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Expansion of employee share plan exemption under the EU Prospectus Directive further delayed to 2015

Baker McKenzie

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European Union, USA October 3 2013

1
European Union
Expansion of Employee Share Plan Exemption under the EU Prospectus Directive Further Delayed to 2015 The European Commission (the “Commission”) will not make a final determination on the equivalency of non-EU regulated exchanges for purposes of expanding the "employee share plan exemption" under the EU Prospectus Directive in 2014 according to unofficial comments made to Baker & McKenzie lawyers by various securities regulators.
The European Securities and Markets Authority ("ESMA") internally established a deadline of December 31, 2014 to provide technical advice to the Commission on which stock exchanges will qualify as equivalent to an EU-regulated exchange (both the New York Stock Exchange and NASDAQ are expected to qualify). However, the ESMA still has not issued its advice to the Commission and the Commission will need to review and consider such advice prior to making a final determination on equivalency.
As a result, U.S. companies that have delayed equity compensation offerings to employees in Europe with the hope of being able to rely on the expanded employee share plan exemption (for purposes of avoiding the need to prepare and distribute an approved EU prospectus) should anticipate further delays through the end of 2014 and into 2015. In the interim, various EU member states continue to implement other amendments to the EU Prospectus Directive (such as the increase in the applicable thresholds for certain exemptions and exclusions from the prospectus filing requirements) that may make previously deferred offerings now possible without triggering the need for an approved EU prospectus.
For additional information on these amendments or the status of the employee share plan exemption, please contact your GES attorney.
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For more information: • Narendra Acharya • June Anne Burke • Edward Burmeister • Valerie Diamond • Denise Glagau • Sinead Kelly • Barbara Klementz • Aimee Soodan • Alison Wright • Brian Wydajewski
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Learn more about our Global Equity Services Practice
--------------------------- Privacy Policy This e-mail was sent to: This e-mail was sent by Baker & McKenzie LLP Global Equity Services Two Embarcadero Center, 11 Floor San Francisco, CA 94111 www.bakermckenzie.com
Baker & McKenzie International is a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm. This may qualify as "Attorney Advertising" requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome. Before you send e-mail to Baker & McKenzie, please be aware that your communications with us through this message will not create a lawyer-client relationship with us. Do not send us any information that you or anyone else considers to be confidential or secret unless we have first agreed to be your lawyers in that matter. Any information you send us before we agree to be your lawyers cannot be protected from disclosure.
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Content is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This may qualify as "Attorney Advertising" requiring notice in some jurisdictions. Prior results do not guarantee similar outcomes. For more information, please visit: www.bakermckenzie.com/en/client-resource-disclaimer.

Baker McKenzie - Narendra Acharya, June Anne Burke, Valerie H. Diamond, Denise M. Glagau and Sinead M. Kelly

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Complex business challenges require an integrated response across different markets, sectors and areas of law. Baker McKenzie’s client solutions provide seamless advice, underpinned by deep practice and sector expertise, as well as first-rate local market knowledge. Across more than 70 offices globally, Baker McKenzie works alongside our clients to deliver solutions for a connected world.

Visit InsightPlus to access insights and analysis on the latest news, legal developments and thought leadership authored by our expert lawyers. Visit Bakermckenzie.com to find out more about our services and how we can assist.


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Filed under

  • European Union
  • USA
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Topics

  • Tax exemption
  • Security (finance)
  • Stock exchange
  • Prospectus (finance)

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  • European Commission

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