ARTICLE
14 July 2011

Exemption No Longer Necessary For Secondary Trading On A Multilateral Trading Facility

DB
De Brauw Blackstone Westbroek N.V.

Contributor

De Brauw Blackstone Westbroek is a leading international law firm, trusted by clients for over 150 years due to its deep engagement with their businesses and a clear understanding of their ambitions. While rooted in Dutch society, the firm offers global coverage through its network of top-tier law firms, ensuring seamless, tailored legal solutions. De Brauw’s independence enables it to choose the best partners while remaining a trusted, strategic advisor to clients worldwide.

The firm emphasizes long-term investment in both its client relationships and its people. De Brauw’s legal training institutes, De Brauwerij and The Brewery, cultivate diverse talent, preparing the next generation of top-tier lawyers through rigorous training and personal development. Senior leadership traditionally rises from within, maintaining the firm’s high standards and collaborative culture.

Until recently, there was an exemption for the public offer of securities made exclusively as part of a multilateral trading facility (MTF), and where the securities had already been admitted to trading on a trading platform in accordance with the host state's applicable rules.
United Kingdom Finance and Banking

Until recently, there was an exemption for the public offer of securities made exclusively as part of a multilateral trading facility (MTF), and where the securities had already been admitted to trading on a trading platform in accordance with the host state's applicable rules. As many member states and the European Commission did not regard the publication of trading information as a public offer of securities, the exemption was removed from the FMSA's Exemption Regulation. In explaining this change, the Minister stated that the exemption was no longer needed and that the Netherlands is now fully in line with the European interpretation of the term "offer to the public", thus creating a level playing field between MTFs from the Netherlands, and those from other member states.

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