SME Growth Market meaning

In this issue: Sustainable finance and ESG weekly round-up Moveable Transactions (Scotland) Act 2023 Football Governance Bill LIBOR and benchmarks Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Technology in banking & finance transactions Structured products and securitisation Regulation for banking lawyers Banking & Finance Highlights 2024/2025 Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For this week’s coverage of Sustainable finance and ESG developments, please see: Sustainable finance and ESG weekly round–up—19 December 2024. Moveable Transactions (Scotland) Act 2023 Moveable Transactions (Scotland) Act 2023 (Commencement) Regulations 2024 SSI 2024/378: From 1 April 2025, the outstanding provisions of the Moveable Transactions (Scotland) Act 2023 (the Act) will come into effect. See: LNB News 17/12/2024 9. Moveable Transactions (Forms) (Scotland) Regulations 2024 SSI 2024/379: These prescribe the forms to be used for the purposes set out...

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The European Securities and Markets Authority (ESMA) has issued its final report concerning draft implementing technical standards (ITS) aimed at broadening the use of the alleviated format for insider lists. The draft ITS are set out in Annex III. The Listing Act, printed in the Official Journal on 14 November 2024, amends the Market Abuse Regulation (MAR) and instructs ESMA to reassess the ITS governing the format for compiling and maintaining insider lists, so that the alleviated format can be extended to all issuers...

Tracker overview This tracker outlines legislative and regulatory milestones from 2001 up to 31 January 2020, the date of Brexit, covering Regulation (EU) 2017/1129 (referred to here as the EU Prospectus Regulation or Prospectus Regulation) and the repealed Directive 2003/71/EC (Prospectus Directive). It is organised into the following sections: Recent and future developments (2015 onwards) Review and further implementation of the Prospectus Directive (2009–2014) Implementation of the Prospectus Directive (2003–2009) Regulation (EU) 2017/1129 was published in the Official Journal of the EU on 30 June 2017 and came into force in the EU on 20 July 2017. The bulk of its provisions have applied in the EU since 21 July 2019, with a small number taking effect earlier. For the stages of debate and agreement within the European legislative process on the Prospectus Regulation, see: EUR-Lex (Procedure 2015/0268/COD). Key documents The following constitute the level 1 text and level 2 measures for the EU Prospectus Regulation: ...

Loan market and developments A concise outline of the current Danish loan market and notable recent developments follows. Most corporate lending still comes via bank facilities—both committed and uncommitted—and is frequently secured. Security packages commonly comprise: shares; real property; bank accounts; and a floating charge spanning all moveable property, receivables and intellectual property of the borrower. Financing for both private and commercial real property is most often arranged through mortgage credit loans provided by mortgage credit institutions, with the relevant property given as security. The Danish Capital Markets Act introduced SME Growth Markets in Denmark for small and medium-sized companies (SMEs). In the preparatory remarks to the Act, it is noted that SMEs have experienced difficulties obtaining finance since the financial crisis. By establishing SME Growth Markets in Denmark, the aim is to grant SMEs easier access to the capital markets and thereby improve funding opportunities...

ARCHIVED This Practice Note is archived and no longer maintained. It offers historical context and outlines concepts such as UK mini-bonds and the Order Book for Retail Bonds (ORB). With the advent of the new UK prospectus regime, these concepts are being phased out or materially reformed. It is provided for background information only. For more on the new UK prospectus regime, see Practice Note: The UK Prospectus Regulation—essentials [Archived]—Reform of the UK prospectus regime. Introduction Traditional debt capital markets Historically, large corporates have tapped the debt capital markets to raise funds from an investor base made up largely of investment funds, pension funds, insurance companies and other institutional investors. Consequently, debt capital markets transactions have typically been characterised by: substantial issue sizes—typically at least £50m (or the equivalent in another currency) and frequently above £100m uniform distribution and underwriting procedures, whereby a lead manager with co-managers—or dealers for issues under a Euro Medium-Term Note (EMTN) programme—interposes between the issuer and prospective...

Article 18(1) of the UK Market Abuse Regulation, Assimilated Regulation (EU) 596/2014 (UK Market Abuse Regulation), states that an issuer, or any person acting for or on the account of an issuer, must compile a record of every individual with access to inside information who works for them under an employment contract, or who otherwise carries out tasks that thereby give them such access, for example advisers, accountants or credit rating agencies. The Financial Services Act 2021 revised Article 18(1) to make clear that both issuers, and any person acting for them or on their account, are each required to keep and maintain insider lists. This amendment came into force on 29 June 2021...