We exited July without a decision from the Fifth Circuit Court on the NATIONAL ASSOCIATION OF PRIVATE FUND MANAGERS, et al. v. SECURITIES AND EXCHANGE COMMISSION case Read the full article.
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Japan – FSA Substantial Shareholding Reporting
On 26 August 2025, JPN FSA compiled substantial shareholding reporting laws, Q&A. JPN FSA published the Summary of laws, regulations, and Q&As concerning material proposal acts and joint holders under the substantial shareholding reporting system toward constructive dialogue between institutional investors and investee companies. Outline of Summary Summary reflects the Japanese stewardship code revised in June…
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U.S. – Fifth Circuit Court Remands 13f-2 Rule to SEC
On 25 August 2025, the Fifth Circuit Court issued its opinion on the case of National Association of Private Fund Managers (NAPF) v. SEC. Background lawsuit brought against SEC after SEC approved both the 13f-2 short position reporting rules and Rule 10c-1a Securities Lending Rules back in 2023 the Court has remanded both Rules in…
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Hong Kong – SFC Updates Takeover Table
On 25 August 2025, the SFC updated its Takeover table to include the following: new offer period has commenced for Dongfeng Motor Group Company Limited (stock code: 0489) from 22 August 2025.
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Australia – Takeover Panel PointsBet Takeover Case
On 18 August 2025, AST Takeover Panel has declined to conduct proceedings on an application dated 9 August 2025 from betr in relation to the affairs of PointsBet. AST Takeover Panel considered that the current commercial status, and timing, of MIXI offer and the betr bid allowed PointsBet shareholders an opportunity to consider the offers.…
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India – SEBI Minimum Public Shareholding
On 18 August 2025, IND SEBI proposed review of large issuer requirements. IND SEBI issued consultation paper on Review of requirement of minimum public offer and timelines to comply with minimum public shareholding for issuers in terms of Securities contracts (regulation) rules, 1957. Proposals aim to facilitate larger IPOs without market oversupply concerns. Recent large…
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