On 24 August 2023, ESP CB fined Bnext Electronic Issuer EDE SL €120,000 for substantial shareholding disclosure failures. Serious infringement for the failure to report, in a timely manner, the acquisition of and reduction in indirect shareholdings Imposed fines on the company and two of its directors: Mr. Juan Antonio Rullán de la Mata (€6,000),…
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Philippines – SEC Promotion on Short Selling
On 4 September 2023, PHI SEC issued press release re promoting short selling. PHI SEC aims to promote short selling to increase trading activity in the stock market. Document dated 4 September 2023, received from PHI SEC 7 September 2023, summarized on 7 September 2023. Press Release PHI SEC is examining practices from other Asian…
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Taiwan – FSC Proposed Amendment Public Acquisitions / Takeover Protection
On 4 September 2023, TAI FSC published the proposed amendment of Regulations governing information to be published in public tender offer / takeover prospectuses. And Regulations governing public tender offers / takeovers for securities of public companies. Consultation is open until 3 November 2023.
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S Korea – Rulefinder Alerts to New Short Selling Bans
On 6 September 2023, aosphere's Rulefinder alerted to new temporary short selling bans in S Korea. Effective Date: New temporary short selling bans will be in effect for 1 trading day on 7 September 2023.
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Argentina – CNV TAD, GDE Electronic System
On 1 September 2023, ARG CNV issued resolution on required procedures via GDE ARG CNV issued Resolution 974 regarding the filings that require use of remote procedures (TAD) through the Electronic Document Management System (GDE). Background Decree 1.063 of 2016 approved implementation of Remote Procedures Platform (TAD) via Remote Procedures module of Electronic Document Management…
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Japan – METI Corporate Takeover Guide
On 31 August 2023, JPN METI issued action guide for corporate takeovers. JPN METI published the Guidelines for corporate takeovers, based on discussions at the study group on fair acquisitions, which was established in November 2022. Guidelines Describe principles, best practices to be shared for formation of fair rules regarding M&A, focus on how parties…
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