Leading IPO Attorneys Unanimously Think China Will Be a Major Contributor t0 2011 IPO Issuance

KCSA Strategic Communications conducted a survey and found that the United States is losing its position as the global leader for IPOs.

KCSA conducted an in-depth survey of approximately 50 securities attorneys whose firms advised on 75 percent of the initial public offerings listed on major U.S. exchanges in 2010. According to the results of the independent survey, 71 percent of securities attorneys think the U.S. is losing its share of global IPOs.

"The simple fact is that as the U.S. regulatory environment has become more restrictive, other global exchanges have become more sophisticated and liquid and therefore have gained market share," said Joshua Ford Bonnie, Partner, Simpson Thacher & Bartlett. "Given the difficulties of listing in the U.S., more foreign companies are choosing to list on their home exchange."

"This data confirms that as transaction activity continues to erase geographic boundaries, it is imperative that companies take into account the various audiences with whom they communicate," noted Jeff Corbin, CEO of KCSA Strategic Communications. “Regardless of where investors are located, here in the U.S. or overseas, clear communications transcends language barriers and helps companies achieve a fair valuation."

Despite the U.S.'s declining share of global IPOs, the survey respondents unanimously agree that China will be a strong driver of U.S.-based IPO issuance in 2011.

“We expect that Chinese companies will, at least in the near-term, continue to list on U.S. exchanges due to the more clearly defined listing rules and regulations and the perceived stability and prestige of the U.S. markets," commented Colin Diamond, Partner, White & Case.

In addition, the attorneys surveyed expect increased IPO issuance from other foreign countries.

When asked which foreign countries will drive global IPO issuance, 37 percent of respondents said Brazil and 30 percent said India.

Private Equity backed companies are also expected to dominate the IPO landscape in 2011, according to 74 percent of attorneys surveyed.

All in all, sentiment for next year's IPO market is highly positive, with 77 percent of those surveyed anticipating a stronger IPO market in 2011.

"Over the course of 2010, the IPO market changed significantly. In 2011, we will continue the breathtaking pace of 2010's fourth quarter," commented Richard Truesdell, Partner, Davis Polk & Wardwell. "This is likely driven by the overall improvement in the economy, stabilization of the capital markets and pent up demand for equity offerings."

While the strict regulatory regimes of the early 2000s that led to Sarbanes-Oxley may have had a profound impact on pre-IPO companies, 81 percent of those surveyed think that the Dodd-Frank bill will have no impact on IPO issuance in 2011.

"There is a significant number of companies that are preparing to go public, should go public and most likely will go public in the U.S. markets regardless of increased regulatory requirements," said Michael Littenberg, Partner, Schulte Roth & Zabel. "These are in many cases high quality companies that are at the point in their life cycle where being public makes sense."

Other key findings from the survey include:
a. Better Valuations: 11%
b. Good Market Performance: 18%
c. Increased Demand: 29%
d. Investor Confidence: 20%
e. Strong Pipeline: 22%
What industries are driving IPO issuance?
a. Consumer/Retail: 11%
b. Financial Services: 7%
c. Green Tech: 6%
d. Internet: 10%
e. Life Sciences: 20%
f. Natural Resources: 10%
g. Technology: 28%
h. Other: 9%

(Image curtesey of Swadron)

Tweeting in the courtroom? Yes we can!

The Lord Chief Justice in the UK allows journalists to report some court proceedings by using Twitter, texting and email. He made it clear though that it would not happen if it could influence witnesses.

Media organizations and journalists can now apply for permission to use social media on a case-by-case basis. Non-journalists could still be barred in order to ensure the "proper administration of justice". This would prevent distractions in court and limit the potential for interference with courts' own recording equipment. The guidance applies only to courts in England and Wales.
For now, anyone who wants to tweet in court needs to get the judge’s permission. In criminal trials tweeting will quite likely be forbidden when there is a risk that witnesses who are out of court would be able to find out what is happening inside.

The Lord Chief Justice explained: "The judge has an overriding responsibility to ensure that proceedings are conducted consistently with the proper administration of justice, and so as to avoid any improper interference with its processes. There is no statutory prohibition on the use of live text-based communications in open court. But before such use is permitted, the court must be satisfied that its use does not pose a danger of interference to the proper administration of justice in the individual case. Subject to this consideration, the use of an unobtrusive, handheld, virtually silent piece of modern equipment for the purposes of simultaneous reporting of proceedings to the outside world as they unfold in court is generally unlikely to interfere with the proper administration of justice."

