(This article appears courtesy of International Financial Law Review, sign up for a free trial here) The implementation of the Prospectus Directive (PD) in July 2005 and the finalization of the Transparency Directive (TD) in December 2004 were events of some consequence for Japanese companies wishing to list on the London Stock Exchange. They faced new disclosure requirements, some of which were very different from those in their domestic market.
In July 2006, All Nippon Airways (ANA) became the first Japanese company to list new shares on an EU-regulated market under the regime.
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