On 25 May 2021, NZ OIC said that the overseas investment amendment act 2021 received Royal Assent, and the earliest changes will come into force on 5 July 2021. On the same day NZ GVT issued a press release on the end of emergency screening. On 7 June 2021, the emergency notification regime (ENR) will…
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France – CMP Takeover of La Halle Stores
On 20 May 2021, FR CMP gave green light for stores takeover by Chaussea. FR CMP gave green light for the takeover of 128 La Halle brand stores by Chaussea. Clearance Subject to Conditions 17 June 2020, Chaussea notified FR CMP of plan to acquire 128 La Halle brand stores. The acquisition is being made…
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UAE – GVT 100% Foreign Ownership
On 19 May 19 2021, UAE GVT announced amended Companies Law will take effect on 1 June 2021, allowing foreign investors to establish and fully own onshore companies. Background On 23 November 2020, UAE GVT presidential decree relaxed limits on the foreign ownership of onshore firms. The decree is meant to open up UAE economy…
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Croatia – HANFA MIFID Compliance Function
On 20 May 2021, CRO HANFA adopted ESMA compliance function guidelines. CRO HANFA management board decided to comply with ESMA guidelines on certain aspects of MiFID requirements re compliance function during 18th session of 20 May 2021. Follows EU ESMA June 2020 guidelines on MiFID compliance function. Overview Guidelines apply to competent authorities and specific…
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E.U. – ESMA Recommends Making .1% Short Selling Threshold Permanent
On 20 May 2021, ESMA recommended to the European Commission (EC) to permanently maintain the .1% threshold (temporarily implemented due to pandemic) to notify net short positions on shares to national competent authorities (NCAs). ESMA's press release is available here.
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New Zealand – OIC Foreign Investment Changes
On 19 May 2021, NZ PRL held the third reading of the overseas investment amendment bill (no 3), which will now progress to the royal assent stage. Key Amendments The key amendments include a new investor test, temporary emergency notification requirements, along with a new national interest assessment for some transactions. Also simplifying the regime…
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