On 17 November 2020, SEC adopted rules on electronic document submission. SEC adopted rule amendments to Regulation S-T, Rule 302, under 17 CFR 232.302. To permit electronic signatures when executing many SEC authentication documents. Amended electronic data, gathering, analysis, retrieval system (EDGAR) filer manual. Part of series of initiatives designed to modernize and strengthen agency's…
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E.U. Limiting Takeover Shares
On 16 November 2020, EC published judgment on rules limiting takeover shares. Judgment following request for a preliminary ruling from the Inalta Curte de Casatie si Justitie, SC Romenergo SA, Aris Capital SA v Autoritatea de Supraveghere Financiara. Reference for a preliminary ruling regarding the free movement of capital where national regulations limited the shareholding…
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U.K. – Gov’t National Security, Investment Bill
On 17 November 2020, UKP published Commons second reading of bill, and noted no debate in Commons program motion, nor for Commons money resolution. The bill is now being considered by a public bill committee which will scrutinize the bill line by line and is expected to report to the House by 15 December 2020.…
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E.U. – ESMA Renews Lowered Short Selling Threshold
On 13 November 2020, EU ESMA issued the renewal decision of 16 September 2020, in EU OJ. Decision in force from 18 September 2020; applies from that date for a period of 3 months.
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Germany – BaFin Fine Hambro Voting Rights
On 11 November 2020, GE BaFin fined JO Hambro Capital for voting violations. BaFin has fined JO Hambro Capital Management 120,000 euros over voting violations. JO Hambro Capital Management failed to submit it's voting rights notifications on time. BaFin said the failure violated section 130 paragraph 1 of Administrative Offenses Act. The company was also…
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China – CSRC Foreign Investor Regulation
On 11 November 2020, ASIFMA gave detailed review of key aspects of the new regulation. By lowering and simplifying QFII qualification requirements, smaller investors are able to participate, which opens the QFII scheme to more investors, like hedge funds. With simplification of the application process, investors no longer have to separately apply for QFII and…
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