The European New Markets for High-Growth Companies

European Business Organization Law Review

Volumn 2, Issue 2, 2001, Pages 365-400

  Anibarro, Santiago Hierro ^a  

^a UNIVERSITY OF ALCALÁ   (Spain)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84928606994     PISSN: 15667529     EISSN: 17416205     Source Type: Journal    
DOI: 10.1017/S1566752900000483     Document Type: Article

References (144)

1. S. Stenzel, Ausserbörslicher Aktienhandel. Teilband 1. Umfang und Ursachen (Berlin 1995) p. 32.
2. Schmidt, Vorteile und Nachteile eines integrieten Zirkulationsmarktes für Wertpapiere gegenüber einem gespaltenem Effektenmarkt (Brussels 1977) p. 336
3. S. Corallini/ R. Moroni, Il mercato ristretto dei valori mobiliari (Milan 1983) p. 18;
4. U. Nieto, El Mercado de Valores. Organización y funcionamiento (Madrid 1993) p. 81.
5. A. Madrid Parra, "Repercusión de las nuevas tecnologías en la reforma del mercado de valores", 73 Revista de Derecho Bancario y Bursátil (1999) 31, 56.
6. R. Lee, What is an Exchange? (Oxford 1998) pp. 1 et seq.
7. T.L. Hazen, The Law of Securities Regulation (St. Paul, Minn. 1996) pp. 1 et seq.
8. L. Loss/ J. Seligman, Fundamentals of Securities Regulations (Boston 1995) p. 600.
9. L. Loss/ J. Seligman, Securities Regulation, vol. VI (Boston 1990) pp. 2787-2795.
10. L. Loss/ J. Seligman, Securities Regulation, supra n. 6, vol V, pp. 2578-2579.
11. S. Hierro Anibarro, "La Asociación Nacional de Intermediarios de Activos Financieros (NASD) y el mercado NASDAQ", 79 Revista de Derecho Bancario y Bursátil (2000) 93, 118 et seq.
12. M.J. Simon/ R.L.D. Colby, "The National Market System for Over-the-Counter Stocks", 55 The George Washington Law Review (1986) 17, 19-34
13. A.I. Burns, "Over-the-Counter Market Quotations: Pink, Yellow, Green and White Sheets- A Gray Area in the Law of Evidence", 52 Cornell Law Quarterly (1967) 262, 262 et seq.
14. W.L. Cary, "Self-Regulation in the Securities Industry", 49 American Bar Association Journal (1963) 244;
15. P.J. Chepucavage, "Self-Regulation in a National Market Environment", 13 Securities Law Review (1981) 313;
16. A.H. Frey, "Federal Regulation of the Over-the-Counter Securities Market", 106 University of Pennsylvania Law Review (1957) 1;
17. R.S. Karmel, "Securities Industry Self-Regulation - Tested by the Crash", 45 Washington and Lee Law Review (1988) 1297;
18. S.S. Miller, "Self-Regulation of the Securities Markets: A Critical Examination", 42 Washington and Lee Law Review (1985) 855;
19. J.J. Moylan, "The Place of Self-Regulation in the Securities Industry", 6 Securities Regulation Law Journal (1978) 49;
20. D.L. Ratner, "Self-Regulatory Organizations", 19 Osgoode Hall Law Journal (1981) 368;
21. M.K. Smythe, "Government Supervised Self-Regulation in the Securities Industry and the Antitrust Laws: Suggestions for an Accommodation", 17 Securities Law Review (1985) 459.
22. C.B. Viterbo, "Il mercato libero di borsa i contratti a premio", in: Studi di Diritto Commerciale in onore di Cesare Vivente (Rome 1931) p. 723.
23. R. Grenier, Le second marché: Règles et Fonctionnemet (Paris 1988) pp. 68-69.
24. T. Wilmot, Inside the Over-the-Counter Market in the UK (Westport/London 1985) p. 7.
25. K. Ratz, Innovationsfinanzierung für kleine und mittlere Unternehmen. Ergebnisse eines internationalen Erfahrungsautausches (Vienna 1988) p. 9;
26. T.A. Martin, "Der Neue Markt an der Frankfurter Wertpapierbörse und Probleme mittelständischer Unternehmen bei der Finanzierung über Eigenkapitalzuführung", 5 Die Aktiengesellschaft (1998) 221, 222-223.
