Closure and the Book of Virgil

Taking its initial inspiration from Lipking’s first foray into what is now known as ‘career criticism’ this chapter considers the ‘wheel of Virgil’ and the works of the poet’s ancient biographers in structuring structuring readers’ understanding of his three canonical works and of the connections between them. Rejecting the idea that the career pattern necessarily means that we must see Virgil as progressing towards ever greater acceptance of the political realities of his day, the chapter instead looks to different models of reading, in which attention to intratextual echoes prevents purely linear and teleological interpretations. It is proposed that the Book of Virgil demands a circular rather than a linear pattern of reading, and that the role played by the image of shade and darkness, and the word umbra in particular, is to unify the three works in rejecting the triumph of epic and empir

The regulation of private placements in France

PurposeThe purpose of this paper is to explain a recently adopted Ordinance (the “Reform Act”) and amendments to the General Regulation of the Autorité des Marchés Financiers (AMF) intended to improve the competitiveness of the French financial market and to harmonize the French regulatory definition of a public offering with the European Union definition under the Prospectus Directive.Design/methodology/approachThe paper explains requirements of the European Union Prospectus Directive, related provisions of the French Reform Act, and certain clarifications provided by the Committee of European Securities Regulators (CESR); discusses the scope of the private placement exemption in France, including definitions of “qualified investors” and a “restricted group of investors”; explains the role of financial intermediaries and how their marketing activities must be structured to avoid losing the benefits of the private placement exemption; interprets loosely defined AMF policies on the resale of securities under the private placement exemption; details exemptions for investment service providers providing asset management for third parties and for “local” offerings; and explains limitations on the private placement exemption posed by the French public offering rules.FindingsFrance has recently amended its public offering regime to further harmonize it with the Prospectus Directive and make the French financial market more attractive to foreign issuers. Additional amendments to the EU Prospectus Directive are expected, which will result in further changes to French private placement regulation.Originality/valueThe paper provides practical guidance from experienced corporate and securities lawyers.</jats:sec