On 10 July 2024, the China Securities Regulatory Commission (CSRC) approved the suspension of refinancing of securities lending (used as part of short selling). Background: Securities Lending is when brokers borrow shares on behalf of their clients to initiate short selling. Existing refinancing contracts can be rolled over, but no later than 30 September. Effective…
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Hong Kong – SFC Updated Takeover Table
On 9 July 2024, the SFC updated its Takeover table. A new takeover offer period has commenced for S&T Holdings Limited (stock code: 3928).
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10 July 2024 – Italy Consob Fines for Late Substantial Shareholding Report
Italy Fines for Late Substantial Shareholding Disclosure
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10 July 2024 – Italy Consob Fines for Failure to Comply with Substantial Shareholding Rules
Italy Fines for Filaure to Comply with Substantial Shareholding Rules
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E.U. – ESMA Guidelines on Short Selling Exemption
On 8 July 2024, EU ESMA published updated compliance table re guidelines on short-selling. Denmark, Germany, Spain, France, Ireland, Italy, and Sweden each comply with the majority of the short selling guidelines, and each jurisdiction sets out the rationale for this. The remainder of the EU member states and the EEA and EFTA states all…
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Argentina – CNV Equitable Price in Takeovers
On 5 July 2024, ARG CNV issued consult on equitable price in takeover bids ARG CNV issued General Resolution 1007/2024, announcing consultation on adopting regulations on the determination of the fair price in public acquisition offers (OPA) (Takeover). Summary Consult on adoption of regulations on analysis of regulatory modification for OPA. Guidelines for determining fair…
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