Allens

Capital Markets

Our experienced Capital Markets legal team regularly publishes articles and updates - the full list of publications appears below. Read about the latest issues affecting domestic and international capital markets, including important legislative changes, industry activities, and new market trends and products. If you'd like to be notified when we add new capital markets publications to the site, please go to our subscription page to sign up for email alerts or, alternatively, you can subscribe to our RSS feed.

Visit our capital markets service area for information on past and current projects.

Capital Markets Publications

  • Paper: How the UK's Brexit decision could affect you

    20 June 2016

    This week the UK will vote on whether it wants to remain part of the EU. This decision could have global economic impacts and affect your business. For instance, how will it impact on free trade agreements with Europe and the rest of the world, the pace of deals in the UK, and the UK regulatory environment? To learn more, see an EU referendum overview put together by our alliance partner, Linklaters.

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  • Special Report: Understanding the opportunities and navigating the legal frameworks of distributed ledger technology and blockchain

    17 June 2016

    Authored by a multidisciplinary team from Allens, Blockchain Reaction is designed to assist business stakeholders, decision makers and in-house counsel across a variety of sectors to understand the technology and how it is being used, as well as navigate the regulatory and legal opportunities and challenges.

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  • Client Update: Major overhaul of Australia's foreign investment laws: what's new?

    4 December 2015

    The new package of legislation overhauling Australia's foreign investment laws, the first major revision in 40 years, commenced on 1 December 2015. While many features of the previous regime have been retained (and sometimes re-named), there are also a number of significant changes. Partners Jeremy Low, Wendy Rae and Richard Kriedemann and Senior Associate Eve Regnard review the key new elements.

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  • Client Update: ASIC tweaks employee incentive scheme relief

    12 November 2015

    Various amendments to ASIC's employee incentive scheme class order relief have now come into effect. Described by ASIC as 'minor and machinery in nature', the clarifications and improvements were prompted in part by market feedback. Partner Greg Bosmans looks at the changes.

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  • Focus: PNG securities laws rewrite

    9 November 2015

    Those dealing in PNG's capital markets should be aware that the PNG Parliament recently passed a package of legislation to substantially amend and strengthen the regulation of its capital markets. The regime will introduce new licensing requirements for those involved in activities such as securities dealing, funds management, and corporate advice. The role of the PNG Securities Commission will be strengthened and expanded, and the rules relating to offers of securities will be updated. Partner Richard Kriedemann looks at the new regime.

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  • Client Update: Amendments reduce compliance burden for ASX-listed NZ companies

    1 September 2015

    ASX has released a number of proposed amendments to the ASX Foreign Exempt Listing Rules that will significantly lower both the ongoing compliance burden and the admission thresholds for New Zealand companies already listed or seeking a listing on ASX. Partner Robert Pick, Senior Associate Georgie Korman and Associate Harini Amarasinghe report.

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  • Client Update: New regulations to kick-start a derivatives market in Vietnam

    15 May 2015

    The Vietnamese Government has issued a new decree that lays the foundations for the trading of derivatives and for the establishment of the first derivative market in Vietnam. This development is expected to diversify securities products in Vietnam and help enhance liquidity on the Vietnam securities market. Partner Robert Fish, Senior Associate Chi Ha, and Associates Dang Vu and Ngoc Nguyen report.

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  • Audio: Highlights (19/03/14) - Govt plans to scrap 100-member rule

    8 January 2015

    The Federal Government has flagged the scrapping of the 100-member rule as part of its drive to reduce red tape for businesses. Allens Partner and Co-Head of the firm's Private Equity Practice Mark Malinas spoke to BRR Media about what such a repeal would mean for companies and shareholder activists.

    Listen
  • Focus: ASIC's employee incentive scheme class orders - new and improved

    31 October 2014

    After much anticipation, ASIC has released new employee incentive scheme class order relief. Partner Greg Bosmans and Special Counsel Gadi Bloch, members of Allens' Head Office & Governance team, report on the implications for listed and unlisted companies.

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  • Linklaters Insights: Shanghai-Hong Kong Stock Connect: Further clarifications of the Stock Connect Rules

    29 October 2014

    On 26 September 2014, Shanghai Stock Exchange and China Securities Depository and Clearing Corporations Limited promulgated detailed rules to implement stock trading under the Shanghai-Hong Kong Stock Connect. On the same day, the Hong Kong Exchange and Clearing Limited published a number of approved amendments to its rules and FAQs to clarify certain key aspects of the Stock Connect programme. Market participants would be pleased to know that welcome clarifications have been provided in a number of key areas. This bulletin helps you navigate the latest developments.

