Darrois Villey Maillot Brochier’s Post

Today, AFME published its views on the upcoming Review of the Shareholder Rights Directive (SRD). To support deeper, more efficient and integrated European capital markets, we strongly believe that an ambitious review of the SRD framework is necessary. A more harmonised and efficient framework can help advance the Savings and Investments Union by reducing the legal and operational barriers to cross-border investment and enabling more effective engagement between issuers and investors. AFME recommends: 🔹Greater legal harmonisation across EU Member States 🔹More streamlined information flows  🔹Simpler shareholder participation processes Read our paper here: https://lnkd.in/eHepCNca

We’re pleased to announce that Hector Torres, CEO of TR Capital, will be speaking at COLADE 2026, the 45th Latin American Congress of Financial Law. COLADE brings together leaders from across the financial, legal, and regulatory sectors to address the changes shaping the region’s financial system. This year’s conversations focus on the transformation of financial law in the age of digital innovation. Héctor will participate in two sessions: 📅 October 15 at 12:30 p.m. Tokenized Debt Issuances: Experiences, Challenges, and Opportunities in the Digital Asset Market 📅 October 16 at 4:00 p.m. Financial Law in the Age of Algorithms: A Collision Between Law and Code We look forward to contributing to these important conversations in San Salvador. Learn more: https://colade2026.com.sv #COLADE2026 #TRCapital #DigitalAssets #FinancialLaw #LatinAmerica

The U.S. Securities and Exchange Commission’s Office of Chief Accountant Kurt Hohl and Division of Investment Management Director Brian Daly, issued a joint statement on fair value measurement and disclosure considerations for private assets, with a particular focus on private credit: https://lnkd.in/g6ENmVgz #ClearyGlobalFunds

Kobre & Kim’s Kiran Unni spoke at the European Leveraged Finance Association (ELFA) Annual Conference 2026 on October 13 in London. Co-hosted by ELFA and Milbank LLP, the conference brought together asset managers, other investment professionals and members of the leveraged finance community to discuss key market issues, including restructuring, primary and secondary market practice, private credit, trade finance, sustainability, the credit impact of AI, and CLOs.   Kiran joined the panel “New Restructuring Playbook: All’s Fair in Love and War”, which explored how investors can ensure fair treatment and what they should look out for next. The discussion covered topics including liability management exercises, intercreditor agreement distressed disposal mechanisms, co-operation agreements, forum shopping, and corporate actions and litigation precedents in the U.S. and Europe.   Read more here: https://lnkd.in/exGQW7At

On 5 November we will explore the topic of funding of Baltic Growth at the annual Baltic Capital Markets Conference. The panel will analyse state of affairs in our domestic capital markets and regional tendencies. What will the trajectory of development be in coming years? How will the regulatory environment change our markets? We will be looking forward to your participation in the analysis and debate.

As part of Hong Kong Arbitration Week 2026, we are pleased to host the affiliated event, "BITs & FTAs to the Rescue: Tips, Tricks, and War Stories of Investment Protection & Arbitration Worldwide." The session will explore how investors can use treaty protections to address growing geopolitical and regulatory risk, with discussion on investment structuring, State defenses, claims strategy, and the evolving investor-State dispute landscape. We look forward to connecting with clients, colleagues, and members of the international arbitration community in Hong Kong. https://ow.ly/xHbi50ZX1hu #HKArbWeek

