On 4 October 2024, SK FSS warned against takeover of listed companies. SK FSS held an internal meeting to discuss issues re takeover of listed companies. Overview of Meeting SK FSS Governor stressed the need to monitor excessive competition in the process of takeover of listed companies, which may cause market instability and distrust. Required…
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UAE – DC Updated Lending and Borrowing Rules / Short Selling
On 4 October 2024, UAE DC issued Securities Lending and Borrowing Rules version 2.4. UAE DC also issued 2024 Procedures for Securities Vending and Borrowing v 6.5. The changes, effective on 4 October 2024, are described in the circular DClear/2024/11. Amended Rule 4.5: an account (for regulated short selling and/or securities lending and borrowing) is…
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U.K. – FCA Updated Short Selling Sterling Rate
On 2 October 2024, UK FCA updated short selling sterling rate in guidance. FCA updated its short selling guidance page to update sterling price for calculation. Follows UK FCA October 2023 sterling rate update in short selling guidance. Background UK Short Selling Regulation (UK SSR) gives FCA powers to prohibit or restrict short selling, limit…
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Thailand – SEC Consultation on Changes to Short Selling Regime
On 1 October 2024, Thai SEC proposed rules re short selling and long sale transactions. Thai SEC proposed revision of regulations for securities trading services and short selling securities when securities companies do not yet have the securities in their possession. Addresses increasing volume of foreign investor trading through Thai securities firms, ensuring these firms…
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Hong Kong – SFC Fines for Failure to Notify of Shareholding Structure
On 30 September 2024, HK SFC fined Profitech Securities Limited HKD 3.99mn. HK SFC reprimanded and also fined Profitech HKD 3.99mn for regulatory breaches. Key Breaches Failed to maintain liquid capital of HKD 3mn between February - June 2021, since July 2022. Improperly repledged client securities collateral without valid client standing authority. Failed to ensure…
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Austria – FMA Fines for Late Notification on Shareholding Structure
On 27 September 2024, AUT FMA imposed penalties on firms for late notifications. AUT FMA imposed penalties against EVAX Holding GmbH (Evax) in liquidation, EUROVEA Services, s.r.o. (Eurovea) and another reportable person for violations. Specifically, those involved violated the Austrian Stock Exchange Act 2018. Reporting Requirements Companies and person made criminal decisions by way of…
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