On 24 August 2022, NLD Courts ruled shareholders' voting agreement legal. NLD Courts ruled on agreement between shareholders to exercise their voting rights in the event of a tie in accordance with advice to be obtained from third parties. Supreme Court ruled the above in context of action re legality of the said agreement. Context…
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France – AMF Short Selling Anomalies
On 29 August 2022, FR AMF encouraged firms to report anomalies identified in short selling reports. Follows FR AMF November 2021 issued guidance on EU short selling regulation. Overview The EU Short Selling regulation (VAD) provides for notifications to the regulator and to the market of net short positions accumulated above certain set thresholds. So,…
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India – SEBI New Disclosure Requirement for Asset Management Companies
On 25 August 2022, IND SEBI issued a new disclosure requirement for AMCs. IND SEBI issued a disclosure requirement for asset management companies (AMCs). Follows IND SEBI January 2021 amended listing and disclosure requirements. Overview IND SEBI has recently amended the definition of 'associate' as per clause (c) of sub-regulation (1) of regulation 2 of…
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Norway – Substantial Shareholding Changes Effective 1 September
On 1 September 2022, Norway will implement ESMA's TDA regulation for substantial shareholding. Most notable: unissued shares are no longer included cash settled instruments are included Norway will maintain its substantial shareholding thresholds and share capital test. The new rules clarify that equity certificates should be treated as shares of any other issuer and therefore…
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Rulefinder Alerts to Temporary Short Selling Bans
On 25 August 2022, aosphere LLP's Rulefinder service alerted subscribers to temporary short selling bans in two countries. Effective Date: Short selling bans effective on 26 August in Turkey and S Korea.
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S Korea – KRX Short Selling Revisions
On 22 August 2022, KRX issued plans to update rules re short selling issues. KRX published notice of its intention to revise the enforcement rules for its securities markets to strengthen designation system for stocks under overheated short selling. Changes to be made as follow-up to recent new detection and punishment measures. Follows SK FSC…
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