On 2 September 2022, the FSA in Finland issued a press release announcing its plans to introduce an electronic submission requirement for short selling reporting. Required financial institutions should register for portal credentials at their earliest convenience at Suomi.Fi eAuthorizations Portal Several documents along with notarization are required Instructions are available at the FIN-FSA website:…
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Rulefinder Alerts to Temporary Short Selling Bans
On 6 September 2022, aosphere LLP's Rulefinder substantial shareholding disclosure solution identified and alerted to temporary short selling bans in two countries. Effective: Short selling bans effective 7 September 2022.
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Czech Republic – PRL Beneficial Owner Registration
On 31 August 2022, CZC PRL issued act amending act on beneficial owners. CZC PRL issued Act amending Act no. 37/2021 coll., on the registration of beneficial owners, amending various definitions of the ultimate ownership and control of firms. Follows CZC GVT January 2022 updated documents for beneficial owners. Amendments Act contains changes to wording,…
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S Korea – FSC Small-scale Fund Disclosure
On 30 August 2022, SK FIA published amended enforcement rules of regulations on financial investment business, to delete the disclosure form for small-scale funds. SK Law Center also published updated detailed regulations of the regulations on financial investment business, which takes effect from 30 August 2022.
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S Korea – FSC Foreign Major Shareholders
On 25 August 2022, SK FSC proposed revisions re foreign major shareholders. SK FSC proposed amendments to regulations on financial investment business, to allow foreign shareholders to justify penalty history, reduce impact on credit rating. Amendment Permitted controlling foreign corporate shareholders, as is with domestic substantial shareholders, to add extenuating circumstances for their historical penalty…
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Netherlands – Courts Voting Rights’ Agreement
On 24 August 2022, NLD Courts ruled shareholders' voting agreement legal. NLD Courts ruled on agreement between shareholders to exercise their voting rights in the event of a tie in accordance with advice to be obtained from third parties. Supreme Court ruled the above in context of action re legality of the said agreement. Context…
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