On 31 March 2021, UK TO Panel published response statement RS 2020/1. Also published individual responses received to PCP 2020/1, as well as instrument 2021/1, which makes the amendments to the code which were adopted in RS 2020/1. Amended code applied in relation to all firm offers announced in line with rule 2.7 on/after implementation…
Read more
India – BSE Shareholding Disclosure
On 31 March 2021, IND BSE discontinued disclosure of holdings in companies. IND BSE discontinued the quarterly disclosure requirement by trading members on their holdings in various listed companies, effective from quarter ended March 2021. Disclosure of Holdings Notices issued in 2014 required members to disclose their holdings of 1% or more in listed companies…
Read more
SKorea – FSC Short Selling Exceptions
On 30 March 2021, SK FSC announced that amendments to the enforcement decree of financial investment services and capital markets act (FSCMA) have been approved. Revision created imposition of penalty surcharges on illegal short sale activities. Short sellers must keep their securities lending agreements for five years, to present to authorities upon request; decree prescribes…
Read more
India – SEBI Foreign Portfolio Investors
On 30 March 2021, IND SEBI issued additional guidelines to designated depository participants for processing FPI request to surrender registration and ensure uniformity. To make an application to SEBI for seeking no objection certificate for surrender, DDP shall confirm accounts have nil balance, no fees are due, no proceedings are pending. DDP shall ensure that…
Read more
Saudi Arabia – Tad Amended Short Selling, SBL
On 25 March 2021, SAU Tad amended short sale, securities borrowing rules. Saudi Stock Exchange (SAU Tad) and Securities Depository Center Company (EDAA) issued amended short selling and securities borrowing and lending (SBL) regulations. Also amended the Exchange and Centre Procedures and glossary of exchange rules. Follows February 2020 consultation with draft amendments to the…
Read more
India – SEBI Related Party Shareholdings
On 25 March 2021, IND SEBI clarified on transfer of shareholding, ownership. IND SEBI clarified circular CIR/MIRSD/14/2011 re transfer of shareholdings among immediate relatives, transmission of shareholdings, and effect on change in control. Control Clarified transmission of shareholding in case of unlisted body corporate intermediary, proprietary firm-type intermediary, as well as partnership firm-type intermediary. Incoming…
Read more