On 30 March 2020, CAY GVT widened scope of substantial shareholding / beneficial ownership in companies law, limited liability companies law from over 25% shares, voting rights, to 25% or more of the shares or voting rights in a company. The change will go into effect on 15 May 2020.
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India – SEBI Extended Takeover Disclosures
On 27 March 2020, IND SEBI extended the due date of filing disclosures, in terms of regulations 30(1), 30(2) and 31(4) for the financial year ending 31 March to 1 June 2020. Background Information On 25 August 2020, IND SEBI amended substantial acquisition rules. Revises SEBI Sep. 2011 circular on reports, disclosures required on making…
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Hong Kong – SFC Magic Holdings Late Disclosure
On 25 March 2020, HK SFC found Magic Holdings violated late disclosure. Market misconduct tribunal (MMT) found Magic Holdings and its directors culpable of late disclosure of inside information on L’Oréal's proposed takeover of Magic in 2013. Failure to Disclose In April 2013, L’Oréal and Magic’s founders agreed that an offer price of not less than $5.5…
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U.K. – FCA Short-Selling Statement
On 23 March 2020, UK FCA issued statement short-selling in UK Markets. FCA is working with international counterparts in US, EU and elsewhere, so markets can remain open and orderly, and so they can continue to perform their essential role. Despite significant volatility, markets continue to operate in an orderly fashion in UK. UK Ban…
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E.U. Net Short Position Threshold
On 16 March 2020, ESMA issued decision on net short position holders. ESMA issued a decision temporarily requiring holders of net short positions in shares, traded on EU regulated market, to notify NCA if the position reaches or exceeds 0.1%. Lower 0.1% Notification 0.1% is calculated based on issued share capital, after entry into force…
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Malaysia – Suspends Short Selling
On 23 March 2020, MLY BML, MLY SCM suspended short-selling until 30 April 2020. Announced that short-selling will be temporarily suspended until 30 April 2020, as part of measures to mitigate risks arising from heightened volatility, global uncertainties. Applies to intraday short-selling (IDSS) and regulated short-selling (RSS), as well as intraday short-selling by proprietary day…
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