On 17 May 2022, UK CMA published terms of reference after referring the anticipated acquisition by London Stock Exchange Group PLC of Quantile Group Ltd to phase 2. LSEG is an international financial markets infrastructure and data business which holds a majority shareholding in the LCH clearing house group - a clearing house helps reduce…
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China – CSRC Shareholding Reduction
On 13 May 2022, CHI CSRC imposed a penalty for illegal reduction of shares. CHI CSRC issued a notice of administrative penalty to Shanghai Yingyi, for illegally reducing its shareholding in WuXi AppTec, in violation of the Securities law. Reduction in Shareholding Article 36 of the Securities law specifically regulates the reduction of shareholdings, re…
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Rulefinder Alerts to Temporary Short Selling Bans
On 18 May 2022, aosphere LLP's Rulefinder alerted to temporary short selling bans in Turkey and S Korea. Effective Date: 18 May and 19 May respectively.
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India – NSD Foreign Portfolio Investors
On 12 May 2022, IND NSD issued circular on operating guidelines changes. IND NSD issued circular dated 11 May, on modified operational guidelines for foreign portfolio investors, designated depository participants, eligible foreign investors. Follows IND SEBI 29 April 2022 circular on modification of guidelines. FPI Registration Number Operational guidelines amended to require designated depository participant…
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U.K. – GVT Perpetuus China Takeover
On 11 May 2022, UK CMA reported business secretary Kwasi Kwarteng ordered phase 2 probe of Taurus International's takeover of Perpetuus on national security grounds. Kwarteng has quasi-judicial powers under Enterprise Act 2002 to intervene in certain mergers on public interest grounds; this decision follows the phase 1 process during which CMA investigated the potential…
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U.S. – SEC Gensler Speech Short Selling Transparency
On 6 May 2022, SEC Chair Gensler speech market transparency, resiliency. SEC Chair Gensler gave a speech at Annual Conference on Financial Market Regulation, titled A Century with a Gold Standard which covered market efficiency, and resiliency. Highlights Discuss how SEC can update rules (shareholding, short selling) related to disclosure and transparency. Cited SEC proposed…
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