On 6 December 2018, The Securities and Futures Commission (SFC) has reprimanded and fined SFM HK Management Limited (SFM) HK$1.5 million for failures relating to the short selling of Great Wall Motor Company Limited (Great Wall) shares in 2015 on behalf of a fund it managed.
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France – GVT Foreign Investments
On 3 December, FR GVT issued law on authorized foreign investments. Decree dated 29 November 2018 on foreign investments subject to prior authorization. Overview Amends art. R. 153 of monetary and financial code, re prior authorization process. Extends process to new economic sectors essential to guarantee French security. New sectors include cybersecurity, AI, robotics, IT…
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Hong Kong – SFC Takeovers Table Updated
On 4 December 2018, a new offer period has commenced for Rivera (Holdings) Limited (Stock Code: 281).
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U.S. – CAL INS Takeover Failed Insurer
On 30 November, 2018 CAL INS took control of a small failing insurance firm. Legal action was to secure assets and take control of Merced Property & Casualty. Insolvency Action taken to protect policyholders, including those who suffered losses in fires. Claim volume from the fire has overwhelmed the small insurer causing insolvency. California Insurance…
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