On 27 October 2020, UK TO Panel issued consultation on offers/offer timetable. Takeover Panel code committee issued a public consultation paper, setting out proposed amendments to Takeover Code regarding conditions to offers and offer timetable. Overview Offer timetable prescribed by Takeover Code is designed to strike balance between the interests of offeror(s), offeree company and…
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Sweden – FI Fines for Late Shareholding Disclosure
On 27 October 2020, the Swedish regulator, Finansinspektionen fined Paradigm Capital Value LP for late shareholding disclosure. Paradigm Capital Value LP made late notification of its holding of shares and votes in Jetpak Top Holding AB Effective Paradigm Capital Value LP shall pay a penalty of SEK 40,000.
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UKP Post-Brexit Common Frameworks
On 23 October 2020, UKP started common frameworks inquiry on post-Brexit. UKP house of Lords Common Frameworks scrutiny committee, launched an inquiry on post-Brexit common frameworks program, inviting evidence from interested parties. Background UK’s exit from EU will result in a number of powers that are currently held by the EU being returned to the…
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Russia – CB Mutual Investment Funds
On 22 October 2020, RUS CB issued draft amendments regarding mutual funds. RUS CB issued draft directive making amendments to rules re trust management of a mutual investment fund, investment units intended exclusively for qualified investors. Proposals Shareholders of mutual investment funds, upon redemption of shares, can receive not only money, but also other property…
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Sweden – FI Fines for Late Short Selling Notification
On 19 October 2020, the Swedish regulator, Finansinspektionen fined Suvretta Capital Management LLC for late short selling notification. Suvretta Capital Management LLC shall pay a special fee of SEK 25,000.
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Sweden – FI Fines for Late Shareholding Disclosure
On 16 October 2020, the Swedish regulator, Finansinspektionen fined Ruane, Cunniff & Goldfarb for late shareholding disclosure reporting. Ruane, Cunniff & Goldfarb L.P. shall pay a penalty of SEK 25,000.
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