On 12 September 2019, FR GVT issued guidance on foreign investment. Treasury issued information on prior authorization process for foreign investments. Followed December 2018, FR GVT decree on authorized foreign investments. Followed PACTE law on business transformation and growth. Overview PACTE law reformed prior authorization process, to preserve national strategic interest. Aims to better prevent…
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Germany – BaFin Goldman Sachs Fined
On 6 September 2019, GE BaFin fined Goldman €800k for voting rights. BaFin imposed a fine of 800,000 euros against Goldman Sachs on 12 August 2019. The sanction was based on a violation of German Federal Administrative Offenses Act section 130(1), in conjunction with German Securities Trading Act section 25(1). Goldman Sachs International had not…
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South Korea – FSC Large Shareholding Reports
On 5 September 2019, SK FSC proposal to amend large shareholding reporting. Consultation on plan to amend large shareholding reporting rules (so called 5% rule). Substantial Shareholding Reports Under the 5% rule, a person who holds 5% or more of the equity securities of a listed company or who thereafter changes its holdings by 1%…
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Korea – Short Selling Ban in Effect
On 26 August 2019, the Global Korea Exchange (KRX) has placed a temporary short selling ban in the shares of nine (9) issuers starting 27 August.
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Sweden – FI Fredell Substantial Shareholding Fine
On 12 August 2019, SWE FI fined Fredell for late notification of holdings. Fredell & Co Aktiebolag must pay a penalty fee of SEK 260,000 for having reported too late that the holding of shares in Invuo Technologies had fallen below a flagging limit. Invuo Technologies AB shares were trading on Nasdaq Stockholm until 8…
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India – SEBI Amended Takeover Rules
On 29 July, 2019, IND SEBI published the second amendment to the regulations. Added sub-regulation on increase in voting rights of any shareholder beyond threshold. Also added sub-regulation regarding "encumbrance" and on declarations of promoters. The rules shall come into force on the date of their publication in the official gazette
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