On 15 February, ECJ issued ruling on takeover bids share price calculation. ECJ ruling in case C-735/19 Euromin Holdings (Cyprus) Limited officially published. Overview Latvian court referred questions to EU Court on correct application of Takeover Bids directive (TOD) and scope for national law to set rules on price of shares, methods. Referral also asked…
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Canada – CMP Pre-Merger Notice Threshold
On 11 February 2021, CAN CMP decreased threshold for pre-merger notification. The 2021 pre-merger notification transaction-size threshold decreased to $93 mn. As per Competition Act S 110(8) (RSC 1985 c. C-34); 2020 threshold was $96 mn. Background Under the Competition Act, all mergers are subject to review by the Commissioner. CMP must generally be given…
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Sweden – FSA Fines for Late Shareholding Reporting
On 11 February 2021, the FSA issued a fine for late shareholding reporting. Apera Holding shall pay a penalty of SEK 217,000 for late reporting of shares in Tangiamo Touch Technology AB.
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U.K. – FCA Major Shareholding Reporting Portal
On 8 February 2021, the FCA advised that the new major shareholdings notification portal will be live on Monday 22 March 2021. THe FCA also reminded shareholders with reporting obligations under DTR 5.1.2, that as of Monday, 22 March 2021 all TR-1 notifications in relation to shares in a UK issuer admitted to trading on…
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Sweden – FSA Several Firms Fined for Late Shareholding Reporting
On 10 February 2021, FSA published the decision of the Administrative Court to annul the decision of the FSA in a judgment issued 30 November 2020. In their decision, the Administrative Court annulled three personalities issued against 3 three firms: Kringesche Vermögensverwaltungs GmbH, FKL Holding GmbH, and Neongelb Invest GmbH. All three firms had late…
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Canada – CMM Taskforce: Proposed Changes to Substantial Shareholding
January 2021, the Capital Markets Modernization (CMM) Taskforce has finalized and delivered its final report to the Minister of Finance. Background In February 2020, the Ontario government created the Capital Markets Modernization Taskforce to review and modernize Ontario’s capital markets regulatory framework. Proposed Changes on Substantial Shareholding and Short Selling: Recommends decreasing the Early Warning…
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