On 10 May 2024, UK FCA reported on sentencing hearing at Southwark Crown Court. Stuart Bayes was sentenced to 18 months’ imprisonment, suspended for 2 years. Also given Rehabilitation Activity Requirement of 35 days, must carry out 150 hours of unpaid work; Judge said Bayes deliberately and dishonestly probed for information on when the takeover…
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Taiwan – EXC Compliance Guide for Insiders, Re: Shareholding
On 10 May 2024, TAI EXC issued compliance guide for listed firm directors. TAI EXC published Compliance brochure for directors and supervisors of TWSE/TPEx-listed and emerging market companies, in both Chinese and English versions. Compliance Brochure Provides a reference of the obligations to be complied with by the directors and supervisors of the relevant TWSE/TPEx-listed/emerging…
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Poland – UOK Investment Regulations Re: Takeovers, Substantial Shareholding
On 9 May 2024, POL UOK issued new clarifications on investment control regulations. Purpose of regulations was to protect against takeover of Polish companies important for public order, safety or health by entities from outside the EU, EEA and the OECD; the solution is modeled on regulations existing in other countries e.g. GE, FR, ITA.…
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Egypt – CB Bank Mergers and Acquisitions
On 2 May 2024, EGY CB issued circular re banks' mergers and acquisitions. EGY CB issued Circular re banks's ownership, mergers, divestures, acquisitions' rules. Document dated 2 May 2024, received from EGY CB 7 May, summarized on 13 May. Overview Applicant for ownership shall submit the application to EGY CB at least 60 days before…
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U.S. – FINRA Fines M1 Finance for Short Selling Failures
On 6 May 2024, FINRA fined M1 Finance $400k for short selling failures. FINRA accepted the offer of a Letter of Acceptance, Waiver, and Consent (AWC) from M1 Finance for millions of violations of Regulation SHO by marking trades long. Failed to establish and maintain a supervisory system designed to achieve compliance with Reg SHO's…
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S Korea – FSS Findings from Probe into Short Selling
On 7 May 2024, S Korea's securities regulator, the FSS uncovered an alleged $156m worth of illegal short selling activity by nine unnamed investment banks. Background report claims that the banks violated mostly procedural rules while collectively short selling 164 stocks, activity at an additional five banks remains under investigation two of the nine banks…
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