On 4 April 2024, ROM ASF issued draft rules to amend the AIFs Regulation. ROM ASF issued draft to amend and supplement regulation 7/2020 regarding the authorization and operation of alternative investment funds (AIFs). Follows ROM ASF February 2021 amended rules on authorizing/operating AIFs. Overview Proposals to amend and supplement Regulation 7/2020 on authorization and…
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Sweden – FI Market Wizards Short Selling
On 28 March 2024, SWE FI said it is investigating firm re naked short selling. SWE FI is investigating whether Market Wizards BV violated article 12 of Short Selling Regulation (EU) (SSR Reg 236/2012) by short selling shares without coverage. Overview As part of SWE FI's supervision, the regulator carries out investigations to assess whether…
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Thailand – SEC Depository Receipts Proposal
On 30 March 2024, Thai SEC announced revised criteria for non-voting depository receipts (NVDR) services, to support foreign investors in Thai stock market, and prevent Thai investors from using NVDR. Key revisions include prohibiting securities companies from increasing Thai investors' NVDR shareholdings, except through/via pre-enforced rights or legal transfers. Foreign securities companies are required to…
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Australia – ASIC Takeover Bids Guide Reissued
On 27 March 2024, AST ASIC reissued regulatory guide on takeover bids. AST ASIC reissued Regulatory guide 9 - takeover bids (RG 9), which is a guide for listed and unlisted entities, their advisers, and investors involved in a takeover bid. In addition, AST ASIC explained that RG 9 superseded previous version of Sep. 2020.…
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U.K. – Treasury No Longer Controlling Shareholder Re: NatWest
On 28 March 2024, UK Treasury confirmed successful trading plan means government no longer controlling shareholder in NatWest, its shareholding now below 30%. This is down from the peak government shareholding< of around 84%, since trading plan started in Aug. 2021 approximately £5.8 billion in proceeds has been raised. Reduction of shareholding to around 29.8%…
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Australia – ASIC Relevant Interests, Substantial Shareholdings
On 27 March 2024, AST ASIC reissued guide regarding interests and shareholdings. AST ASIC reissued Regulatory guide 5 - relevant interests and substantial shareholding notices (hereafter, RG 5), which is a guide for investors who acquire an interest in the securities of a company or managed investment scheme, and their advisers. RG 5 supersedes June…
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