On 27 May 2024, IND IFSCA reviewed market infrastructure institution regs. IND IFSCA commenced review of Market infrastructure institutions regulations, 2021. Follows IND IFSCA January 2021 proposed infrastructure institutions rules. Background The IFSCA (market infrastructure institutions) regulations, 2021 (MII regs), provide the requirements for grant of recognition to an MII in the IFSC, net worth…
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China – SZSE Proposes Capital Market Rules
On 24 May 2024, SZSE finalized listed company self-discipline supervision guidelines no. 18 - shareholders, directors, supervisors, senior managers reducing shareholdings. Plus issued SZSE listed company self-discipline supervision guidelines no. 16 - transfer of shares by shareholders of ChiNext listed companies through inquiry and allocation. Guideline no. 16 clarifies the application scope, participation requirements, procedures,…
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China – SSE Shareholding Reduction Guidelines
On 24 May 2024, SSE issued several guidelines for listed companies. SSE issued a number of business and self-regulation guidelines for listed companies. Follows SSE April 2024 proposed 7 rules to develop the capital market. Reduction of Shareholdings SSE revised Notice by the SSE and China Securities Depository and Clearing Co., Ltd. on issuing business…
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Hong Kong- SFC Update Disclosure of Interests Substantial Shareholding
On 24 May 2024, HK SFC issued circular on treasury units of REITs. HK SFC issued circular to management companies of SFC-authorized real estate investment trusts (REIT), regarding treasury units of SFC-authorized REITs. Also amended the Outline of part XV of the Securities and futures ordinance (cap. 571)(SFO), disclosure of interests (DI), re mandatory electronic…
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India – SEBI Share Acquisition, Takeovers
On 17 May 2024, IND SEBI issued amendment regulations titled Securities and Exchange Board of India (substantial acquisition of shares and takeover) (amendment) regulations, 2024, effective from same day, being the date published in official gazette. Inserts sub-regulation that the effect on the price of equity shares of target company due to material price movement…
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U.S. – SEC Settles Short Selling Case
On 20 May 2024, SEC reported settlment with Kershner for Rule 105 fails. SEC settled charges against Kershner Trading Americas, LLC (Kershner), for violating SEC short selling rule, when it purchased stock in 23 public offerings after shorting stock. This was during a time period when the SEC rule prohibited those purchases. Allegations The SEC’s…
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