On 12 May 2022, IND NSD issued circular on operating guidelines changes. IND NSD issued circular dated 11 May, on modified operational guidelines for foreign portfolio investors, designated depository participants, eligible foreign investors. Follows IND SEBI 29 April 2022 circular on modification of guidelines. FPI Registration Number Operational guidelines amended to require designated depository participant…
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U.K. – GVT Perpetuus China Takeover
On 11 May 2022, UK CMA reported business secretary Kwasi Kwarteng ordered phase 2 probe of Taurus International's takeover of Perpetuus on national security grounds. Kwarteng has quasi-judicial powers under Enterprise Act 2002 to intervene in certain mergers on public interest grounds; this decision follows the phase 1 process during which CMA investigated the potential…
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U.S. – SEC Gensler Speech Short Selling Transparency
On 6 May 2022, SEC Chair Gensler speech market transparency, resiliency. SEC Chair Gensler gave a speech at Annual Conference on Financial Market Regulation, titled A Century with a Gold Standard which covered market efficiency, and resiliency. Highlights Discuss how SEC can update rules (shareholding, short selling) related to disclosure and transparency. Cited SEC proposed…
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U.S. – Senate Disclosures by Foreign Insiders
On 3 May 2022, Senate bill to require certain disclosures by foreign execs. Senate introduced bill SB 4172, entitled the Holding Foreign Insiders Accountable Act. Legislation amends SEA to address disclosures by executives of foreign private issuers. Background Currently, executives of US publicly-traded companies must disclose any trades they make of their own company’s stocks…
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Vietnam – SEC Securities Firm Disclosures
On 6 May 2022, VIE SEC asked firms to comply with disclosure obligations. VIE SEC required public companies, securities companies, investment management companies to comply with the obligation to disclose information on the stock market. Disclosure Rules Including decree 155/2020/ND-CP on the implementation of the Law on securities. As well as circular 96/2020/TT-BTC on disclosure…
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Thailand – SEC Revised Takeover Rules
On 3 May 2022, Thai SEC revised its takeover rules to simplify the process and increase flexibility in delivering documents to shareholders electronically. The requirement for the offeror to submit a copy of the tender offer and related reports to the Stock Exchange of Thailand has been repealed. Cancellation of the advertisement of the tender…
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