On 29 December 2023, FR GVT published law on the threshold of voting rights. FR GVT issued decree no. 2023-1293 relating to foreign investments in France (IEF). Measure to control crossing of 10% threshold of voting rights by a non-European investor in listed companies will be made permanent, scope of control extended. IEF Control Control…
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Taiwan – FSC Finalized Amendment Regarding Short Selling
On 28 December 2023, TAI FSC issued order for the amendment on article 2 and 8 of Standards governing eligibility of securities for margin purchase and short selling. TAI EXC also issued press release re the amendment, to be effective on 1 January 2024.
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S Korea – FSS Uncover Illegal Short Selling
On 26 December 2023, SK FSC discussed meeting of SK FSC (of December 22) re above, where it ruled 2 global investment banks' (IBs) long-term non-leveraged short selling orders and consignments violated law; decided to file complaint, imposed KRW 26.52bn fine. SK FSC said this violation was of short selling restrictions under Capital markets act.…
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Germany – BaFin Updated Shareholding FAQs
On 22 December 2023, BaFin issued updated major shareholding FAQs. FAQs regarding major shareholding, voting rights sections 6 (sec. 33 et seq.) and 7 (sec. 48 et seq.) of the Securities Trading Act (Wertpapierhandelsgesetz [WpHG]) were updated Question 6C: how multiple voting rights should be disclosed in a voting rights notification ; and Question 25:…
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Mauritius – FSC Proposes Amendments to Takeover Rules
On 20 December 2023, MAU FSC consulted on proposed financial legislation. MAU FSC issued communique on draft legislation for public consultation. Legislation Proposed Securities (Amendment) Act 2023 provides various new definitions throughout the act. Financial Services (Amendment) Act 2023 provides amendments to provide license. Securities (Central Depository, Clearing and Settlement) (Amendment) Act 2023 on establishment…
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Norway – FSA Fines for Short Selling in Nordic Mining
On 21 December 2023, NORFSA fined four investors for short selling violations. NORFSA fined four investors for uncovered short selling in Nordic Mining ASA (NOM). Main Points Investors sold NOM shares, fulfilling delivery obligations after the sales with newly issued shares; at the time of sale, the new share capital was not registered in the…
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