On 28 March 2023, SWI SBA showed support for Credit Suisse/UBS takeover. SWI SBA Chairman Marcel Rohner and deputy CEO August Benz commented on the current situation of the Swiss financial center during a media conference on 21 March. Follows SWI GVT, SWI CB, FINMA March 2023 approved UBS/CS takeover. Best Solution SWI SBA said…
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India – SEBI Foreign Portfolio Investors
On 27 March 2023, IND SEBI published amendments to the master circular so as to simplify, streamline the procedural requirements for the onboarding of foreign portfolio investors (FPI), in light of changed made by the amendment regulations noted above. Modifications include granting FPI registration on the basis of scanned copies of application forms and supporting…
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29 March 2023 – Netherlands Fines ~$1.5M for Failure to Report Substantial Shareholding
Netherlands Fines ~$1.5M for Failure to Report Substantial Shareholding
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Luxembourg – CSSF Takeover Bids Law
On 27 March 2023, LUX GVT issued consolidated version of law of 19 May 2006, transposing dir 2004/25 on takeover bids, applied from 28 Deccember 2005 - 27 July 2022. Background On 24 July 2022, LUX CSSF published consolidated law on takeover bids. he law transposes EU directive 2004/25/EC of 21 April 2004 on takeover…
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Japan – FSA Information Disclosure Guide, Shareholding
On 24 March 2023, JPN FSA updated 2022 list of examples of good disclosure practices. Made additions re overview of corporate governance, audits, remuneration for directors, status of shareholding, and trends on improvements in written disclosure. Reflect example disclosures discussed by study group incl. investors, analysts, firms. Also include examples in response to new 31…
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E.U. – EBRD Procredit Core Shareholding
On 20 March 2023, EBRD said it would be Procredit Holding core shareholder. EBRD will become a core shareholder in ProCredit Holding AG & Co. KGaA subject to regulatory approval, acquiring an additional 5%, bringing total shareholding to 8.7%. ProCredit Holding is parent company of the development-oriented ProCredit Group with subsidiaries in 10 EBRD economies;…
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