India SEBI Fines for Failure to Disclose Substantial Shareholding
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Japan – METI Fair Acquisition / Takeover Study
On 22 February 2023, JPN METI invited comments, info mainly from listed firms, investors. Aim to deepen analysis, consideration of major items under discussion by study group. Concern matters including principles of acquisitions in general, conduct of directors and BoD regarding takeover proposals, raising transparency related to acquisitions. Preventing acts that distort shareholder decision-making, an…
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U.S. – SEC Advisor HITE Hedge Short Selling
On 21 February 2023, SEC charged IA firm with violating a trading rule. SEC filed a settled complaint against investment advisory firm HITE Hedge Asset Management LLC (HITE) for short selling in violation of SEC Rule 105 of Regulation M. HITE allegedly purchased stock in public offering for 5 private fund clients after short selling…
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Australia – FIRB Compliance with Foreign Acquisitions & Takeovers Act
On 20 February 2023, AST FIRB issued warning regarding investor compliance. AST FIRB reminded that since 1 January 2021, all foreign persons who are given a no objection notification or exemption certificate have been required to notify AST GVT. Specifically, required to notify the AST GVT no later than 30 days after taking each specified…
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U.K. – Takeover Panel Acting in Concert Paper
On 20 February 2023, UK TO Panel published revised takeover code, reflecting instrument 2022/6 changes - presumptions of definition of acting in concert and related matters. Also advised that practice statement no 12 (rule 9 and the interests in shares of clients whose funds are managed on a discretionary basis) had been withdrawn. Minor consequential…
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EC – Foreign Direct Investments Control
On 17 February 2023, EC announced evaluation and review of FDI regulation. EC announced evaluation, review of reg on screening of foreign direct investments. Follows EC September 2022 issued FDI screening and export control reports. Context EU framework for screening of foreign direct investments (FDI) Regulation 2019/452. The regulation aims to improve EU’s capacity to…
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