Philippine Stock Exchange chief executive Ramon Monzon believes allowing short selling could help attract foreign money from global hedge funds. but is facing opposition to his plans from local regulators.
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E.U. – ECB Issues Guide on Qualifying Holdings Procedures
On May 23, 2023, ECB issued final Guide to qualifying holding procedures, as well as responses received to consultation, feedback statement, guide will increase clarity. Clarifies how supervisors assess applications to acquire qualifying stakes in banks, will support applicants intending to acquire holdings by explaining supervisory actions. Guide also provides information on complex acquisition structures,…
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Estonia – GVT Foreign Investment Permit
On 19 May 2023, EST GVT issued draft procedure for permit application. EST GVT issued draft bill on procedures of Foreign Investment Commission and procedure for submitting application for a foreign investment permit, for consultation. Permit Application Draft regulation on procedure for submitting an application for a foreign investment permit establishes list of documents to…
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Australia – ASIC Action re Naked Short Selling
On 22May 2023, AST ASIC said it banned former fund manager for 3 years. AST ASIC said it has banned former Gleneagle Securities fund manager and authorized representative Gregory Tolpigin from providing financial services for three years. Mr. Tolpigin was banned after he was found to have engaged in naked short selling. Follows AST ASIC…
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HK SFC Takeovers and Share Buy-Back
On 19 May 2023, HK SFC proposed revisions on takeovers, share buy-back. HK SFC proposed amendments to the Codes on takeovers and mergers and share buy-backs; aims to codify existing practices of Takeovers executive, clarify re the codes. Consultation Covers topics such as shareholder voting and definition of close relatives, the chain principle, efficiency improvements,…
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Netherlands – AFM Fines for Late Substantial Shareholding Disclosure
On 11 May 2023, the Netherlands Authority for the Financial Markets (AFM) imposed a fine on Lars Windhorst for failure to report substantial shareholding. Windhorst's substantial shareholding was more than 93% in Fyber N.V., a company listed on the German stock exchange. the AFM fine Windhorst €500,000 for this substantial shareholding reporting failure.
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