On 3 December 2019, BRZ CVM issued ins 616/2019 on changes re takeover bids regime. Some changes not in version submitted to consultation are result of feedback received. I.e. publication requirements for takeover bids were relaxed, suppression of sell option of non-OPA shareholders due to increase in shareholding when it reaches 2/3 limit. Art 35…
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Brazil – CVM Shareholder Rights Report
On 2 December 2019, BRZ CVM published report of shareholders rights. Report highlights main results of 1st phase of the working group (WG) main project. Overview Originally in English, study is available on ministry of economy, BRZ CVM websites both in its original version and also as free translation into Portuguese. Analyzes legal dispute resolution…
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Netherlands – SJ Shareholder Involvement
On 29 November, 2019, NLD GVT, NLD SJ said most of law will be in force on 1 December 2019. From date of implementation, a remuneration report for the 2019 financial year must be prepared for the first time in 2020 and submitted to the General Meeting, even if no new remuneration policy has been…
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Japan – TSE Protect Minority Shareholders
On 29 November 2019, TSE set up study group on quasi-controlled listed firms. TSE established a study group to review the protections for minority shareholders. In light of recent events and impact on framework of quasi-controlled listed firms. Scope of Group The study group will discuss such matter as managing shareholder conflict of interest. Including…
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Brazil – GVT Foreign Investments Rules
On 28 November 2019, BRZ GVT issued rules re funds of non-resident investors. Resolution 4,761, of 27 November 2019 on rules for investments of non-residents in Brazil. Overview Amends annex II to resolution 4,373 of 2014 on investments of non-resident investors in Brazil’s financial and capital markets, mainly its arts 2.I, 2.III, 2.IV, 3, 4,…
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Philippines – SEC R&L Investment Takeover
On 15 November 2019, PHI SEC ordered CMIC takeover of R&L Investments. Ordered Capital Markets Integrity Corporation (CMIC) to take over the operations of R&L Investments, to protect affected customer accounts on 14 November 2019. Following the stock brokerage’s collapse allegedly due to unauthorized transfers of proprietary, client shares worth about P700mn into an account…
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