Interesting enough, the Twitter guidance comes days after WikiLeaks Assange's court hearing. Mr Justice Ouseley ruled during that hearing that supporters and journalists should tweet about was happening in real time. At an earlier bail hearing, district judge Howard Riddle did allow tweeting from Westminster Magistrates Court, saying journalists could send messages if they were discreet and did not interfere with the judicial process.

If the same policy would apply to let video cameras in court, justice would be seen on TV, online and on mobiles. Is this the way to go?

On the other side of the Pond, U.S. District Judge Thomas J. Marten allowed in 2009 a reporter to Twitter court proceedings in a trial of six Crips gang defendants taking place in his Wichita, Kansas courtroom.

"The more we can do to open the process to the public, the greater the public understanding," the judge said when asked about lawyers' concerns that jurors might be influenced by the tweets.

So where will it end? Does tweeting serve a purpose in court room?

To quote Andrew Cohen: “The difference between a reporter tweeting in the courtroom and a reporter doing the same during the breaks and phoning it in is not that great."

Ita Est

(Image courtesy of MorganPR)

Juridisch advies betreffende de aangekondigde KPN verkeerstarieven

Vele bedrijven hebben onlangs een brief ontvangen waarin KPN een vereenvoudiging van haar verkeerstarieven vaste telefonie heeft geïntroduceerd.

Voordat een bedrijf zich verbindt met een meerjarig contract, is het van belang te weten dat bestaande kortingen van een CPS provider vervallen bij het aangaan van een 2 en 3-jarig KPN contract.

Verder kan een bedrijf ook met aanzienlijk hogere belkosten geconfronteerd worden.
Afhankelijk van belgedrag kunnen de kosten met 5 tot 10% toenemen.

Indien er niet tijdig gereageerd wordt op het KPN aanbod in de brief, gaat automatisch een geldig jaarcontract van start.

Wat dit inhoudt?

• Starttarieven gaan omhoog met circa 39%;
  
• Verhoging van abonnementskosten, inclusief tarieven voor nummerblokken en doorkiesfaciliteiten;
  
• Het nieuwe contract gaat 1 januari 2011 in, en wordt jaarlijks automatisch verlengd;
  
• De betalingstermijn wordt teruggebracht van 21 naar 14 kalenderdagen.

Als juriste raad ik u aan om de tijd te nemen om verschillende opties te overwegen voordat u zich vastlegt.

Indien u de antwoordkaart voor 31 december retourneert met “Ik wens geen jaarcontract en ontvang geen kortingen op al mijn telefoongesprekken” heeft u ook in het nieuwe jaar uitgebreid de tijd om te berekenen welke aanbieder voor u het meest gunstig is.

De beste wensen voor een succesvol 2011

Google launched its improved copyright plan

Google (GOOG) pledged to change its policy and to act on copyright takedown requests within 24 hours. According to the Digital Millennium Copyright Act (DMCA), content hosting sites are generally not held responsible for infringing material on their sites providing they immediately follow up on takedown requests.

"As the Web has grown, we have seen a growing number of issues relating to infringing content. We respond expeditiously to requests to remove such content from our services, and have been improving our procedures over time," Kent Walker, Google general counsel, wrote in a blog post. "But as the Web grows, and the number of requests grows with it, we are working to develop new ways to better address the underlying problem."

Starting with Blogger and Web search, Google announced that it will build tools in Blogger and Google search to make it easier to submit DMCA takedown requests.
Walker promised that Google will reduce its average response time to 24 hours or less for copyright owners who use the tools responsibly. Google will also improve its "counter notice" tools for people who think their content was wrongly removed.

Google will also improve its AdSense anti-piracy review. Apart from banning AdSense on websites with pirated content, Google will also identify violations.

Google is also looking for ways to make authorized content (e.g., music clips) easier to index and to search for, which is applauded by the Recording Industry Association of American (RIAA). Mitch Bainwol, chairman and CEO of the RIAA, wrote in a blog post. "We look forward to working with Google on all the steps necessary to effectively combat infringement."

Geoff Taylor, the chief executive of music industry body the BPI, also welcomed the new Google policy. However, he noted that further to eliminate digital piracy should be taken. He stated that Google search overwhelmingly directs consumers looking for music and other digital entertainment to illegal sites. He urges Google to work together with the BPI to find a "technical solution that points music fans to sites that reward artists and everyone involved in creating music".

(Image courtesy of Google Public Policy Blog)