On 11 January 204, the Canadian Investment Regulatory Organization (CIRO) issued a proposal to support and clarify the short selling framework under UMIR by: adding a new positive requirement in UMIR 3.3 to have prior to order entry, a reasonable expectation to settle on settlement date any order that upon execution would be short selling…
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Poland – FSA Final Decision Major Shareholding Case
On 5 January 2024, POL FSA issued final decision regarding Michal Kosciuszko. POL FSA published the final decision regarding the Michal Kosciuszko major shareholding disclosure case. Violations On 15 December 2023, POL FSA repealed 13 December 2016 decision imposing PLN800,000 fine on Kosciuszko for infringements re major shareholding in Polskie Jadlo SA in 2011/12. Fine…
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China – CSRC Major Shareholding / Takeover Disclosure Requirements
On 5 January 2024, CHI CSRC proposed interpretation of articles of measures. CHI CSRC drafted proposal for public feedback re interpretation, application of articles 13 and 14 of Measures for the administration of the takeover of listed companies. Interpretation Related to major shareholding disclosure requirements for investors and their concerted actors when their major shareholding…
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India – SEBI Introduces Short Selling Framework
On 5 January 2024, IND SEBI introduced short selling framework for securities. IND SEBI introduced comprehensive framework for short selling in securities market. Master circular dated 16 October 2023, contains framework on Short selling and securities lending and borrowing scheme; current circular outlines the short-selling framework. Follows IND SEBI October 2023 issued master circular for…
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Sweden – ISP Issues Instructions for Foreign Direct Investment
On 4 January 2024, SWE ISP published version 1.3 of instructions for notification of Foreign Direct Investment (FDI). Changes include: supplement under the heading Privacy; new heading Language. Changed heading on appendix 7 from Power of attorney and certificate of authorized representative to Authority documents and power of attorney and added supplement. Made Annexes 9,…
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S Korea – FSC Decision to Ban Short Selling
On 3 January 2024, SK FSC issued details of decision to ban short selling. SK FSC issued minutes of 5 November 2023 meeting to ban short selling, details of the ban. Covers relevant markets, period, laws and regulations, transactions that are exempt. Follows FSC, FSS November 2023 banned short selling until end-Jun. 2024.
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