On 6 December 2021, IND SEBI issued (substantial acquisition of shares and takeovers) (third amendment) regulations, 2021, effective from publication in gazette.
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U.K. – Takeover Panel eDocuments Only
On 2 December 2021, UK TO Panel said documents must be in electronic form. UK TO Panel issued miscellaneous code amendments, stated that with immediate effect, the executive will accept offer documentation in electronic form only. Background Rule 30.5 of the Takeover code currently requires that, when an offeror/offeree firm publishes offer document, scheme circular,…
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E.U. – Parliament Foreign Direct Investment Rule Established
On 3 December 2021, EU CMSN issued final regulation on foreign direct investments in OJ. Regulation is in force on 20th day after publication in Official Journal, 23 December 2021
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Russia – NFA Lost Shareholders Draft Law
On 1 December 2021, RUS NFA proposed changes to lost shareholders draft law. RUS NFA sent comments on draft law on amendments to law on joint stock companies and art. 8 of federal law on securities market (law on lost shareholders) to RUS ECON. The draft law will resolve issues where shareholders information is not…
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France – Extends FDI Measures Until 31 December 2022
On 29 November 2021, the Minister of Economy announced an extension of the the temporary FDI threshold of 10% (of voting rights) will be extended until 31 December, 2022. The extension applies from 1 January 2022. Terms are unchanged; including in respect of investment by non-European entities in listed companies operating in strategic sectors.
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Jersey – EXC QAHC and REIT Changes
On 26 November 2021, JER EXC updated on trading including legal changes. JER EXC board of directors issued update on recent trading and outlook for 2021. Board is reviewing options for the return of capital to shareholders during 2022. Draft finance bill 2022 has changes which may impact new, possibly existing, listings. Follows UK Treasury…
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