27. J. González-Estefani, "La problemática de la pequeña y mediana empresa en España", 24 Anales de la Academia Matritense del Notariado (1981) 7, 9.
28. G. Bannock/ A. Doran, Going Public. The Markets in Unlisted Securities (London 1987) p. 73.
29. F. Pérez Calatayud, "Los mercados de valores desde la perspectiva de una zona off-shore", 154 Noticias de la Unión Europea (1997) 53, 54.
30. Commission of the European Communities, Communication from the Commission European capital markets for Small and Medium-sized Enterprises: prospects and potential obstacles to progress, COM (97) 187 final, p. 5.
31. L.M. Loll/ J.G. Buckley, The Over-the Counter Securities Markets (Englewood Cliffs, New Jersey 1981) p. 167.
32. M.I. Ortega, El mercado bursátil en España: un análisis de su dimensión (Madrid 1998) p. 182;
33. D. D. Buonomo, "Borsa valori e Mercato ristretto. Le condizioni di ammissione", Banca Borsa e Titoli di Credito (1985) 365, 378.
34. NASD Press Release -06/06/1999. Nasdaq Becomes the World's Biggest Stock Market by Dollar Volume.
35. D. Leblanc, "Nouveaux financements pour les valeurs de croissance", 566 Banque (1996) 16.
36. M. Izquierdo, Los Mercados de valores en la CEE (Derecho Comunitario y adaptación al Derecho Español) (Madrid 1992) pp. 185-186.
37. S.R. Veale (Ed.), Stocks, Bonds, Options, Futures. Investments and their Markets (New York 1987) p. 240.
38. OICV/ IOSCO, The Influence of Market Makers in the Creation of Liquidity. Report by the Emerging Markets Committe of the International Organization of Securities Commissions (May 1999) especially pp. 8 et seq.
39. A. Sánchez Andrés, "La nueva legislación del Mercado de valores (Fundamentos económicos y jurídicos para la regulación de la materia)", in: F. Sánchez Calero (Coord.), Perspectivas actuates del Derecho Mercantil (Pamplona 1995) p. 111.
40. N.S. Poser, International Securities Regulation (Boston 1991) pp. 46-47.
41. C. Salinas/ P. Kirchner, La Reforma de la Ley del Mercado de Valores (Valencia 1999) p. 94.
42. L.D. Solomon/ L. Corso, "The Impact of Technology on the Trading of Securities: The Emerging Global Market and the Implications for Regulation", 24 The John Marshall Law Review (1991) 299, 315.
43. EASDAQ Rule Book, rule 7301(b).
44. C. Bronfman/ K. Lehn/R.A. Schwartz, "The SEC's Market 2000 Report", 19 The Journal of Corporation Law (1994) 523.
45. N. Wolfson/ T.A. Russo, "The Stock Exchange Specialist: An Economic and Legal Analysis", Duke Law Journal (1970) 707. For more information about the specialist, see Loss/Seligman, supra n. 5, at 605-606.
46. D.A. Oesterle/ D.A. Winslow/ S.C. Anderson, "The New York Stock Exchange and Its Out Moded Specialist System: Can the Exchange Innovate to Survive?", 17 The Journal of Corporation Law (1992) 223, 223 et seq.
47. J.L. Cochrane/ B. McNamara/ J.E. Shapiro/ M.J. Simon, "The Structure and Regulation of the New York Stock Exchange", 18 The Journal of Corporation Law (1992) 57, 72.
48. J. Macey/ H. Kanda, "The Stock Exchange as a Firm: The Emergence of Close Substitutes for the New York and Tokyo Stock Exchanges", 75 Cornell Law Review (1990) 1007, 1026-1027.
49. D.R. Fischel, "Organized Exchanges and the Regulation of Dual Class Common Stock", 54 University of Chicago Law Review (1987) 119, 126;
50. D.A. Oesterle, "On the Business of Defending NYSE Specialists", 18 The Journal of Corporation Law (1992) 79, 88;
51. Specialists are subject to special capital requirements, and are limited in their dealings with the issuers of the particular stocks, large institutional investors and other broker-dealers, see Hazen, supra n. 5, at 490. For more information, see Wolfson/ Russo, supra n. 36, at 727 et seq.
52. K.J. Houghton, "The Economic and Political Debate Over the Regulation of Off-Exchange Securities Trading in the European Community's Single Financial Market", 32 Virginia Journal of International Law (1992) 747, 766-769, and Stenzel, supra n. 1, at 39.
