On 16 September 2020, SFC took action re International Housewares Retail. Commenced disciplinary proceedings against Ngai Lai Ha, chairperson of International Housewares Retail Company Limited over breach of code on takeovers and mergers. SFC alleges that in a number of acquisitions of the company’s shares, Ngai acquired each time more than 2% voting rights from…
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Sweden – FI Fines Pictet Asset Management For Late Short Selling Report
On 16 September 2020, Sweden's regulator, Finansinspektionen reported that Pictet Asset Management Limited is being fined for late reporting of net short positions. Pictet shall pay a special fee of SEK 10,000 for having its late notification of a short net position in shares in SKF Pictet shall shall pay a special fee of SEK 10,000…
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Isle of Man – GVT Consultation on Beneficial Ownership
On 10 September 2020, IOM GVT issued notice on beneficial ownership law. Key Points The consultation seeks feedback on the Beneficial Ownership (Amendment) Bill 2020. Follows IOM FSA September 2020 draft bill to improve accuracy of database. The amendments would ensure Isle of Man is compliant with international standards. The bill aims to bolster the…
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Sweden – FI Fines for Late Short Selling Report
On 14 September 2020, the Swedish Financial Supervisory Authority issued a fine against SCGE Fund L.P. for late notification of a short net position in shares in Fingerprint Cards AB on 17 January 2018 which had fallen below a relevant disclosure threshold. SCGE Fund L.P.shall pay a special fee of SEK 10,000
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Egypt – FRA Takeover/Acquisitions, Sukuk, REITs
On 8 September 2020, FRA amended executive regulations of capital market law. FRA issued Prime Minister’s decree No. 1760 of 2020, amending executive regulations of the capital market law No. 95 of 1992 re purchase offers for purpose of takeover/acquisition. Provided new acceptable forms of sukuk; flexibility for real estate investment funds. Removed certain concentration…
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Sri Lanka – CB Sensitive Sector Bank Ownership
On 8 September 2020, SRI CB issued amendment on ownership of issued capital. SRI CB issued amendments to banking act directions No.1 of 2007 on ownership of issued capital carrying voting rights for licensed commercial banks. Ownership of Shares Board may give permission to categories of shareholders to acquire A material interest up to 15%…
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