Delisting of stock corporations in Europe and beyond : rationales, forms, and perspectives

Vassilios Tountopoulos (Sammanställande redaktör), Rüdiger Veil (Sammanställande redaktör)

ISBN 9781509974795 · ebok

1st edition

utgivning

London : Hart Publishing, 2025

1 onlineresurs (576 sidor)

edited by Vassilios Tountopoulos, Rüdiger Veil

E-bok

Digital resurs · 2 bibliotek

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Finance--Law and legislation., Finansväsen--juridik och lagstiftning

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Sammanfattning

Examines delisting - and the difficult questions it raises around investor protection - from the perspectives of the company, shareholders, trading venues, and supervisory authorities.

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- Text ·
  
  Cold delistings
  
  Elif Härkönen, 1975-
  Jessica Östberg, 1972-
  Sidorna 239-258
  
  2025

Innehållsförteckning

Intro -- Preface -- Contents -- Contributors -- PART I: FUNDAMENTALS OF DELISTING -- 1. Delisting in EU Capital Markets Law: Forms, Goals and Rationales -- I. Introduction: Delisting Terminology -- II. Data on Delisting -- III. Forms of Delisting -- IV. Delisting Rationales -- V. Contrasting Interests in (Voluntary) Delisting -- VI. Basic Questions Regarding Voluntary Delisting -- VII. European Law -- VIII. The EU Listing Initiatives and Delisting -- 2. Delisting in the Light of the ECHR -- I. Introduction -- II. Can the Shareholders Claim Victim Status before the ECtHR ? -- III. Voluntary Delisting -- IV. Compulsory Delisting -- V. Conclusions -- PART II: VOLUNTARY DELISTING IN EU MEMBER STATES -- 3. Voluntary Delisting and Shareholder Protection from a Corporate Law Perspective -- I. Introduction -- II. Voluntary Delisting Decision in a Transactional Perspective -- III. The Voluntary Delisting Landscape -- IV. The Actors in a Voluntary Delisting Procedure -- V. Delisting and the Financial Position of the (Minority) Shareholders -- VI. Assessment and Conclusion -- 4. Voluntary Delisting: Procedures and Shareholder Protection under Takeover Law -- I. The Rationale for Delisting -- II. A Comparative Summary of the Tools Provided to Protect Shareholders -- III. The Delisting Takeover -- IV. The Protection of Shareholders in Mandatory Delisting -- V. Conclusion -- 5. Mechanisms of Ex Post Shareholder Protection -- I. Introduction -- II. Voluntary Delisting -- III. Takeover Bid -- IV. Delisting Imposed by the Regulator or the Market Operator -- V. Conclusion -- PART III: PERSPECTIVES OF DELISTING IN EU MEMBER STATES -- 6. Delisting from the Company's Perspective - Corporate Governance -- I. Introduction -- II. Empirical Studies -- III. Conflicts of Interest -- IV. Legal and Regulatory Mechanisms -- V. Conclusion., 7. Delisting - The Perspective of the Trading Venue - Market Rules -- I. Existence of Conflicts of Interests -- II. Resolution of Conflicts of Interest -- III. Conclusion -- 8. Mandatory Delisting of Stock Corporations in the Shadow of Hierarchy: The Role of Public Authorities -- I. Introduction -- II. The Decline of Self-Regulation in Securities Markets -- III. The Case for Public Oversight of the Delisting Process -- IV. The Structure of Regulatory Powers in the EU -- V. Governing the Delisting Procedure in EU Member States and the UK -- VI. Concluding Remarks -- 9. Delisting in the Issuer's Insolvency -- I. Introduction -- II. Delisting and the Economics (and Law) of Corporate Insolvency -- III. Delisting in Insolvency: An Empirical Survey -- IV. Context is Everything: The Case for Special Regulation -- V. Conclusion -- 10. Perspectives of the Banks: Delisting Financing and Servicing -- I. Introduction: Banks v Capital Markets Financing -- II. Banks Business Activities and Statutory Functions in the Realm of Voluntary Delisting -- III. Credit and Financial Services Agreements -- IV. Challenges and Legal Risks -- V. Concluding Remarks -- PART IV: DELISTING AND CORPORATE MOBILITY IN EU MEMBER STATES -- 11. Downlisting -- I. Introduction -- II. The Regulatory Background Relevant to Downlisting in the EU -- III. How the Regulatory Environment Affects Downlisting -- IV. The Regulatory Environment for Downlisting: A Policy Perspective -- V. Interests Surrounding Downlisting: The Position of the Issuer and its Minorities -- VI. Is there (Still) a Case for Harmonising Downlisting ? -- VII. Conclusion -- 12. Delisting Rules and EU Capital Markets Integration -- I. Introduction -- II. A Law and Finance Perspective on Delisting -- III. Constructing Indices to Measure the Regulatory Costs of Delisting -- IV. Delisting Regulation and EU Capital Allocation., V. Conclusion: The Benefits of Lower Delisting Barriers to EU Capital Markets Integration -- Appendix -- 13. Cold Delistings -- I. Introduction -- II. CDTs and their Effects -- III. Theoretical Framework -- IV. Shareholder Protection in CDTs -- V. Considerations Regarding the Regulation of CDT -- VI. Conclusion -- PART V: GLOBAL PERSPECTIVES -- 14. Delisting in the United States -- I. Overview -- II. The Securities Markets and the General Legal Framework -- III. Voluntary Delisting -- IV. Involuntary Delisting -- V. Conclusion -- 15. Delisting in Australia -- I. Introduction -- II. Delisting: Key Principles -- III. Delisting at the Instigation of the Company -- IV. Delisting at the Instigation of ASX Limited -- V. Balancing Competing Interests -- 16. Delistings in Hong Kong -- I. Introduction -- II. Involuntary Delistings -- III. Reviews and Judicial Pronouncements -- IV. Privatisations -- V. Case Studies -- VI. Rule 8 Suspensions -- VII. Conclusion -- 17. Delisting in India -- I. Introduction -- II. The Delisting Desiderata -- III. Delisting Trajectory in India: Regulations and the Process -- IV. Statistical Analysis of the Companies Delisted from the National Stock Exchange -- V. Conclusion -- 18. Delisting in Colombia, with Reference to Argentinean and Chilean Regulations -- I. Introduction -- II. Delisting Rules in Colombia: A Comparative Analysis with Chile and Argentina -- PART VI: CONCLUSIONS -- 19. Common Grounds on Delisting -- I. Introduction -- II. Voluntary Delisting -- III. Legal Grounds -- IV. Competent Decision Body of the Issuer -- V. Competent Public Institution -- VI. Mandatory Bid and Exit Options -- VII. Mandatory Delisting -- VIII. Conclusion -- 20. Delisting of Stock Corporations: Legal Fragmentation, Competition and Harmonisation Strategies -- I. Introduction -- II. European Law -- III. Europeanisation of Delisting Regimes., IV. Conclusion -- Index.