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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France – AMF Short Selling Anomalies
On 29 August 2022, FR AMF encouraged firms to report anomalies identified in short selling reports. Follows FR AMF November 2021 issued guidance on EU short selling regulation. Overview The EU Short Selling regulation (VAD) provides for notifications to the regulator and to the market of net short positions accumulated above certain set thresholds. So,…
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India – SEBI New Disclosure Requirement for Asset Management Companies
On 25 August 2022, IND SEBI issued a new disclosure requirement for AMCs. IND SEBI issued a disclosure requirement for asset management companies (AMCs). Follows IND SEBI January 2021 amended listing and disclosure requirements. Overview IND SEBI has recently amended the definition of 'associate' as per clause (c) of sub-regulation (1) of regulation 2 of…
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Norway – Substantial Shareholding Changes Effective 1 September
On 1 September 2022, Norway will implement ESMA's TDA regulation for substantial shareholding. Most notable: unissued shares are no longer included cash settled instruments are included Norway will maintain its substantial shareholding thresholds and share capital test. The new rules clarify that equity certificates should be treated as shares of any other issuer and therefore…
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