On 28 October 2020, POR CMVM issued questions and answers on Efanor Investimentos takeover bid for Sonae Indústria and on Sonae Capital, prior to finalizing the offers. Published to clarify to the market and general public, both public acquisition offers.
Read more
Germany – BaFin Security Trading Violations
On 26 October 2020, GE BaFin fined ROY Asset Holding 70,000 euros. BaFiN fined ROY Asset Holding SE €70,000 for security trading violations on 28 September 2020. ROY Asset Holding SE had failed to publish its total number of voting rights on time. BaFin ruled the firm violated section 26a(1) of German Securities Trading Act…
Read more
E.U. – ESMA Short Selling Translations
On 28 October, 2020, EU ESMA issued official translations of its renewal decision of 16 September 2020 to lower reporting thresholds of net short selling positions under art 28 of SSR.
Read more
U.K. – Takeover Panel Issues Proposal to Change Takeover Code
On 27 October 2020, UK TO Panel issued consultation on offers/offer timetable. Takeover Panel code committee issued a public consultation paper, setting out proposed amendments to Takeover Code regarding conditions to offers and offer timetable. Overview Offer timetable prescribed by Takeover Code is designed to strike balance between the interests of offeror(s), offeree company and…
Read more
Sweden – FI Fines for Late Shareholding Disclosure
On 27 October 2020, the Swedish regulator, Finansinspektionen fined Paradigm Capital Value LP for late shareholding disclosure. Paradigm Capital Value LP made late notification of its holding of shares and votes in Jetpak Top Holding AB Effective Paradigm Capital Value LP shall pay a penalty of SEK 40,000.
Read more
UKP Post-Brexit Common Frameworks
On 23 October 2020, UKP started common frameworks inquiry on post-Brexit. UKP house of Lords Common Frameworks scrutiny committee, launched an inquiry on post-Brexit common frameworks program, inviting evidence from interested parties. Background UK’s exit from EU will result in a number of powers that are currently held by the EU being returned to the…
Read more