𝗚𝗲𝗻𝘂𝗶𝗻𝗲 𝗗𝗲𝗺𝗮𝗻𝗱, 𝗥𝗲𝗮𝗹 𝗦𝗰𝗿𝘂𝘁𝗶𝗻𝘆: 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴'𝘀 𝗥𝗲𝗰𝗲𝗻𝘁 𝗜𝗣𝗢 𝗖𝗿𝗮𝗰𝗸𝗱𝗼𝘄𝗻 The SFC's recent circular on sponsor work, bookbuilding and placing activities offers an interesting lens through which to view its recent IPO-rigging investigations. Read together, they suggest that the regulator's focus remains firmly on protecting the integrity of Hong Kong's price-discovery process. This concern is not new. Earlier regulatory initiatives focused on nominee placees, shareholder spread and market concentration. Today, scrutiny has moved deeper into investor funding, allocation decisions, issuer-investor relationships and post-listing trading arrangements. It is worth distinguishing two matters that are often discussed together. The recent enforcement actions involve allegations that IPO proceeds may have been channelled back to placees through undisclosed arrangements. By contrast, the SFC's guidance to sponsors, OCs and CMIs identifies red flags that warrant further enquiry, not findings of wrongdoing. A related-party investor or supplier subscribing for shares is not improper in itself. The concern arises where relationships, funding arrangements or other understandings are undisclosed and distort the true picture of investor demand. Many red flags will be resolved through ordinary due diligence; only a smaller number will escalate into misconduct. What appears to be changing is not the regulatory objective, but the level of scrutiny and the sophistication of the tools being deployed. Regulators are now examining bookbuilding mechanics in far greater detail, including investor funding, unusual order patterns, investor relationships and allocation decisions. These are more granular inquiries than simply counting shareholders or verifying a minimum public float. 💡 For 𝗹𝗮𝘄𝘆𝗲𝗿𝘀 𝗮𝗻𝗱 𝗮𝗱𝘃𝗶𝘀𝗲𝗿𝘀 compliance is increasingly about understanding the commercial reality behind investor demand, funding arrangements and allocations, not merely ensuring disclosure and process requirements are met. 💡For 𝗯𝗼𝗮𝗿𝗱𝘀 𝗮𝗻𝗱 𝗶𝘀𝘀𝘂𝗲𝗿𝘀, the question is not simply who receives shares, but whether the market is getting a fair and accurate picture of investor interest in the IPO. Governance, documentation and disclosure therefore matter more than ever. 𝘗𝘳𝘪𝘤𝘦 𝘥𝘪𝘴𝘤𝘰𝘷𝘦𝘳𝘺 depends on demand being genuine and properly disclosed; it does not require every issuer-investor relationship to be arm's-length or unconnected. Viewed in that light, the latest developments are best understood not as a new regulatory direction, but as a more intensive and sophisticated application of principles that have long shaped Hong Kong's IPO regulatory framework. #𝗦𝗙𝗖 #𝗛𝗼𝗻𝗴𝗞𝗼𝗻𝗴𝗜𝗣𝗢 #𝗖𝗮𝗽𝗶𝘁𝗮𝗹𝗠𝗮𝗿𝗸𝗲𝘁𝘀 #𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻

Determining whether bank investment advisers are correctly registered and adhering to the right regulatory framework can be complicated. Fredrikson attorneys Matt Boos and Caitlin Houlton Kuntz write about key compliance issues to consider in the article "Navigating Dueling Regulations for Bank Investment Advisers," published in Law360. Read more: https://bit.ly/47LVHAL

As part of Hong Kong Arbitration Week 2026, we are pleased to host the affiliated event, "BITs & FTAs to the Rescue: Tips, Tricks, and War Stories of Investment Protection & Arbitration Worldwide." The session will explore how investors can use treaty protections to address growing geopolitical and regulatory risk, with discussion on investment structuring, State defenses, claims strategy, and the evolving investor-State dispute landscape. We look forward to connecting with clients, colleagues, and members of the international arbitration community in Hong Kong. https://ow.ly/Zwao50ZX1hc #HKArbWeek #InternationalArbitration #InvestmentArbitration

With the ISLA Americas 3rd Annual Securities Finance & Collateral Management Conference just days away, there’s plenty to talk about across the securities finance market. In our latest episode of eSecLending Insights, Michael Brooks, Brooke Hawkins Gillman, Mark MacNeill, and Jim Moroney, are joined by Robert Zekraus of GLMX to look ahead to the conversations, themes and opportunities they expect to see in Key Biscayne next week. The group discusses the continued convergence across the industry, the growing presence of beneficial owners and buy-side participants, and how firms are thinking about growth and scale across an evolving market. They also talk about making the most of conference meetings to identify opportunities and prepare for Q4 and year-end. Who from the group do you think has family that competed on Family Feud? Tune in to find out! Listen here: https://lnkd.in/gbcd3vMN Watch here: https://lnkd.in/gzW3wCKG We hope to see you in Key Biscayne next week!  #eSecInsights #SecuritiesFinance