New ESMA Guidance Signals a Return to a More Flexible Approach to “Up to Amount” Listings of Global Depositary Receipts

28 June 2012
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Key takeaways:

  • New ESMA guidance permits the issuance of additional shares without a new prospectus (within the available headroom for the listing) for an "up to amount" GDR listing.
  • Guidance gives welcome clarity and flexibility for the often-used "up to amount" GDR listings.