On 30 March 2026, KRX published first-year results and future plans for NSDS. KRX will continue strengthening market oversight of illegal short selling using insights derived from NSDS operations. It will provide guidance to institutional investors based on cases identified through NSDS to help prevent recurrence. Efforts will be made to reduce unnecessary regulatory burden…
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S Korea – FSS Guidance on Substantial Shareholding Disclosure
On 30 March 2026, SK FSS guided on equity transaction-related disclosure. SK FSS guided on disclosure of equity transactions and short-term capital gains. Guidance When an unlisted firm goes public, it should pay attention to the reporting type, deadline, criteria; securities convertible into stock are subject to equity disclosure. The reasons for the occurrence of…
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S Korea – FSS Fines for Major Shareholding Failure
On 24 March 2026, SK FSS fined Zenith for violating major shareholding reporting obligations. SK FSS imposed penalty of KRW 547.2 million to Zenith Investment Advisory Co., Ltd. (Zenith) for multiple violations of disclosure and reporting obligations. Violations Zenith failed to disclose and report 28 cases of executive appointments or dismissals that occurred from Mar.…
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Canada – CIRO Fully Paid Securities Lending Rules / Short Selling
On 26 March 2026, CIRO issued guidance on fully paid securities lending. CIRO published guidance re Dealer Members’ practice of borrowing fully paid, excess margin securities from retail clients; in compliance with CIRO Rule 4600 Part B.2. Follows Feb. 15, 2026, CIRO proposed fully paid securities lending guidance. Fully Paid Securities Guidance Part B.2. of…
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Hong Kong – SFC Issues Takeovers Bulletin No. 76
On 31 March 2026, the SFC released Takeovers Bulletin Issue no. 76 Highlights include: Engagement of suitable professional advisers Settlement agreement in relation to certain dealings in Giordano shares Changes to takeovers related committees Quarterly update on activities of Takeovers Team
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Germany – BaFin Supervisory Notice Re: Interpretations of Takeover Act
On 20 March 2026, GE BaFin issued supervisory notice re C-864/24 EU ruling. GE BaFin issued Supervisory Notice 02/2026 re impact of ECJ ruling of 12 February 2026. Case C-864/24 dealt with interpretation of S34 of Securities Trading Act (WpHG) and S30 of Securities Acquisition and Takeover Act (WpUG). Overview The supervisory notice provides guidance…
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