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  • Vietnam Legal Update: New rules for foreign investment accounts in Vietnam

    27 October 2014

    Various new foreign exchange regulations governing the use of all types of foreign currency accounts, including investment accounts, of Vietnamese enterprises and their investors have recently come into effect. The changes will affect current and potential foreign investors, as well as foreign-invested enterprises. Partner Robert Fish and Associates Cara Stevens and Vinh Dang report.

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  • Client Update: Strong ECM volumes to continue

    15 October 2014

    Recent strength in the IPO market has seen a number of issuers come to market over the past 12 months. Partners and Co-Heads of the Allens Equity Capital Markets Practice Julian Donnan and Robert Pick recently convened a FinanceAsia roundtable to discuss the latest developments in ECM. Julian and Robert also spoke to BRR Media about the issue.

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  • Audio: NSW Budget committed to transport infrastructure

    18 June 2014

    The New South Wales Budget, handed down yesterday, has outlined an increased focus on transport projects and asset recycling. Infrastructure & Transport Sector Head Emma Warren and Partner Andrew Mansour speak to BRR Media about the Budget's highlights and the implications for potential investors into the state.

    Listen
  • Linklaters Insights: Credit supernova - ISDA publishes 2014 ISDA Credit Derivatives Definitions

    29 March 2014

    If 2009 saw the 'big bang' and 'small bang' of the credit derivatives market, then 2014 sees the 'supernova' – the biggest overhaul of the Credit Derivatives Definitions in over a decade.

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  • Audio: Govt plans to scrap 100-member rule

    19 March 2014

    The Federal Government has flagged the scrapping of the 100-member rule as part of its drive to reduce red tape for businesses. Allens Partner and Co-Head of the firm's Private Equity Practice Mark Malinas spoke to BRR Media about what such a repeal would mean for companies and shareholder activists.

    Listen
  • Allens insights: Debt funds open a new asset class

    30 October 2013

    The dominance of the banks in the Australian corporate debt market is an anomaly

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  • Audio: New planning laws for NSW

    30 October 2013

    The New South Wales Government's decision to forge ahead with the most significant planning overhaul in decades has received a mixed response from the property and construction industry. Paul Lalich, who is a Partner in the Environment & Planning group at Allens, speaks to BRR Media about the new laws, which are aimed at streamlining approvals processes so that development can be stimulated in NSW's growth areas.

    Listen
  • Focus: Draft decision providing extra legroom for foreign investors flying into the Vietnamese securities market

    9 October 2013

    A new decision on foreign ownership limits in the Vietnamese securities market is expected to be issued shortly to encourage further foreign capital into Vietnam. The changes proposed in the draft decision, if implemented, will have the potential to significantly transform the capital market for foreign investors, although they may not be felt evenly across all market sectors or have immediate impact. Partner Robert Fish and Lawyer Chi Ha report on what the new law may mean for foreign investors looking at opportunities in the securities market of Vietnam.

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  • Audio: Election impacts on inbound foreign investment

    9 October 2013

    The newly elected Abbott Government has announced a range of policies that will impact upon Australian companies across a number of sectors, with potential changes in the areas of tax, climate change, infrastructure, competition, workplace relations, foreign investment and technology, media and communications. Partner Marcus Clark, from the Corporate group at Allens, speaks to BRR Media about the impact of the election results on businesses faced with foreign investment law issues.

    Listen
  • Audio: Election impacts on workplace relations

    9 October 2013

    The newly elected Abbott Government has announced a range of policies that will impact upon Australian companies across a number of sectors, with potential changes in the areas of tax, climate change, infrastructure, competition, workplace relations, foreign investment and technology, media and communications. Special Counsel Eleanor Jewell, from the Commercial Litigation & Dispute Resolution group at Allens, speaks to BRR Media about the impact of the election results on workplace relations.

    Listen
  • Audio: Election impacts on infrastructure

    9 October 2013

    The newly elected Abbott Government has announced a range of policies that will impact upon Australian companies across a number of sectors, with potential changes in the areas of tax, climate change, infrastructure, competition, workplace relations, foreign investment and technology, media and communications. Partner Michael Hollingdale, from the Energy, Resources & Infrastructure group at Allens, speaks to BRR Media about the impact of the election results on the infrastructure sector.

    Listen
  • Audio: Recent developments in Myanmar

    9 April 2013

    The fast pace of reform continues in Myanmar, creating significant opportunities for foreign investors. Partner Marae Ciantar spoke to BRR Media about the recent and upcoming developments in the oil & gas and telecommunications sectors, and what investors can do to prepare.

    Listen
  • Linklaters Insights: A new repurchase agreement for the PRC interbank market

    6 March 2013

    On 18 December 2012, the People's Bank of China announced its approval of the publication of the China Inter-bank Market Bond Repurchase Master Agreement by the National Association of Financial Market Institutional Investors, which NAFMII later published on 21 January 2013.

