Editor: Andrew J. Pitts
A thumbnail guide to capital raising issuances across the world’s markets, relating to: statutes and regulations, filing, publicising and settlement of offerings, rules and restrictions on private placings, offshore offerings, convertibles, warrants, rights and depositary share financings, underwriting arrangements, ongoing reporting obligations, anti-manipulation rules, price stabilisation and liabilities and enforcement.
Cartels are a surprisingly persistent feature of economic life. The temptation to rig the game in one’s favour is constant, particularly when demand conditions are weak and the product in question is an undifferentiated commodity. Corporate compliance programmes are useful but inherently limited, as managers may come to see their personal interests as divergent from those of the corporation.