Global Offerings of Securities:Access to World Equity Capital Markets

This book serves as an introduction to a recent development in the world's capital markets: the rapid increase in global offerings of securities. It explores four different approaches that can be adopted in trying to accomplish multinational offerings of securities in a world where different countries have very different regulatory approaches to the offering and trading of securities, namely: full compliance with requirements of multiple legal systems (registered public offerings in multiple jurisdictions); avoidance of the most burdensome requirements (private placements and other exemptions); reconciliation (permissive regulatory exemptions in one country, including hand-tailored exemptions or by rule); deferral to one country's rules (i.e. of the country with dominant contacts with the issuer). For this purpose the laws and practices of the USA, UK, Continental Europe, Japan, Canada and Mexico - most of the world's major capital markets - are considered. The contributing authors practice extensively in the area of cross-border security offerings.