On 11 April 2023, LUX GVT issued consolidated version of law of 19 May 2006, transposing dir 2004/25 on public takeover bids, applicable from 24 July 2022.
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Kuwait – CMA Fines for Failure to Disclose Shareholdings
On 6 April 2023, KUW CMA issued fine to COO of Kuwait Finance House for failure to disclose shareholdings. KUW CMA issued disciplinary board decision 125/2022 (100/2022 Authority) fining Kuwait Finance House executive, due to violation of disclosure and transparency rules. Violations Mr Abdullah Mohammad Abdullah Abu Alhous, group chief operations officer, Kuwait Finance House,…
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11 April 2023 – Italy CONSOB Fines for Failure to Report Substantial Shareholding
CONSOB Fines for Failure to Report Substantial Shareholding
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Switzerland – IMF Credit Suisse Takeover
IMF acknowledged authorities' decisive action re the UBS takeover of Credit Suisse. Follows SWI GVT, SWI CB, FINMA March 2023 approved UBS/CS takeover. IMF noted that Credit Suisse’s failure reflected weaknesses in internal controls, risk management, repeated regulatory breaches, financial losses, and deposit outflows. Authorities' decisive actions prevented potential spillovers to the global banking sector.…
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U.K. – FCA List of Exempt Shares for Short Selling
On 3 April 2023, UK FCA issued updated UK list of exempted shares for short selling, contains all shares admitted to trading on UK venues where principal trading venue is outside UK. FCA's UK list of short selling exempted shares must be reviewed/updated every 2 years from 31 December 2022, new version includes shares admitted…
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Switzerland – PRL Review Credit Suisse Takeover by UBS
On 4 April 2023, SWI PRL issued update on interventions by the CER-N committee. After obtaining first-hand information on the events leading up to the takeover of Credit Suisse by UBS and the circumstances of this takeover, the National Council's Committee on Economic Affairs and Taxation (CER-N) has acted on several proposals to submit postulates;…
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