On 26 July 2023, POL FSA fined Krzysztof Gawla for violating shareholding reporting rules. POL FSA issued penalties to Krzysztof Gawla for various violations related to not notifying certain companies and the Commission about changes in shareholding. Penalties On 2016 June 2023, a fine was imposed of 20k PLN for not informing Budopol-Wroclaw SA and…
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U.K. – FB Takeover Code Rule 21 Updates
On 27 July 2023, UK FB issued response to UK TO Panel proposed changes. UK FB issued its analysis of and response to, UK TO Panel's consultation on proposed amendments to Rule 21 of the Takeover Code, dealing with frustrating actions. Follows UK TO Panel May 2023, proposed amendments on Rule 21. Overview Rule 21.1…
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EFTASA Norway Breaching Shareholding Restrictions
On 19 July 2023, EFTASA said Norway in breach of EEA rules for shareholding restricting. EFTASA noted Norway is in breach of EEA rules for restricting shareholding in insurance undertakings and credit institutions thus sent 2 reasoned opinions on the matter. Key Aspects Incorrect implementation and application by Norway of relevant EEA acts regarding prudential…
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Rulefinder Alerts to Temporary Short Selling Bans
On 26 July 2023, Rulefinder alerted subscribers to new temporary short selling bans in S Korea. Short selling bans effective for 1 trading day on 27 July.
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U.S. – SEC Fines for 13G Reporting Failure
On 20 July 2023, SEC fined Monroe Capital Management failure to file 13G disclosing beneficial ownership . SEC reported that it charged Monroe Capital Management Advisors, LLC for failing to disclose special purpose acquisition company (SPAC)-related conflicts of interest. Failed to disclose SPAC conflicts regarding its personnel’s ownership of SPAC sponsors. Allegations Monroe Capital Management…
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Luxembourg – GVT Foreign Direct Investments
On 18 July 2023, LUX GVT published law of 14 July 2023, establishing a national screening mechanism for foreign direct investments likely to undermine security or public order for the purposes of implementation of Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March, 2019, establishing a framework for the screening…
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