Today, the Securities and Exchange Commission proposed amendments to Securities Exchange Act Rule 15c2-11. Subject to several exceptions, the Rule requires certain current information to be publicly available for brokers and dealers to publish quotations for, or to maintain a continuous quoted market in, a security. In 2020, amendments to Rule 15c2-11 surprised market participants.
Tokenization Guidance Useful to Debt and Derivatives Markets
Last week, the banking agencies issued guidance in the form of Frequently Asked Questions that provides certainty regarding the treatment of tokenized securities for purposes of the capital rules. While this is not surprising, it is helpful to market participants perhaps especially in the context of the repo and derivatives market as more market participants
DCM Perspectives Series: Corporate Hybrids
Webinar | March 5, 2026
9:00 a.m. – 9:30 p.m. EST
Register here.
Corporate hybrid bonds have characteristics of both equity and debt securities. These are long-dated, sometimes perpetual, securities. Rating agency methodologies ascribe some equity credit to corporate hybrids depending on their particular features, which we will discuss. In recent years, issuance volumes
Credit Roundtable Proposes Changes to Rule 14E for Debt Tender Offers
The Credit Roundtable, an association of fixed income investors, recently published a letter to the Securities and Exchange Commission (the “SEC”) expressing concern with potential changes to the SEC’s debt tender offer rules. The Credit Roundtable explained the practical difficulty that the existing regulatory framework creates for institutional investors and proposed changes.
To understand the
Working on Sovereign Capital Markets Transactions
Webinar | February 12, 2026
9:00 a.m. – 10:00 a.m. ET
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We will look at the key items to consider when working on sovereign capital markets transactions. How do documentation standards, governing law, and listing/clearing choices affect execution? What is the latest thinking about “collective action clauses”? What happens when things go
DCM Perspectives Series: Insurance Capital Markets – North America and Europe
Webinar | February 5, 2026
9:00 a.m. – 9:30 p.m. EDT
Register here.
Insurance companies were active issuers of senior notes in 2025. In addition, insurance companies, including a number of first-time issuers, turned to P-CAPs transactions. P-CAPs offer flexibility for their issuers, which may be useful in addressing acquisition opportunities or in addressing
26 Trends Affecting Capital Markets in 2026
On this blog, we have commented quite a number of times regarding a number of trends affecting our capital markets—many of which have been a factor since the early 2000s and which have become more pronounced since the adoption of the Sarbanes-Oxley Act and related reforms. For example, we have noted the decline in the
The UK Prospectus Regime is Changing in 2026: An Overview of the UK Public Offers and Admissions to Trading Regulations (POATR)
The United Kingdom prospectus regime is changing in 2026. This presentation provides an understanding of the new UK Public Offer and Admission to Trading Regulations 2024 (POATR) with a focus on debt capital markets. POATR will replace the existing UK Prospectus Regulation with the final rules set out in FCA Policy Statement PS25/9
Demystifying Eurobonds
October 16, 2025
Mayer Brown LLP, 14th Floor, 1221 Avenue of the Americas, New York, NY 10020
Register here.
The Eurobond market presents an opportunity for issuers to access a broader global market, diversify their funding sources, and attract a wide range of investors across more than 120 jurisdictions. Investors can benefit from the
The European Defence Bond Label: Mobilising Private Capital in Support of the European Defence Sector
Recent geopolitical developments have catalysed a reordering of European defence policy. The European Union has initiated significant efforts to revitalise and consolidate its defence and security industrial base through the Permanent Structured Cooperation, the European Defence Fund, the Strategic Compass for Security and Defence, the European Defence Industrial Strategy and the proposed European Defence Industry