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The Securities Commission of Malaysia (SC) recently issued a technical note to clarify the requirements for authorization or recognition of foreign securities prior to its offering in Malaysia, and the corollary obligation of registering a disclosure document. Definition of unlisted capital market products Section 212 of the Capital Markets and Services Act (CMSA) governs the offering of unlisted “capital markets products”, which is defined to include securities. Unlisted capital market products would therefore include…

The Global Capital Markets Practice Group has released the 2014 edition of its Cross-Border IPO Index, a semiannual scoring and analysis of cross-border IPO activity relative to overall IPO activity. Companies raised US$72.8 billion through cross-border initial public offerings in 2014, more than doubling the amount raised last year and setting the highest mark since the financial crisis. The volume of cross-border IPOs also had a strong year, rising to 193 in 2014. This growth…

On November 17, the US Securities and Exchange Commission (SEC) issued its annual Agency Financial Report for the 2014 fiscal year. The report can be accessed here. The report focuses on the accomplishments of the SEC during the previous financial year, such as bringing a record number of enforcement actions as well as proposing and finalizing a number of rules required under the Dodd-Frank Act and the JOBS Act. Looking forward, the SEC seeks to…

The highly anticipated Shanghai-Hong Kong Stock Connect programme (“Stock Connect”) was officially launched on 17 November 2014, marking an unprecedented milestone in the establishment of mutual market access between Hong Kong and Mainland China. The new cross-border investment channel will enable investors in Hong Kong and the Mainland to trade designated securities listed in each other’s market, through their respective local brokers for the first time. While there has been an impressive range of materials…