On 1 December 2020, UK FCA reminded firms to be ready for end of the transition period. UK FCA using temporary transitional power, giving firms more time to comply with many changes, but also key requirements they must comply with by 1 January 2021. Passporting ends on 31 December 2020, so firms providing services currently…
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NZ – Extends Foreign Direct Investment Screening
On 27 November 2020, NZ GVT announced retention of the emergency notification regime. Second review concluded that Covid justifies regime continuing for a further 90 days. Ministers’ next decision on whether it should be retained will be due by 24 February 2021. Background Introduced June 2020, to manage heightened foreign investment risks due to Covid.…
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Sweden – FI Fines for Late Shareholding Disclosure
On 25 November 2020, SWE FI issued penalty for transparency notification. Issued decision on FAM AB SEK 570,000 penalty fee for late transparency notification. FAM AB failed to report Aktiebolaget SKF (SKF) shares transaction in prescribed time. SWE FI issued penalty according to chapter 5, section 2, section 5 of the Act (2016: 1306), together…
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U.K. – FCA Shareholding Disclosures
On 23 November 2020, UK FCA issued update email on notifications under DTR5. UK FCA announced change to the way in which investors must submit the standard form for notification of major shareholdings (TR-1 form) under Disclosure Guidance and Transparency Rules Chapter 5 (DTR5); the change will be introduced in Q1 2021. FCA want to…
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U.K. – Gov’t National Security Investment Bill
On 27 November 2020, UKP issued Commons 3rd sitting, compilation of committee debate sittings so far, both as at 26 November 2020, and notices of amendments at 27 November 2020. Also issued chairs’ provisional selection, grouping of amendments, and all proceedings up to 26 November 2020 at public bill committee stage, both dated 27 November…
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UAE GVT 100% Foreign Ownership
On 23 November 2020, UAE GVT allowed for 100% foreign ownership of firms. UAE GVT presidential decree relaxed limits on the foreign ownership of onshore firms. As announced by media reports; decree is meant to strengthen UAE's global status. Follows DIFC Courts, FDI partnership to boost foreign direct investment. Amendments to Corporate Law Amended UAE…
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