On 9 December 2021, RUS CMP adopted new administrative regulations. RUS FAS adopted new administrative regulations in field of foreign investment control. RUS FAS approved Order 1067 on administrative regulations for the provision of public services for the consideration of applications for preliminary approval of transactions and applications for approval of the establishment of control…
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S Korea – FSC Investment, Capital Markets
On 7 December 2021, SK FSC said SK GVT approved revisions to enforcement decree of the financial investment services and capital markets act (FSCMA), its subordinate rules. Follows SK FSC October 2020 1st task force meeting on unfair activities. Also follows SK FSS January 2021 improvement plan for corporate disclosure. Revisions prescribe specific details…
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China – CBIRC Shareholder Violations
On 10 December 2021, CHI CBIRC published a list of banks and insurance institutions' shareholders who have committed major violations, as part of shareholder supervision. Behaviors include conducting related party transactions in violation of regulations, concealing beneficial relationships, and the illegal holding and transfer of equity. As well as source of funds for shareholding not…
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U.K. – TO Panel Takeover Code Revisions
On 2 December 2021, UK TO Panel proposed miscellaneous code amendments. UK TO Panel consulted on amendments to various provisions of the Takeover Code. Consultation Amendments include: requirement for a potential offeror to disclose an obligation to offer a minimum level, or particular form, of consideration; restriction on acquisitions of interests in shares by a…
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India – SEBI Issues Amended Takeover Rule
On 6 December 2021, IND SEBI issued (substantial acquisition of shares and takeovers) (third amendment) regulations, 2021, effective from publication in gazette.
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U.K. – Takeover Panel eDocuments Only
On 2 December 2021, UK TO Panel said documents must be in electronic form. UK TO Panel issued miscellaneous code amendments, stated that with immediate effect, the executive will accept offer documentation in electronic form only. Background Rule 30.5 of the Takeover code currently requires that, when an offeror/offeree firm publishes offer document, scheme circular,…
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