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The independent auditor’s report on the financial statement is a familiar part of the information that listed companies are required to make available to investors and the public. However, despite their importance to confidence in financial reporting, few people read audit opinions. With the occasional exception of a “going concern” qualification, audit opinions are pass/fail reports, phrased in standardized language, and they are usually all the same. For most listed companies, that is about to…

Posted by Bruno von Dreifus and Pedro Cafaro (Associates from Trench, Rossi e Watanabe*) *In cooperation with Baker & McKenzie In contrast with the “one share one vote” principle promoted by the Novo Mercado segment of BM&FBovespa (the principal stock market in Brazil), the Brazilian securities market now debates the possibility of reinventing the preferred share through the so called “super-preferred shares”. As of the end of the 1990s, BM&FBovespa worked with listed companies to…

During fall 2013, Nasdaq Stockholm assigned a special “IPO-task force” to investigate if any improvements could be offered to potential listing applicants with respect to the IPO process. The outcome of the task force’s investigation was, among other things, that there was a demand, especially within the private equity sector, to establish a procedure to conduct faster listing procedures for companies that are well prepared for an IPO. In line herewith, Nasdaq Stockholm introduced a…

IPOs set to increase by a quarter in 2015 African companies are going public at what could be their fastest ever rate. Thirty initial public offerings by African-domiciled companies are already in the pipeline for 2015*, according to research by global law firm Baker & McKenzie. If just the deals announced so far complete, volumes will spike by a quarter from 2014, which itself saw the highest IPO volume since the financial crisis. There were…