On 9 December 2019, AUT GVT issued rules on beneficial owners register. AUT GVT published ordinance of federal minister of finance on additional technical possibilities for access to commercial ownership register (WiEReG-EinsichtsV). Content and Legal Basis Per S9, S17 (5) of commercial ownership register act (WiEReG), BGBl I No. 136/2017. On retrieval, by obliged party,…
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India – SEBI Capital, Disclosure Rules
On 6 December 2019, IND SEBI issued fifth amendments to the disclosure regulations. Schedule IV on filing of offer documents with board to be substituted with following. Draft offer documents/letters of offer/offer documents shall be filed by the lead manager(s) with the relevant office of the Board under the jurisdiction of which the registered office…
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E.U. – MIFID Double Volume Cap
On 6 December 2019, EU ESMA issued latest MiFID II DVC data, November 1-October 1 calculations. Number of new breaches is 70: 56 equities for the 8% cap, applicable to all trading venues, and 14 equities for the 4% cap, that applies to individual trading venues. Trading under waivers for new instruments in breach of…
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Taiwan – FSC Foreign Insurer Investment
On 5 December 2019, TAI FSC provided a 6-month adjustment period for companies who exceeded the foreign investment limit due to falling interest rates in the bond market. If insurance firms fail to reinvest international board bonds quickly, arising on foreign currency obtained from previous redemption, may exceed the foreign investment limit. After implementation of…
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Brazil – CVM Changes to Rules on Takeover Bids
On 3 December 2019, BRZ CVM issued ins 616/2019 on changes re takeover bids regime. Some changes not in version submitted to consultation are result of feedback received. I.e. publication requirements for takeover bids were relaxed, suppression of sell option of non-OPA shareholders due to increase in shareholding when it reaches 2/3 limit. Art 35…
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Brazil – CVM Shareholder Rights Report
On 2 December 2019, BRZ CVM published report of shareholders rights. Report highlights main results of 1st phase of the working group (WG) main project. Overview Originally in English, study is available on ministry of economy, BRZ CVM websites both in its original version and also as free translation into Portuguese. Analyzes legal dispute resolution…
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