Pan-European short selling regulation — the implications for US market participants
This edition of our update on the pan-European short selling Regulation focuses on the implications of the Regulation for market participants in the US. In particular, we focus on market participants whose trading activities are conducted in the US in financial instruments that have a nexus with the European Union, such as a parallel EU listing of a financial instrument or an EU listing of the underlying financial instrument. Such activities, which may subject the market participant not only to the US short selling regime, but also to the Regulation, include short sales of (i) certain American Depositary Receipts of EU-listed issuers, and (ii) dual listed securities of issuers that are concurrently listed on one of the EU and US trading venues.
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Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
Imagine you’re the general counsel of London-based private equity investor BC Partners. You’re sipping on your coffee, hashing out the details of your imminent £382m investment into UK-based business publishing company Mergermarket.