A NOTEPAD ON COMPANY AND FINANCIAL LAW, NEWS AND REGULATION
The Dutch company ASML on 9 July 2012 announced a co-investment programme in which three of its biggest customers are being invited to part fund ASML’s R&D programme, and to take minority investments in its equity .
ASML may issue up to 25% of its equity to those customers in return for cash. The proceeds of that cash issuance will be returned to ASML shareholders (excluding the investing partners) via a “synthetic buy-back”.
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Via the Treasury Select Committtee, here is the Chairman of the Financial Services Authority’s 10 April 2012 letter to the Chairman of Barclays, in which the FSA remarked on its:
“…concerns about the cumulative impression created by a pattern of behaviour over the last few years, in which Barclays often seems to be seeking advantage through the use of complex structures, or through arguing for regulatory approaches which are at the aggressive end of intepretation of the relevant rules and regulations”.
Barclays’ response – which reads like that a boy who, whilst clever, is missing the wider point that his headmaster is making – is here.
See also: The implicit subsidy of UK banks by the government – Bank of England paper, May 2012
A stimulating interview with Nigel Savage, Chief Executive of the College of Law, in Legal Week, including this comment on Scottish law schools in the 1970s:
“Savage also valued Scotland’s approach to education. “The country had exceptional law schools that were taught by practitioners, rather than pure academics. They knew what they were talking about and had the experience to back it up,” he says.”
Which will not be everyone’s experience of the modern-day College of Law.
See also: College of Law bought by owner of waste management firm
