On 27 July 2020, IND SEBI said relaxations are further extended and shall be applicable for open offers and buy-back through tender offers opening up to 31 December 2020. Background On 1 July 2020, IND SEBI released (substantial acquisition of shares and takeovers) (third amendment) regs, 2020, which enter to force on publication in official…
Read more
U.S. – Treasury FIRRMA Foreign Investment
On 28 July 2020, final rule clarified revision to principal place of business definition. Final rule removes and investments; word activities is inclusive of investments; thus, directing and managing investments made by investment fund captured by activities. Adopted the interim rule establishing a fee for parties filing a formal written notice of a transaction for…
Read more
Singapore – MAS Fund Disclosure Practices
On 27 July 2020, SIN MAS issued good practices for actively managed funds. Sets out good disclosure practices for actively managed funds, re investment objective and extent to which portfolio deviates or can deviate from reference benchmark. Highlights findings from a thematic review on more than 100 equity funds with active management mandates offered by…
Read more
France – Temporary Lowers Thresholds for Foreign Investment
On 23 July 2020, FR GVT issued decree 2020-892 of 22 July 2020 relating to the temporary lowering of control threshold for foreign investments in French companies whose shares are admitted to trading on a regulated market in official gazette. Published in official gazette on 23 July 2020. Decree does not apply to investments made…
Read more
Spain – CNMV Short Selling Ban during Covid
On 23 July 2020, ESP CNMV reported on effect of ban on Spanish markets. Analysis of effect of restrictions on short selling on Spanish stocks March and May 2020. Comparative analysis of evolution of shares part of Ibex 35 and German Dax 30. Considers various variables (in Germany no short selling ban was applied due…
Read more
Bangladesh – CB Foreign Direct Investment
On 21 July 2020, BNG CB issued circular on remittances of dividend to non-resident shareholders, regarding submission of documents against such remittances. As part of ongoing liberalization to bring uniformity between regulations for enterprises of specialized zones (EZs/HTPs/EPZs) and those of non-specialized zones. Re remittances on account of dividend, decided authorized dealers (ADs) shall no…
Read more