53. A. Haelterman/ M. Duplat/ M. Hallake, "EASDAQ: the Pan-European Stock Market", 25 International Business Lawyer (1997) 503, 504.
54. The EASDAQ market was also inspired by the fact that NASDAQ has its headquarters in Washington: see S. Yassukovich, "EASDAQ: Europe's Stock Market for Growth Companies", 21 Fordham International Law Journal (1997) 397, 399.
55. M. Olislaegers/ A. Haelterman/ L.C. Verbeke, "Easdaq market opens for business", 16 International Financial Law Review (1991) 14, 14-17.
56. J.E. Canseco, "El fenómeno Bolsa", in: J.L. Sánchez Fernández de Valderrama, (dir.), Curso de bolsa y mercados financieros (Barcelona 1996) pp. 218 et seq. and p. 243.
57. B. Steil, "Equity Trading IV: The ISD and the Regulation of European Market Structure", in: B. Steil, et al, The European Equity Markets. The State of the Union and an Agenda for the Millennium (London 1996) pp. 115-116.
58. A.J. Alonso Ureba, "Mercados regulados de valores", 65 Perspectivas del Sistema Financiero (1999) 53, 58.
59. J.-M. Gollier, "La notion de bourse, de marche" secondaire et de marche" réglementé", in: J.-F. Thossens, (Coord.), La réforme des marchés et des intermédiaires financiers (Brussels 1997) pp. 117-118.
60. J.-B. Zufferey, Regulation of Trading Systems on Financial Markets (London 1997) p. 235.
61. H. Henckel-Donnersmarck, "〈Electronic Communication Networks〉 und 〈Alternative Trading Systems〉 - Herausforderung für die Aufsichtsbehörden", in: R.H. Weber (Hrsg.), Neuere Entwicklungen im Kapitalmarktrecht (Zurich 2000) pp. 262.
62. J. de Bel, "Automated Trading Systems and the Concept of an 'Exchange' in an International Context Proprietary Systems: A Regulatory Headache!", 14 University of Pennsylvania Journal of International Business Law (1993) 169, 169 et seq.
63. M. Pagano/ B. Steil, "Equity Trading I: The Evolution of European Trading Systems", in: Steil, supra n. 49, at 43-45;
64. E. Schwark, "Börsen und Wertpapierhandelsmärkte in der EG", 7 Wertpapier-Mitteilungen (1997) 293, 299-300.
65. A. Madej, "El relanzamiento del 〈second marché〉 parisino", 10 Bolsa de Madrid (1993) 36, 41.
66. A. Sánchez Andrés, "La sociedad anónima y el mercado (observaciones al paso de una reforma indebida)", 14 Revista de Derecho de Sociedades (2000) 13, 17.
67. F.J. Zapata, "Admisión, suspensión y exclusión de valores", in: A. Alonso Ureba/ J. Martínez-Simancas (dir.), Instituciones del Mercado Financiero, vol. VII (Madrid 1999) p. 4433.
68. Among others, the following have been pointed out: insufficient analysts and little market information of the kind that might have guaranteed the market's liquidity (United Kingdom); investor aversion to risk and resistance on the part of the entrepreneurs themselves to finance through shares' emissions, with the consequent and foreseeable dilution of control (Germany); high level of public debt and stagnation of the savings generated by the economy in risk-free Treasury bonds (Spain); geographical dispersion of trading floors (in Italy the mercatto ristretto is running locally in Milan, Rome, Turin, Genoa, Florence, and Naples); promotion of listing companies to the main market (France): see Pérez Calatayud, supra n. 17, at 55.
69. D. O'Neill, "London Stock Market Starts up. The Alternative Investment Market is devised, like NASDAQ, to succeed through regulation", 18 The National Law Journal (1995) C1, C2.
70. M. Andreen, "How good is the Stock Exchange's AIM?", 139 Solicitors Journal (1995) 684;
71. T. Steadman, "The Alternative Investment Market: The Regulatory Issues", 4 Journal of Financial Regulation and Compliance (1996) 125, 126.
72. C. Abrams, "The Alternative Investment Market", 2 European Financial Services Law (1995) 147.
73. "Exchange launches techMARK for high-technology companies", 20 The Company Lawyer (1990) 330.
