tips Careers, Jobs & Employment Satellite TV Depression Customer Service Diabetes Reference & Education Marketing Exercise & Fitness Networking Book Reviews Fitness Equipment Network Marketing College & University Hair Loss Pay-Per-Click Advertising Psychology Medicine Presentation Science Articles Meditation Public Relations Food & Drinks Muscle Building & Sales Bodybuilding Sales Management Coffee Nutrition Sales Telemarketing Cooking Tips Nutritional Supplements Sales Training Recipes & Food and Drink Weight Loss Small Business Wine & Spirits Yoga Strategic Planning Home & Family Entrepreneur Recreation and Sport Negotiation Tips Crafts & Hobbies Fishing Team Building Elder Care Golf Top Quick Tips Holiday Martial Arts Home Improvement Internet & Businesses Online Motorcycle Home Security Affiliate Revenue Interior Design & Decorating Self Improvement & Motivation Blogging, RSS & Feeds Landscaping & Gardening Attraction Domain Name Babies & Toddler Coaching E-Book Pets Creativity E-commerce Parenting Dealing with Grief
    [Show full text]
  • QQQ's Listing on NASDAQ Is Effective Today
    QQQ's Listing on NASDAQ is Effective Today New York, N.Y. — The Nasdaq Stock Market, Inc. (NASDAQ® ; OTCBB: NDAQ) today announced that the NASDAQ-100 Index Tracking Stock® (NASDAQ: QQQQ) has listed on NASDAQ, effective today. It now trades on NASDAQ under the symbol "QQQQ," but is commonly referred to as QQQSM. As of September 30, 2004, QQQ was the most actively traded ETF in the world and the most heavily traded listed equity security in the U.S.1 QQQ's volume has increased from an average of 6.9 million shares traded daily in 1999 to 100.3 million shares traded on average in 2004.2 QQQ has grown significantly since its inception: from $14.5 million in assets at its launch on March 4, 1999 to $22.1 billion in assets as of October 31, 2004; and from 300 thousand total shares outstanding to 598.3 million during the same time frame. 3 In addition, QQQ has accumulated a base of over one million investors,4 becoming a popular financial instrument among institutional and individual investors. QQQ is an exchange traded fund (ETF) designed to correspond to the price and yield performance of the NASDAQ-100 Index, which consists of NASDAQ's largest 100 non-financial companies. QQQ currently trades at a value set by NASDAQ at approximately 1/40 th of the value of the NASDAQ-100 Index. For more information about QQQ, visit http://www.nasdaq-100.com . ETFs are financial products that trade like shares of stock. ETFs can be bought and sold throughout the trading day and through any broker.
    [Show full text]
  • Eye of the Electronic Revolution
    EYE OF THE ELECTRONIC REVOLUTION 1999 NASD Annual Report CONTENTS 1 Introduction 2 Letter from the Chairman 4 1999 Highlights 6 The Nasdaq Stock Market 8 The American Stock Exchange 16 NASD Regulation 20 NASD and Technology 24 Board of Governors 29 1999 Statistical Highlights 32 1999 Financial Information 33 2000 Boards and Committees 60 Corporate Officers 64 Office Locations 67 On the Internet 69 The Global 2 Market Network “Nasdaq has the greatest pool of liquidity, the central marketplace, for the largest and fastest-growing stocks in the country.” James Marks, Credit Suisse First Boston, January 11, 2000 Economic growth is fueled by capital formation. range of choices, and swift, sure execution. Today, as the world economy is being transfig- Employing technology that is unsurpassed in ured by phenomenal advances in information reliability, capacity, and accessibility, The and communication technology, the global cap- Nasdaq Stock Market® and The American ital markets are being linked into a network, Stock Exchange® are uniting these market vastly enhancing their power and reach. components into a system of unprecedented effectiveness. The National Association of Securities Dealers ® (NASD ) is proud to be at the eye of this elec- In 1999, we firmly established our leadership 3 tronic revolution. among U.S. stock markets. At the same time, we began implementing our global vision: link- The firms going to the global markets for capi- ing pools of liquidity worldwide. This report tal require depth of liquidity, the broadest pos- summarizes our achievements during an sible exposure, and comprehensive support. extraordinary year, and tells where that The investors of every size who supply that momentum will take us.
    [Show full text]
  • Tracking Stock" for Tax Purposes
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by The Catholic University of America Columbus School of Law Catholic University Law Review Volume 43 Issue 4 Summer 1994 Article 3 1994 Corporate Taxation's Square Peg: An Analysis of Possible Solutions to the Problem of Characterizing "Tracking Stock" for Tax Purposes Charles A. Borek Follow this and additional works at: https://scholarship.law.edu/lawreview Recommended Citation Charles A. Borek, Corporate Taxation's Square Peg: An Analysis of Possible Solutions to the Problem of Characterizing "Tracking Stock" for Tax Purposes, 43 Cath. U. L. Rev. 1107 (1994). Available at: https://scholarship.law.edu/lawreview/vol43/iss4/3 This Article is brought to you for free and open access by CUA Law Scholarship Repository. It has been accepted for inclusion in Catholic University Law Review by an authorized editor of CUA Law Scholarship Repository. For more information, please contact [email protected]. CORPORATE TAXATION'S SQUARE PEG: AN ANALYSIS OF POSSIBLE SOLUTIONS TO THE PROBLEM OF CHARACTERIZING "TRACKING STOCK" FOR TAX PURPOSES Charles A. Borek* I. INTRODUCTION "Tracking stock"' is a class of corporate equity securities whose value is designed to track the performance of specific assets or groups of assets of a corporation.2 As such, tracking stock splits the interest in the corpora- tion vertically, unlike common and preferred stock, which traditionally divide the corporate interest horizontally.3 Tracking stock may be issued for a variety of business purposes, including a desire to maximize stock trading price or a need for a specialized investment vehicle to facilitate a corporate acquisition.4 Because this stock is unique in its vertical division * B.A., Mary Washington College, 1985; M.B.A., University of Baltimore, 1993; J.D., summa cum laude, University of Baltimore, 1993; Certified Public Accountant, State of Maryland; Associate, Thomas & Libowitz, P.A., Baltimore, Maryland; Adjunct Profes- sor of Law, University of Baltimore.
    [Show full text]