On 21 January 2020, SK FSC stated the amended 5% rule would take effect 1 February 2020. The changes to the rule are in line with SK FSC's 5 September 2019 proposal. Background Shareholding Reports Under the 5% rule, a person who holds 5% or more of the equity securities of a listed company or…
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Philippines – SEC SBL and Short Sell Guidelines
On 2 January 2020, PHI SEC cleared CMIC guidelines on short selling. PHI SEC has cleared Capital Markets Integrity Corporation’s (CMIC) implementing guidelines on securities borrowing and lending (SBL) and short selling. Approved 17 December 2019 subject to adoption of certain amendments outlined by SEC. Implementation Guidelines Philippine Stock Exchange shall remain responsible for and…
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Singapore – MAS Fines for Substantial Shareholding Disclosure
On 17 January 2020, SIN MAS issued fine for failure to disclose shareholdings. Imposed $200,000 civil penalty on Mr Lim Soon Fang for not disclosing changes in, and providing false information re. shareholding in Asia-Pacific Strategic Investments. This is the first civil penalty action by MAS for breaches of shareholding disclosure requirements since the civil…
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Sweden – New Log-in for Major Shareholding Disclosure Reporting
On 10 January 2020, SWE FI announced new login, authorization process. Key Points Reporting itself not affected and should continue to be done in same way as before. Legal persons to specify their news distributor in new solution using specified process. If no social security number or bank ID, must register with e-mail address…
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Rulefinder Reports Temporary Short Selling Ban
On 16 January 2020, Rulefinder reported temporary short selling bans in two jurisdictions which are effective today. Find out if you have disclosures obligations and get more information here.
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U.S. – Treasury FIRRMA Foreign Investment
On 13 January 2020, US Treasury released two final regulations to implement changes FIRRMA made to CFIUS’s jurisdiction, processes; effective on 13 February 2020. Both regulations include interim rule on new definition for principal place of business. US Treasury seeks comments on interim rule; must be received by 18 February 2020.
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