74. H. Hansen, "Der Neue Markt", 12 Die Aktiengesellschaft-Report (1996) 539.
75. See Frankfurt Wertpapierbörse, Infoordner Neuer Markt. 1.3. Warum Transparenz und wie?, p. 6.
76. D. Leblanc, "Nouveaux financements pour les valeurs de croissance", 566 Banque (1996) 16.
77. See G. Ripert/ R. Roblot, Traité de Droit Commercial, t. II (Paris 1996) p. 83.
78. The organization of the Nouveau Marché was initially entrusted to the New Market's Board, the Société du Nouveau Marché - until recently a subsidiary wholly owned by the SBF (now part of Euronext Paris SA) - which was given 20 million francs of start-up capital. However, a recent change in the French securities markets organizational structure (prior to the appearance of Euronext) led to the fusion of the four market operators (SBF, MATIF SA, MONEP SA and the SNM itself) into a single entity, Paris Bourse SBF SA. This company combines all the activities of securities dealing, derivatives and operations, although each market still preserves its own regulation and structure.
79. Règles de Fonctionnements, art. 1-1-3.
80. Delibera CONSOB, de 27 gennaio 1999, n. 11808.
81. Delibera 23 gennaio 1997, n. 10464 della Consob. - Approvazione del progetto del Consiglio di borsa concernente la costituzione della società per azioni denominata "Borsa italiana s.p.a.", avente per oggetto la gestione della borsa valori, del mercato ristretto e del mercato di borsa per la negoziazione degli strumenti finanziari previsti dall'art. 1, comma 1, lettere f) ed l) del d.lgs. 23 luglio 1996, n. 415.
82. Regolamento del Nuovo Mercato Organizzato e Gestito Dalla Borsa Italiana S.p.A., art. 1.2.3.
83. M.I. Ortega, El mercado bursátil en España: Un análisis de su dimensión (Madrid 1998) p. 187.
84. J. Abellá, La ordenación del Mercado de valores: un ordenamiento dinámico (Madrid 1995) p. 194.
85. BOE, no. 312, de 30 de diciembre de 1999, pp. 46334-46335.
86. Instrucción Operativa de la Sociedad de Bolsas no. 4/2000.
87. G. Arranz, "Creación de un segmento especial de negociación en las Bolsas de Valores denominados 〈Nuevo Mercado〉, 113 Derecho de los Negocios (2000) 105, 106.
88. Orden de 22 de diciembre de 1999 por la que se crea un segmento especial de negociación en las Bolsas de Valores denominado "Nuevo Mercado" y se modifican los requisitos de admisión a Bolsa, disposición primera, apartado 3.
89. G. Finn, "Institutions in NASDAQ's Competing Dealer Markets", in: R.A. Schwartz (ed.), Global Equity Markets: Technological, Competitive, and Regulatory Challenges (Chicago 1995) p. 48;
90. E. Hallmann, "Institutionelle Investoren als Zielgrupe für mittlere Wachtumsunternehmen an der Easdaq", 1 Zeitschrift für das gesamte Kreditwesen (1998) 24, 24 et seq. These kind of markets are generally dominated by sophisticated institutional investors: see Houghton, supra n. 45, at 748.
91. H. Schmidt (dir.), Special stock market segments for small company shares: Capital raising mechanism and exit route for investors in new technology-based firms (Luxembourg: Commission of the European Communities 1984) p. 449.
92. J. Martí, "Pasado, presente y futuro del capital-riesgo en España", 67 Perspectivas el Sistema Financiero (1999) 21, 28-29.
93. A.J. Roquette, "New Developments relating to the Internalization of the Capital Markets: A Comparison of Legislative Reforms in the United States, the European Community, and Germany", 14 University of Pennsylvania Journal of International Business Law (1994) 565.
94. A.L. Peters/ A.E. Feldman, "The Changing Structure of the Securities Markets and the Securities Industry: Implications for International Securities Regulation", 19 Michigan Yearbook of International Legal Studies (1988) 19, 21 et seq.;
95. D.E. van Zandt, "The Regulatory and Institutional Conditions for an International Securities Market", 32 Virginia Journal of International Law (1991) 47, 60 et seq.;
96. F. Kübler, "Regulatory Problems in Internationalizing Trading Markets", 9 University of Pennsylvania Journal of International Business Law (1987) 107, 107 et seq.
97. B.S. Thomas, "Internationalization of the Securities Markets: An Empirical Analysis", 15 Securities Law Review (1983) 523-528.
