On 29 January 2020, PHI Tax amended tax provisions on REIT act, effective immediately. Definitions of public company and reinvestment plan amended; section renumbered. Amended to include affidavit of undertaking and reinvestment plan under documents. Added under transfer of real property section that transfer of property to a REIT in exchange for its shares is…
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Sweden – FI Fine Late Shareholding Disclosure
On 28 January 2020, SWE FI fined Vulcan for late disclosure of holdings. Vulcan Value Partners LLC fined penalty of SEK 340,000, for late reporting of holdings. That holding of shares in the company Concentric AB, had fallen below a flagging limit. Key Facts On 26 September 2017, Vulcan reduced shareholding in Concentric, to under…
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Rulefinder Alert: Temporary Short Selling Ban Effective Today
On 29 January 2020, Rulefinder reported a temporary short selling ban in two countries.
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Thailand – SEC REIT Fund Disclosures
On 24 January 2020, Thai SEC proposed changes to REIT, INViT disclosures. Thai SEC opened consultation on draft improvements to property funds disclosures. Including infrastructure funds and REITs or mutual funds/trusts that invest in leasehold or leasehold income so that investors have the information necessary for decisions. While also updating the disclosure form for fund and trust…
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Brazil – Foreign Interest in Domestic Firm
On 24 January 2020, BRZ same rules apply to firms with foreign participation. BRZ CB issued circular no. 3,977 re participation of natural or legal persons, who are resident/domiciled abroad, in the capital of financial institutions headquartered in BRZ. Local Law Applies Per Rule No. 10,029, of 2019, transitional constitutional provisions act, foreign participation is…
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Israel – TASE Articles Of Association
On 19 January 2020, ISR TASE issued amendments to articles of association. Approved amendments to the articles of association and TASE exchange guidelines. Amendments Authority to suspend a temporary break prior to publication of immediate report and additional amendments in part IV of the articles of association, add new subsection 6. The guidelines were amended…
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