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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Portugal – CMVM Rasografica Takeover Bid
On 14 May 2021, POR CMVM issued derogation from duty to launch bid. POR CMVM announced it granted derogation from duty to launch public offer for the acquisition of Rasográfica of shares of Lisgráfica SA under art 187.1 Securities Code. Overview On 13 May 2021 Board decided this per provisions of art 189 number 2…
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Singapore – MAS Fund Management Guidelines
On 14 May 2021, SIN MAS issued guidelines for fund management firms. SIN MAS issued guidelines on licensing, registration and conduct of business for fund management companies, on how to qualify and conduct business as a fund manager. Follows January 2016 MAS issued guide on fund management companies. Guidelines Set out eligibility criteria and application…
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