On 2 November 2020, HK SFC publicly censured Ngai Lai Ha and imposed an 18-month cold-shoulder order for breach of mandatory general offer obligation in takeovers code. Although the breach was caused by Ngai’s misunderstanding of the operation of the 2% creeper provisions in the code, her conduct merits the current disciplinary action. Denied access…
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Portugal – CMVM Efanor Takeover of Sonae
On 28 October 2020, POR CMVM issued questions and answers on Efanor Investimentos takeover bid for Sonae Indústria and on Sonae Capital, prior to finalizing the offers. Published to clarify to the market and general public, both public acquisition offers.
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Germany – BaFin Security Trading Violations
On 26 October 2020, GE BaFin fined ROY Asset Holding 70,000 euros. BaFiN fined ROY Asset Holding SE €70,000 for security trading violations on 28 September 2020. ROY Asset Holding SE had failed to publish its total number of voting rights on time. BaFin ruled the firm violated section 26a(1) of German Securities Trading Act…
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