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Equity Capital Markets Law Definition
“Equity Capital Markets” is the practice area that relates to securities issuance and other equity market transactions.
This area of practice is typically understood to encompass the following specific services and transaction types:
In Australia, the process by which entities solicit investments in their securities has been a central concern of corporate regulation. To balance the informational asymmetries between issuer and investor, the Corporations Act 2001 (Cth) regulates all fundraising activity in Australia through the Australian Securities & Investments Commission (“ASIC”). For entities which are listing or are already listed on the ASX, the ASX Listing Rules also prescribe certain rules and regulations regarding the issue of securities (amongst other matters).
In addition to acting for the entities seeking to raise capital from equity capital markets, lawyers in this area also often act for the numerous other parties involved in equity market transactions, such as selling shareholders, brokers, lead managers, investments banks, private equity firms, corporate advisors, and underwriters.
This area of practice also often intersects with other areas of legal practice such as “Mergers & Acquisitions” and “Private Equity.” For example, a private equity client may pursue an exit of its investment in an entity by undertaking a dual track IPO and trade sale process, or a client may raise capital in order to undertake an acquisition. Accordingly, lawyers in this practice area also may act for entities with respect to significant transactions, including major changes to the nature or scale of the entity’s activities.