On 18 September 2020, AST GVT issued two exposure drafts for stakeholder feedback. Foreign investment reform (protecting Australia’s national security) regulations 2020 and foreign acquisitions and takeovers fees imposition regulations 2020. The exposure draft on regulations includes remainder of regulations, namely on time limit of call in power, streamlining measures, integrity and technical amendments. The…
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E.U. – ESMA Extends 0.1% Net Short Position Reporting Threshold
On 17 September 2020, ESMA has renewed its decision requiring holders of net short positions to report positions of 0.1% and above. The measure applies from 18 September 2020 for a period of three months.
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Hong Kong – SFC Breach Of Takeovers Code
On 16 September 2020, SFC took action re International Housewares Retail. Commenced disciplinary proceedings against Ngai Lai Ha, chairperson of International Housewares Retail Company Limited over breach of code on takeovers and mergers. SFC alleges that in a number of acquisitions of the company’s shares, Ngai acquired each time more than 2% voting rights from…
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Sweden – FI Fines Pictet Asset Management For Late Short Selling Report
On 16 September 2020, Sweden's regulator, Finansinspektionen reported that Pictet Asset Management Limited is being fined for late reporting of net short positions. Pictet shall pay a special fee of SEK 10,000 for having its late notification of a short net position in shares in SKF Pictet shall shall pay a special fee of SEK 10,000…
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Isle of Man – GVT Consultation on Beneficial Ownership
On 10 September 2020, IOM GVT issued notice on beneficial ownership law. Key Points The consultation seeks feedback on the Beneficial Ownership (Amendment) Bill 2020. Follows IOM FSA September 2020 draft bill to improve accuracy of database. The amendments would ensure Isle of Man is compliant with international standards. The bill aims to bolster the…
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Sweden – FI Fines for Late Short Selling Report
On 14 September 2020, the Swedish Financial Supervisory Authority issued a fine against SCGE Fund L.P. for late notification of a short net position in shares in Fingerprint Cards AB on 17 January 2018 which had fallen below a relevant disclosure threshold. SCGE Fund L.P.shall pay a special fee of SEK 10,000
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