98. A. van Cauwenberge, "EASDAQ: A Pan-European Regulated Market Based in Belgium", in: J.F. Tossens (Coörd.), La réforme des marches et des intermédiares financiers (Brussels 1997) p. 285.
99. N.S. Poser, "Restructuring the Stock Markets: A critical look at the SEC's National Market System", 56 New York University Law Review (1981) 883, 888.
100. J.L. Hamilton, "Marketplace Organisation and Marketability: Nasdaq, the Stock Exchange, and the National Market System", 33 The Journal of Finance (1978) 487, 487 et seq.
101. P.D. Cohen, "Securities Trading via the Internet", Journal of Business Law (1999) 299 et seq.
102. H. Plewka/ K. Aymans, "Die 〈Neuen Märkte〉 in Europa", 44 Der Betrieb (1996) 2192, 2193;
103. K. Schappelwein, "Die neuen KMU- Börsen", 10 Österreichisches Bank Archiv (1998) 778;
104. H.E. Büschgen, "Börsenmässiges Eigenkapital für kleine und mittlere Unternehmen", 2 & 3 Österreichisches Bank Archiv (1997) 94, 99. The Ministerial Rule that created the Spanish New Market gives a definition of this kind of companies: "empresas de sectores innovadores de alta tecnología u otros sectores que ofrezcan grandes posibilidades de crecimiento futuro, aunque con mayores niveles de riesgo que los sectores tradicionales" [Orden Ministerial, 22 December 1999, por la que se crea un segmento especial de negociación en las Bolsas de valores denominado "Nuevo Mercado" (BOE no. 312, 30 December 1999)].
105. A. Ferri, "Diagnostic prénatal", 566 Banque (1996) 23, 24.
106. D. Mortier, "Une nouvelle donne pour les marchés d'actions", 566 Banque (1996) 26.
107. Büschgen, supra n. 95, at 100; D. Leblanc, "Le Nouveau marché est-il liquide?", 583 Banque (1997) 52, 52 et seq.
108. J. Blake/ J. Daghlian, AIM and EASDAQ: the new enterprise markets (London 1996) p. 3.
109. Opinion of the Economic and Social Committee on the "Communication from the Commission -European capital markets for Small and Medium-sized Enterprises: prospects and potential obstacles to progress" - 98/C 235/04, OJ [1998] C 235.
110. "The NASD, An Unique Experiment in Cooperative Regulation", 46 Virginia Law Review (1960) 1586;
111. T.B. Rutter, "The National Association of Securities Dealers: Continuing Government-Industry Cooperative Regulation in the Over-the-Counter Securities Industry", 7 Villanova Law Review (1962) 611, 611 et seq.
112. A. Gilardoni, "Il Regolamento Generale Consob: analisi e commento", in: S. Pivato (ed.), Il mercato telematico per piccole e medie imprese. Realtà locali e contesto internazionale (Milan 1995) p. 45.
113. E. Wymeersch, "The Implementation of the ISD and CAD in National Legal Systems", in: G. Ferrarini, (ed.), European Securities Markets. The Investment Services Directive and Beyond (London 1998) pp. 38-39.
114. nd ed. (St. Paul, Minn. 1958) p. 141.
115. S.S. Miller, "Self-Regulation of the Securities Markets: A Critical Examination", 42 Washington and Lee Law Review (1985) 855, 860 et seq.
116. W. Werner, "The SEC as a market regulator", 70 Virginia Law Review (1984) 755, 756.
117. Generally see L.D. Lowenfels, "A Lack of Fair Procedures in the Administrative Process: Disciplinary Proceedings at the Stock Exchanges and the NASD", 64 Cornell Law Review (1979) 375, 375 et seq.
118. M. Anslow, "Europe Ready For New Bourses in 1996", 36 Venture Capital Journal (1996) 25.
119. S. Weber, "Kapitalmarkt-, Börsen- und Investmentrecht", in: M. Dauses, (Hrsg.), Handbuch des EU-Wirtschaftsrechts, (Munich 1998) pp. 1 et seq.;
120. M.G. Warren III, "Global Harmonization of Securities Laws: The Achievements of the European Communities", 31 Harvard International Law Journal (1990) 185;
121. G. Ferrarini, "Le direttive comunitarie in tema di mercato mobiliare", Banca Borsa e Titoli di Credito (1983) 105.D. Reid/ A. Ballheimer, "The Legal Framework of the Securities Industry in the European Community under the 1992 Program", 29 Columbia Journal of Transnational Law (1991) 103;
122. G. FerrariniLe direttive comunitarie in tema di mercato mobiliareBanca Borsa e Titoli di Credito1983105
123. H. Hirschhofer, "The Role of the EC Commission in the Creation of a European Securities Trading Network", 10 Österreichisches Bank Archiv (1991) 720.