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  • Linklaters Insights: Proposed amendments to the inland revenue and stamp duty ordinances to facilitate development of an Islamic finance market in Hong Kong

    5 March 2013

    The Hong Kong Government has taken a major step towards developing Islamic finance in Hong Kong.

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  • Audio: New Japan govt puts Yen in play

    14 February 2013

    The new government in Japan has flagged a major push to revive the Japanese economy. Japan Sector Leader and co-head of Allens' Corporate Finance Practice in Perth, Tim Lester, spoke to BRR Media about the changes, their effect on the Japanese Yen, and outbound investment from Japan

    Listen
  • Linklaters Insights: The evolution and current state of play for the definition of 'US person' for purposes of Title VII of the Dodd-Frank Act

    30 January 2013

    As the Commodity Futures Trading Commission, the Securities and Exchange Commission, and other regulators have worked to implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, uncertainty has arisen with respect to the extraterritorial scope of Title VII and its application to cross-border derivatives transactions and international market participants.

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  • Audio: Planning reforms on the cards in Victoria

    24 January 2013

    Victorian Premier Ted Baillieu and Planning Minister Matthew Guy are proposing to implement reforms to the State's environmental and planning approvals processes. Partner Chris Schulz spoke to BRR Media about what the reforms might look like and how they will be achieved.

    Listen
  • Audio: NSW sets infrastructure & transport plan

    19 December 2012

    The NSW Government State Infrastructure Strategy and NSW Long Term Transport Master Plan were released last week. Partners Nigel Papi and Leighton O'Brien spoke to BRR Media about the plan and the outlook for Australian infrastructure in 2013

    Listen
  • Audio: Current trends in the construction industry

    21 November 2012

    In conjunction with the publication of Breaking Ground – Construction Year in Review, Allens recently hosted a series of seminars that explored key trends in construction law during the 2012 calendar year. Following the seminars, Partner Nick Rudge spoke to BRR Media about the key issues and trends for the industry and what's on the cards in 2013.

    Listen
  • Linklaters Insights: MOFCOM issues rules on capital contribution to foreign invested enterprises with equity interests

    19 November 2012

    To promote foreign investment within China, MOFCOM has issued rules to allow both domestic and foreign investors to contribute equity interests in PRC companies to foreign invested enterprises by way of incorporation or subscription.

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  • Audio: Operating in emerging Asian economies

    2 November 2012

    The Australian Government has released its Australia in the Asian Century White Paper, its blueprint for Australia's greater integration throughout the region and roadmap to becoming a more prosperous and resilient nation. Partners Erin Feros and Marae Ciantar spoke to BRR Media about other emerging markets within the region, such as Mongolia and Myanmar.

    Listen
  • Audio: Indonesia opportunities in Asian Century

    2 November 2012

    The Australian Government has released its Australia in the Asian Century White Paper, its blueprint for Australia's greater integration throughout the region and roadmap to becoming a more prosperous and resilient nation. Partner David Holme spoke to BRR Media about the untapped growth markets in Indonesia, and the opportunities for increased investment.

    Listen
  • Client Update: Changes to reserves and resources disclosure rules

    24 September 2012

    Proposed new disclosure rules will affect the way mining and oil and gas companies report on their reserves and resources. The proposals seek to strike a balance between providing meaningful information to investors about listed entities' reserves and resources assets while managing compliance costs for listed companies. Partner Ted Hill and Lawyer Lachlan Clancy report.

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  • Audio: The PPS Register - the first 6 months - traps and lessons for suppliers

    16 August 2012

    The PPS register has now been in operation for six months. Partner Diccon Loxton speaks to BRR Media about the lessons and traps for suppliers of goods on lease or retention of title terms

    Listen
  • Focus: Capital raising limit for mid to small caps increased

    1 August 2012

    The Australian Securities Exchange has released amended Listing Rules that increase the annual capital raising limit for mid to small caps and should mean greater flexibility for a large number of ASX-listed companies. Partners Andrew Pascoe and Julian Donnan, Senior Associate Matthew Ireland and Lawyer Kieran Chute report.

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  • Video: ASIC recommends takeover rule review

    19 July 2012

    Partner Richard Kriedemann discusses ASIC's proposed reforms to the takeover rule.

