In The News

Russia – CB Mutual Investment Funds

On 22 October 2020, RUS CB issued draft amendments regarding mutual funds. RUS CB issued draft directive making amendments to rules re trust management of a mutual investment fund, investment units intended exclusively for qualified investors. Proposals Shareholders of mutual investment funds, upon redemption of shares, can receive not only money, but also other property…
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HK – SFC Censures for Breach of Takeovers Code

On 15 October 2020, HK SFC publicly censured So Yuk Kwan takeover breach. HK SFC has publicly censured and imposed a 24-month cold-shoulder order against So Yuk Kwan for breaching the mandatory general offer obligation under takeovers code. They will be denied access to HK securities market, from 15 October 2020 until 14 October 2022.…
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Sweden – CDBF Public Takeover Bids

On 12 October 2020, SWI CDBF issued guidance on circular on restructuring. CDBF updated on COPA Circular No 5 on exemptions from the compulsory offer for restructuring purposes, published on 2 September 2020 by Swiss Takeover Board (COPA). Overview Circular entered into force on 1 October 2020 with main objective of clarifying to stock market…
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U.K. – FCA Fines ARCM on Short Selling Disclosures

On 14 October 2020, UK FCA fined ARCM £873k over short selling disclosures. UK FCA fined Asia Research and Capital Management Ltd (ARCM) transparency failures This is the first FCA enforcement action, for breaches of short selling disclosure rules. Breaches The firm failed to notify the FCA and disclose to the public its net short…
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