On 28 September 2023, AST ASIC released Report 773 - response to submissions on CP 365 remaking ASIC class orders on takeovers, compulsory acquisitions and relevant interests re consult above; relief embodied in the instruments is same in substance. It is on substantially same terms as sunsetting instruments, with certain exceptions. Exceptions include extending scope…
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Finland – Gvt Issues Consultation on Takeover Amendments
On 8 August 2023, FIN GVT consulted on changes to Securities Markets Act. FIN GVT's presentation to FIN PRL on proposals to amend the Securities Markets Act. Proposal Finnish Securities Market Association requested Ministry of Finance extend regulation on takeover bids in Chapter 11 of Securities Markets Act (SMA (FIN)) to MTFs. In addition there…
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Australia – ASIC Takeovers, Substantial Shareholding
On 27 September 2023, AST GVT registered instruments set out below re the consult above, and an explanatory statement for each; all instruments commence on 28 September 2023. Registered instrument ASIC corporations (changing the responsible entity) instrument 2023/681; ASIC corporations (takeover bids) instrument 2023/683; as well as the ASIC corporations (compulsory acquisitions and buyouts) instrument…
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Taiwan – FSC Short Selling Innovation Board
On 26 September 2023, TAI FSC relaxed rules for Innovation Board stocks. TAI FSC proposed amendments to Standards governing eligibility of securities for margin purchase and short sale, to enhance fundraising on Taiwan Innovation Board. To increase liquidity for Innovation Board Stocks, provide more flexibility for investors, optimize fundraising environment for innovation board, attract more…
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Norway – FSA Fines for Short Selling
On 25 Septmeber 2023, NORFSA issued Cazadores short selling penalty fee decision. NORFSA issued 11 September 2023 decision on Cazadores Investments Limited regarding advance notice of NOK 2,000,000 Flyr shares short selling violation fee and other correspondence. Follows NORFSA May 2023, fined 6 investors for short selling breaches. Overview On 16 November 2022, stock exchange…
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27 September 2023 – U.S. SEC Fines Six for Major Shareholding Reporting Failures
U.S. SEC Fines Six for Major Shareholding Reporting Failures
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