In The News

South Korea – FSC Capital Market Disclosures

On 22 February 2021, SK FSC proposed amendment on disclosure regulations. SK FSC announced partial amendment to capital market research business regulations. As stock market volatility has increased, so has the need to strengthen investor protection, as well as improve the effectiveness of penalties for disclosure violations. Amendments Rate of imposition of penalties on collective…
Read more

ESMA Opinions On Position Limits

On 17 February 2021, ESMA issued decision on delegation of powers re opinions. ESMA board of supervisors issued decision of 27 January 2021 on delegation of powers to its Chair for adoption of non-controversial opinions on position limits under MIFID II. Overview Art 57(5) of MIFID II requires competent authority to notify ESMA of the…
Read more

ECJ – Takeover Bids and Share Price

On 15 February, ECJ issued ruling on takeover bids share price calculation. ECJ ruling in case C-735/19 Euromin Holdings (Cyprus) Limited officially published. Overview Latvian court referred questions to EU Court on correct application of Takeover Bids directive (TOD) and scope for national law to set rules on price of shares, methods. Referral also asked…
Read more

Canada – CMP Pre-Merger Notice Threshold

On 11 February 2021, CAN CMP decreased threshold for pre-merger notification. The 2021 pre-merger notification transaction-size threshold decreased to $93 mn. As per Competition Act S 110(8) (RSC 1985 c. C-34); 2020 threshold was $96 mn. Background Under the Competition Act, all mergers are subject to review by the Commissioner. CMP must generally be given…
Read more