    Watch
  • Focus: ASX consultation paper on mid to small caps equity raisings

    4 April 2012

    The Australian Securities Exchange has proposed to increase the capital raising limit for mid to small caps. Partner Julian Donnan and Senior Associate Robert Speed look at the proposal which should mean greater flexibility for a large number of ASX-listed companies

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  • Audio: Changes to tax avoidance rules announced

    2 March 2012

    The Federal Government has announced that it will be introducing changes to the general anti-avoidance rule. Partner Larry Magid spoke to BRR Media about the reasons behind the move and how the changes may impact on Australian businesses

    Listen
  • Focus: New guidance on disclosing non-IFRS financial information

    22 December 2011

    To promote the proper disclosure of financial information that is not prepared according to accounting standards, and to assist directors and others not to mislead investors and other users of financial information, the Australian Securities and Investments Commission has issued guidance on its use and presentation. Partner Robert Pick and Senior Associate Jonathan Teo report on the impact of this on financial reporting

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  • Audio: Private equity market update

    23 November 2011

    This week, Allens Arthur Robinson released its Private Equity Market Update. The outlook for the private equity market in Australia in 2012 is positive, according to the report. M&A Partner and Co-Head of Private Equity Practice Tom Story talks to Boardroom Radio about where private equity is heading in 2012

    Listen
  • Focus: ASIC guidelines for advertising of financial products

    5 September 2011

    Promoters of financial products and services will be required to produce accurate and balanced advertisements for their products under new guidelines proposed by the Australian Securities and Investments Commission. Publishers will be required to refuse to run advertisements that do not meet these requirements. Partner Julian Donnan and Lawyer Mike Forster explain

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  • Audio: Qantas wins, no GST for no-shows

    2 September 2011

    Qantas has scored a significant court victory over the payment of GST on unused passenger fares. Partner Ross Stitt speaks to Boardroom Radio about the issues considered in the court's decision and the implications for business

    Listen
  • Focus: CULS - equity financing for conditional acquisitions

    26 May 2011

    Recently, Seven West Media Limited partially funded its acquisition of Seven Media Group with an accelerated non-renounceable entitlement offer of Convertible Unsecured Loan Securities to its shareholders. Partner Tom Story, Senior Associate Bob Speed and Lawyer Alex Borda examine the acquisition and the pros and cons of the use of CULS

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  • Client Update: Chi-X granted new financial market operator licence

    6 May 2011

    The Australian Government has granted Chi-X Australia Pty Ltd a licence for the operation of a financial market for the trading of securities and certain financial products, in competition with the Australian Securities Exchange. Exchange market competition is aimed at promoting Australia as a financial services hub within the Asia region. Partner Robert Pick, Senior Associate Marc Kemp and Lawyer Scott Day discuss the introduction of Chi-X as an alternative market operator, the new Market Integrity Rules and the transition towards commencement of the Chi-X market

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  • Focus: China adjusts foreign investment policy

    19 April 2011

    The Ministry of Commerce of the People's Republic of China has recently issued changes to its policy on foreign investment. Partner David Wenger and Senior Associate Wayne Wang report on the changes that apply to foreign investment in China

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  • Focus: Disclosure obligations of infrastructure entities to retail investors

    19 April 2011

    The Australian Securities and Investment Commission has released an additional consultation paper and a draft regulatory guide on disclosure obligations of infrastructure entities to retail investors, and is now seeking further submissions. Partners Andrew Mansour and Campbell Davidson and Lawyer Michael Tollman report

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  • Audio: Japan's appetite for M&A opportunities in Oz to continue

    17 March 2011

    Partner Tim Lester speaks to Boardroom Radio about the outlook for M&A between Japan and Australia in light of the disastrous earthquake and tsunami that hit Japan this month

    Listen
  • Focus: New national security review mechanism targets inbound M&A in China

    18 February 2011

    The Circular on the Establishment of National Security Review Mechanism in relation to Foreign Merger and Acquisition Activities of Domestic Enterprises (Guofaban 2011 No.6), which formally establishes the national security review mechanism and takes effect in early March 2011, has been issued. Partner David Wenger and Special Counsel Frank Fan report

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  • Focus: Draft ruling on rights issues Retail Premiums

    20 December 2010

    Australian issuer companies should be aware of a recent Australian Taxation Office draft ruling that states Retail Premiums paid in respect of certain accelerated rights issues will be regarded as unfranked dividends for tax purposes, and therefore taxed as such in the hands of Australian resident shareholders, and subject to withholding tax where paid to non-Australian resident shareholders. Partner Martin Fry, Senior Associate Rory O'Brien and Lawyer Kai Fu report

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  • Client Update: New ASX operating rules and re-branding

    3 September 2010

    The role of supervising financial markets has been transferred from ASX Limited to the Australian Securities and Investments Commission and, as a result, ASX Limited has undertaken a re-branding of the operating rules and various entities associated with it. Partner Warwick Painter, Lawyer Jonathan Lee and Law Graduate Rola Lin report

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