In The News

Saudi Arabia – CMA Delayed Disclosures

On 31 March 2020, CMA delayed ETFs, REITs, listed companies' disclosures. CMA extended deadlines for disclosing annual financial information and board reports. Annual Financial Information Securities of listed companies, REITs will not be suspended if unable to disclose annual financial information by 31 March due date, provided entities disclose by 29 April 2020. ETF securities…
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Cayman – GVT Beneficial Ownership Rules

On 30 March 2020, CAY GVT widened scope of substantial shareholding / beneficial ownership in companies law, limited liability companies law from over 25% shares, voting rights, to 25% or more of the shares or voting rights in a company. The change will go into effect on 15 May 2020.
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India – SEBI Extended Takeover Disclosures

On 27 March 2020, IND SEBI extended the due date of filing disclosures, in terms of regulations 30(1), 30(2) and 31(4) for the financial year ending 31 March to 1 June 2020. Background Information On 25 August 2020, IND SEBI amended substantial acquisition rules. Revises SEBI Sep. 2011 circular on reports, disclosures required on making…
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Hong Kong – SFC Magic Holdings Late Disclosure

On 25 March 2020, HK SFC found Magic Holdings violated late disclosure. Market misconduct tribunal (MMT) found Magic Holdings and its directors culpable of late disclosure of inside information on L’Oréal's proposed takeover of Magic in 2013. Failure to Disclose In April 2013, L’Oréal and Magic’s founders agreed that an offer price of not less than $5.5…
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