On 6 September 2021, UK FCA issued an update on substantial shareholding disclosures. Minor changes have been introduced to Section 9.2 of the TR-1 Form notification. Reporting persons are now able to upload a CVS file with details of their ultimate controlling persons and controlling undertakings through which voting rights are held. Manually populated option…
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U.K. – FCA Control Thresholds Update
On 6 September 2021, UK FCA updated webpage on control thresholds or bands. FCA updated its webpage giving guidance to firms on when to notify change in control. Overview Page sets out 4 bands of control for directive firms and gives definition of these firms. For non-directive firms there is only one threshold and one…
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Israel – TASE Guidelines on Short Selling
On 2 September 2021, ISR TASE proposed changes to guidelines on short selling. ISR TASE issued draft document outlining amendments to guidelines on short sales. Key Changes Delete the definitions lender member and borrowing member, correct the definitions sale missing, lender and borrower, and add a definition to missing balance. Amend definition of short sale…
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Sweden – FI Fines for Late Short Selling Disclosure
On 1 September 2021, SWE FI imposed SEK 600k fee for late notice on positions. SWE FI stated that Carmignac Gestion must pay special fee of SEK 600,000. Relates to late notification that its net short positions in shares in three different issuers have on 27 occasions passed the relevant notification thresholds. A matter on…
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E.U. – ESMA Updates Guide to Notifications of Major Shareholding
On 1 September 2021, EU ESMA published an updated version of its practical guide to the national rules on notifications of major shareholdings under the Transparency Directive. New version of the guide incorporates changes to information re Iceland and Italy, while information re the UK was removed following end of Brexit transition period.
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U.S. – ICE Fines for Excess Position Limits
On 31 August 2021, ICE FUS fined Aspire $700k for excess position limits. ICE FUS settled with Aspire Commodities, LLC, for position limits rule violations. Allegations Between the 2019 and 2021 expiration periods for the Henry LD1 Fixed Price Future, Aspire held positions in excess of the applicable spot month positions limits. Positions did not…
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