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Publication
Merger law reform in Australia: What next after the Exposure Draft?
As expected, the Australian Commonwealth Treasury released an exposure draft for the proposed new Australian merger regime on 24 July 2024.
United Kingdom | Publication | July 2020
On July 24, 2020, the European Commission announced that it has adopted a Capital Markets Recovery Package as part of its overall Coronavirus recovery strategy. As part of this it has adopted a legislative proposal to amend the Prospectus Regulation, aimed at allowing a rapid recapitalisation of EU companies and enabling issuers to tap into the public markets at an early stage in the recovery process.
The proposed amendments include the following:
Article 2 of the amending Regulation states that it will enter into force on the 20th day following its publication in the Official Journal. The draft amending Regulation will now be sent to the European Parliament and the Council of the EU for discussion and adoption under the ordinary legislative procedure.
(European Commission, Coronavirus response: Making capital markets work for Europe's recovery, 24.07.2020)
(European Commission, Draft legislative proposal, 24.07.2020)
(European Commission, Annex to the draft legislative proposal, 24.07.2020)
On July 28, 2020, the European Commission published a roadmap for consultation in relation to a proposed delegated regulation which will complement the Taxonomy Regulation, the recently adopted Regulation on the establishment of a framework to facilitate sustainable investment. The Taxonomy Regulation creates a classification system of environmentally sustainable economic activities for investment purposes, the “EU taxonomy”, and the delegated regulation proposes methodologies and indicators to help undertakings determine the extent to which their economic activities can be considered environmentally sustainable according to the EU taxonomy.
The delegated regulation will apply to those entities subject to the Non-Financial Reporting Directive (broadly, large listed entities, large banks and large insurance undertakings with more than 500 employees) who have to publish information on how and to what extent their activities are associated with the EU taxonomy.
Responses to the consultation on the roadmap are requested by September 8, 2020, with adoption of the delegated regulation proposed in the second quarter of 2021.
Publication
As expected, the Australian Commonwealth Treasury released an exposure draft for the proposed new Australian merger regime on 24 July 2024.
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