On 11 November 2022, UK CMA published responses from NEC Software Solutions (NECSWS) and SSS Public Safety (SSS) to provisional findings and possible remedies. NECSWS did not agree with UK CMA’s current view that a full divestment of SSS is the only potential effective remedy, stating it is unreasonable and inconsistent with CMA’s stated guidance […]
Germany BaFin Fines for Late Substantial Shareholding Disclosure
On 9 November 2022, SK FSC finalized Regulations on financial investment business. Cover revisions regarding foreign corporate shareholders of credit rating agencies too. Follows SK FSC August 2022 propose revisions re foreign shareholders. Revised Regulations are effective from the same day, but with transition measures. Background: Consultation paper issued in September proposing rules to reinforce […]
The Norwegian Financial Supervisory Authority (NFSA) issued an update to the Guide to the Securities Trading Act Chapter 4 – disclosure obligations (Norwegian only). The Guide provides some practical clarifications regarding the NFSA’s interpretation of the new substantial shareholding disclosure rules that entered into force on 1 September 2022.
On 4 November 2022, SK FSS proposed rules on registration, short selling disclosures. SK FSS proposed Detailed regulations of the regulations on financial investment business, to ease burden on foreign investment business submitting documents. Revise registration form; update existing form and introduce new form for fulfilling reporting obligation associated with lending transactions when reporting balance […]
On 7 November 2022, IRE GVT Minister Donohoe welcomed PTSB completion of residential mortgages and associated staff transfer under transaction with Ulster Bank in Ireland. Issued subscription shares to NatWest as partial non-cash transaction; it now holds 16.66% PTSB issued share capital/State shareholding down from 74.9% to 62.4%. Background PTSB has signed binding legal agreements […]