On 29 March 2022, UK GVT issued rules on content of notification forms. UK GVT issued the National security and investment act 2021 (prescribed form and content of notices and validation applications) (amendment) regulations 2022. Follows UK GVT December 2021 issued rules on NSI notification service forms. Purpose Correct errors identified by Joint committee on…
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Sweden – Fine for Late Substantial Shareholding Disclosure
On 28 March 2022, SWE FI fined Waldakt Aktiebolag for late notification. SWE FI issued SEK 75,000 fine for failing to properly report substantial shareholding transactions. Overview Concerns fine according to act (2016:1306) with supplementary provisions of MAR. Case relates to purchase by Waldakt Aktiebolag (WA) of shares in Resurs Holding AB. Individual within WA…
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Italy – CB Qualified Shareholding Form Issued
On 29 March 2022, ITA CB issued requirements for potential buyers-self-certification. It is a form for declaration needed under arts 46-47 del DPR 445 of 28 December 2000. Background On 28 October 2021, ITA CB announced rules on qualified shareholding in banks, IMEL. Update information and documents to be sent to ITA CB by anyone…
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Cayman Islands – GVT Beneficial Ownership Rules
On 23 March 2022, CAY CIMA issued consolidated ownership rules for companies, LLPs. CAY CIMA issued Beneficial Ownership (Companies) regulations (2022 revision). Also Beneficial Ownership (Limited Liability Partnerships) regulations (2022 revision). Gazette dated 14 January 2022, received 23 March 2022 , and summarized on 30 March 2022. Beneficial Ownership (Companies) Regulations 2017 as amended by…
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E.U. – ESMA Commodity Derivative Standards
On 24 March 2022, EU CMSN adopted the regulatory technical standards under directive 2014/65/EU on position management controls and began 3-month scrutiny period. Overview The RTS includes procedure for position limit exemptions, methods to determine position limit and position management tool for trading venues. Under MIFID II Recovery Package, position limits will apply to agricultural…
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Russia – FSCA Foreign Investment Limits
On 18 March 2022, RSA FSCA increased foreign portfolio investment limits. RSA FSCA published circular announcing increased foreign portfolio investment limits. (Document dated 18 March 2022, received 24 March 2022, and summarized on 26 March). Overview On 23 February 2022, RSA CB indicated foreign investment limits have been increased. Regulation 28(3)(i) states aggregate exposure to…
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