On 22 April 2022, POL FSA announced penalty for improper share disclosure. POL FSA issued a decision made on Mar. 25, 2022 imposing a fine of PLN 770,000 on Waldemar Kosinski when acting with managerial responsibilities for Termo2Power SA. Case Background Waldemar Kosinski failed to fulfill the obligations on the notification of transactions he…
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India – RBI Updates Limits for Foreign Investors
On 19 April 2022, IND RBI updated the limits for investment in debt and sale of credit default swaps by foreign portfolio investors (FPIs) for the financial year (FY) 2022-23.
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Australia – Gvt Counterparty Law Changes
On 14 April 2022, AUT GVT published new resolution and enforcement rules. AUT GVT published new legislation amending the Restructuring and Liquidation Act, the Takeover Act, as well as Central Counterparty Enforcement Act, from August 2022. Restructuring and Liquidation Act The changes confirm that AUT FMA must form a separate unit within its structure to…
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Switzerland – FINMA Blackstone Manipulation
On 12 April 2022, SWI FINMA announced market manipulation by company. SWI FINMA concluded proceedings against Blackstone Resources AG and one of its bodies for violating market conduct rules as it engaged in market manipulation. SWI FINMA identified market manipulation and disclosure requirements breaches. Overview As part of enforcement proceedings found Blackstone Resources, one of…
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U.S. – SEC T+1 Standard Settlement Cycle
On 14 April 2022, SIFMA issued letter supporting accelerating settlement cycle to T+1. Benefits: risk reduction, capital optimization, improve post-trade processing efficiency. Recommended compliance date of 3 September 2024; did not support written agreement requirements, would disproportionately impact B/Ds; supported same day affirmation. Advocated to retain fallback exception for T+2 settlement in unforeseen circumstance. Requested…
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U.K. – Gov’t National Security Law in Force
On 11 April 2022, UK GVT updated its guidance collection to help firms, investors understand obligations under the new rules, including how to assess if UK GVT must be notified of an acquisition, what to expect from NSI notification, assessment process. Added guidance on how to comply with the National security and investment act 2021…
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