On 28 April 2020, FR AMF issued proposed shareholder activism rules. The AMF has suggested several targeted measures regarding shareholder activism. Proposals Enhance transparency on stake-building by lowering the first legal notification threshold for substantial shareholding and making public any statutory threshold crossing reported to the company; Supplementing the reporting on net short positions by…
Read more
Japan – GVT Foreign Direct Investment
On 24 April 2020, JPN GVT published feedback associated with the public consultation. It also published updated presentation on the matter in Japanese and English. Amended definition closely-related persons, so that a person who was a foreign investor's board member in the past year is excluded from the definition, if the nomination of the person…
Read more
Rulefinder Alerts to Extended Short Selling Ban
On 28 April 2020, aosphere LLP's Rulefinder alerted clients to an extended short selling ban.
Read more
U.A.E. – DFSA SMEs Listing Disclosure
On 22 April 2020, UAE DFSA issued market brief for SMEs on new DFSA listing regime. Market brief is not intended to be guidance as contemplated by Regulatory Law 2004. Discussed audited accounts covering minimum period of one year instead of 3 years. 12-month lock-in period on pre-listing shareholders of SME; website disclosures with information…
Read more
Sweden – FI SEK1mn Fine Late Substantial Shareholding Disclosure
On 23 April 2020, SWE FI fined investor for exceeding substantial shareholding threshold. Armistice Capital received a SEK1mn penalty for late substantial shareholding disclosure reporting in Moberg Pharma AB (publ).
Read more
Russia – CB Asset Manager Disclosures
On 21 April 2020, RUS CB issued mutual funds information directive. Bank of Russia has developed new disclosure requirements for asset managers (UK). Required to give investors access to complete information, whether acquiring mutual investment fund (UIF) shares or evaluating performance of a management company. The corresponding draft directive has been published on the Bank…
Read more