124. J. Abella, "La Directiva relativa a los servicios de inversión en el ámbito de los valores negociables y la Ley del mercado de valores", 53 Revista de Derecho Bancario y Bursátil (1994) 55, 56.
125. J. Malet, "Movement Towards Financial Integration and Monetary Union in the European Communities", 13 Houston Journal of International Law (1990) 79, 102 et seq.;
126. P. Clarotti, "The Implementation of the Second Banking Directive and its Aftermath", in: E. Wymeersch (ed.), Further Perspectives in Financial Integration in Europe (Berlin/ New York 1994) pp. 43 et seq.
127. C. Bradley, "1992: The Case of Financial Services", 12 Northwestern Journal of International Law and Business (1991) 124, 145 et seq.
128. A. Hernández, "El Mercado Único de Valores: especial referencia a la Directiva sobre Servicios de Inversión y a la Directiva sobre Adecuación de Capital. Algunas implicaciones para España", 117 Noticias de la Unión Europea (1994) 61, 66.
129. M.G. Warren III, "The European Union's Investment Services Directive", 15 University of Pennsylvania Journal of International Business Law (1994) 181, 193 et seq.; Houghton, supra n. 45, at 765 et seq.
130. R. Cranston, "Banking and Investment Services: Implications of the New Financial Landscape", in: G. Ferrarini (ed.), European Securities Markets: The Investment Services Directive and Beyond (London 1998) pp. 45 et seq.
131. F.K. Kübler, "Institutional Owners and Corporate Managers: A German Dilemma", 57 Brooklyn Law Review (1991) 97, 99-100.
132. V. Klima, "Verbesserung der Rahmenbedingungen für Risikokapitalfinanzierung", 10 Österreichisches Bank Archiv (1996) 745, 746.
133. M.O. Kersting, "Der Neue Markt der Deutsche Börse AG", 5 Die Aktiengesellschaft (1997) 222.
134. J. Baetge/ H. Kleekämper/ P. Wollmert, Rechnungslegung nach International Accounting Standards (IAS) (Stuttgart 1997) pp. 5 et seq.
135. H.S. Bloomenthal/ S. Wolff, International Capital Markets and Securities Regulation, vol. 10 (St. Paul, Minn. 1999) pp. 1-116.4 et seq.
136. N.G. Demmo, "US Securities Regulation: The Need for Modification to Keep Pace with Globalization", 17 University of Pennsylvania Journal of International Economic Law (1996) 691, 693 et seq.
137. J. Munguira, "Régimen sobre emisiones", in: A. Alonso Ureba/ J. Martínez-Simancas, Instituciones del Mercado Financiero, vol. V (Madrid 1999) p. 3103.
138. P. Hommelhoff, "Europäisches Bilanzrecht im Aufbruch", 62 Rabels Zeitschrift für ausländisches und internationales Privatrecht (1998) 381, 382 et seq.
139. J. Stark, "Risikokapitalfinanzierung über die Börse - die Rolle der Politik", 1 Zeitschrift für das gesamte Kreditwesen (1998) 12, 12-13.
140. K. van Hulle, "International Harmonisation of Accounting Principles: A European Perspective", Wirtschaftprüferkammer Mitteilungen, Special issue June 1997, p. 44;
141. D. Hunt, "Removing barriers to cross border investment by the standardisation of international accounting", 5 European Financial Services Law (1998) 157, 157 et seq.
142. Commission of the European Communities, Communication from the Commission European capital markets for Small and Medium-sized Enterprises: prospects and potential obstacles to progress, COM (97) 187 final, pp. 11-12.
143. The NASD had, for a long time, no corporate governance requirements corresponding to the NYSE standards. This disparity was viewed as an important factor in a company's decision whether to list, and resulted in a number of NYSE delistings into the NASDAQ. Finally, the NASDAQ adopted corporate governance requirements considering this a matter of quality: see Simon/ Colby, supra n. 7, at 102.
144. This rule is similar to the lock-in provision of the AIM. Although not too onerous, some commentators have argued that this may provide a disincentive to management preventing them from listing new companies: see Blake/ Daghlian, supra n. 101, at 10.