On 12 October 2020, SWI CDBF issued guidance on circular on restructuring. CDBF updated on COPA Circular No 5 on exemptions from the compulsory offer for restructuring purposes, published on 2 September 2020 by Swiss Takeover Board (COPA). Overview Circular entered into force on 1 October 2020 with main objective of clarifying to stock market…
Read more
U.K. – FCA Fines ARCM on Short Selling Disclosures
On 14 October 2020, UK FCA fined ARCM £873k over short selling disclosures. UK FCA fined Asia Research and Capital Management Ltd (ARCM) transparency failures This is the first FCA enforcement action, for breaches of short selling disclosure rules. Breaches The firm failed to notify the FCA and disclose to the public its net short…
Read more
Sweden – FI Fines for Late Takeover Notification
On 15 October 2020, the Swedish regulator, Finansinspektionen fined Albrektsund Förvaltningsaktiebolag for late takeover notification. Albrektsund Förvaltningsaktiebolag shall pay a penalty of SEK 200,000.
Read more
Sweden – FI Reporting Information FAQs
On 12 October 2020, SWE FI issued improved reporting Q&A information. SWE FI announced it had issued more easily accessible company reporting questions and answers on its website, improved structure to make information more transparent. Report page now has banking, insurance, markets, money laundering Q&A sections. FI regularly publishes new questions and answers to clarify…
Read more
France – GVT Foreign Direct Investment
On 12 October 2020, FR GVT issued update on entry into force of EU regulation. DG Trésor issued an update on the entry into force of the regulation establishing a framework for screening of foreign direct investments (FDIs) in the European Union. Followed March 2019, EC regulation on screening foreign direct investment. Followed December 2019,…
Read more
Germany – BaFin Imposes Fine for Late Shareholding Disclosure
On 12 October 2020, GE BaFin imposed share threshold publishing breach. BaFin announced that on 7 October 2020, it imposed €600,000 fine on Covestro AG. For violation of section 130 paragraph 1 of the Administrative Offenses Act (OWiG) together with section 40, paragraph 1, clause 2 of the Securities Trading Act (WpHG). Imposed due to…
Read more