On 10 December 2021, CHI CBIRC published a list of banks and insurance institutions' shareholders who have committed major violations, as part of shareholder supervision. Behaviors include conducting related party transactions in violation of regulations, concealing beneficial relationships, and the illegal holding and transfer of equity. As well as source of funds for shareholding not…
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U.K. – TO Panel Takeover Code Revisions
On 2 December 2021, UK TO Panel proposed miscellaneous code amendments. UK TO Panel consulted on amendments to various provisions of the Takeover Code. Consultation Amendments include: requirement for a potential offeror to disclose an obligation to offer a minimum level, or particular form, of consideration; restriction on acquisitions of interests in shares by a…
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India – SEBI Issues Amended Takeover Rule
On 6 December 2021, IND SEBI issued (substantial acquisition of shares and takeovers) (third amendment) regulations, 2021, effective from publication in gazette.
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U.K. – Takeover Panel eDocuments Only
On 2 December 2021, UK TO Panel said documents must be in electronic form. UK TO Panel issued miscellaneous code amendments, stated that with immediate effect, the executive will accept offer documentation in electronic form only. Background Rule 30.5 of the Takeover code currently requires that, when an offeror/offeree firm publishes offer document, scheme circular,…
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E.U. – Parliament Foreign Direct Investment Rule Established
On 3 December 2021, EU CMSN issued final regulation on foreign direct investments in OJ. Regulation is in force on 20th day after publication in Official Journal, 23 December 2021
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Russia – NFA Lost Shareholders Draft Law
On 1 December 2021, RUS NFA proposed changes to lost shareholders draft law. RUS NFA sent comments on draft law on amendments to law on joint stock companies and art. 8 of federal law on securities market (law on lost shareholders) to RUS ECON. The draft law will resolve issues where shareholders information is not…
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