On 28 September 2022, ECB consulted on guide to qualifying holding procedures. ECB consulted on guide relating to how to assess buyers of qualifying stakes in banks. Background A shareholder owning 10% or more of a given bank, or exercising significant influence over it, said to have qualifying holding; need ECB authorization to acquire qualifying…
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Rulefinder Alerts to Temporary Short Selling Bans
On 29 September 2022, Rulefinder alerted to temporary short selling bans in S Korea and Turkey. Effective Date: 30 September 2022
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U.K. – CMA NEC Software/Capita Takeover
On 27 September 2022, UK CMA updated the administrative timetable for its in-depth investigation of the takeover by NEC Software Solutions UK Limited of SSS Public Safety Limited and Secure Solutions USA LLC (previously part of Capita plc). Extended the deadline for the final phase 2 decision from 26 October to 21 December 2022.
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Indonesia – FSA Stock Splits and Mergers
On 21 September 2022, IDN FSA issued a press release on the issuance of the regulation. Overview A public company must obtain approval in principle for the proposed stock mergers or stock splits from the same stock exchange that the company's shares are listed on. Stakeholders must consider a public company's financial fundamental performance, ratio…
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U. K. – FCA Takeover of Link Group
On 21 September 2022, UK FCA gave an update on its proposed enforcement action against Link Fund Solutions Ltd (LFS), following September 12 Link Group announcement to ASX. Link Group statement confirmed FCA issued LFS with a draft warning notice. Warning notice gives recipient an opportunity to resolve the case by agreement. The draft warning…
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Norway – Europlav Short Selling Regulation
On 22 September 2022, EU CMSN published decision 146/2022 changing EEA Agreement. Background: Europalov updated on reg 2022/27 amending reg 236/2012 as regards the adjustment of the relevant threshold for notification of short selling in shares.
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