On 7 December 2018, NLD EA issued bill on cooling-off in hostile takeovers. Bill to allow board of a Dutch listed company to invoke 250 day cooling off period.BackgroundFollows political debate over several hostile takeover attempts, e.g. Akzo-Nobel.Government response was published in letter dated May. 20, 2017, with 4 options.Shareholders may pressure management to change strategy,…
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Germany – BaFin Fine M. Stanley £2.4mn
On 5 December 2018, GE BaFin fined M. Stanley €2.4mn voting rights Sanction based on violations of German Securities Trading Act, sections 33, 34.Failed to submit voting rights announcements in time, firm can appeal the fine.
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South Africa – FSCA Short Selling, LEIs
On 4 December 2018, RSA FSCA released discussion papers on short sales/LEIs. FSCA issued the following two discussions papers for comment by 15 January 2019. Short Sale Reporting In response to the finding in the 2014 IMF Financial Sector Assessment Program that South Africa did not have a reporting framework in place for short sales.FSCA…
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Hong Kong – SFC Issues Fine for Short Selling
On 6 December 2018, The Securities and Futures Commission (SFC) has reprimanded and fined SFM HK Management Limited (SFM) HK$1.5 million for failures relating to the short selling of Great Wall Motor Company Limited (Great Wall) shares in 2015 on behalf of a fund it managed.
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France – GVT Foreign Investments
On 3 December, FR GVT issued law on authorized foreign investments. Decree dated 29 November 2018 on foreign investments subject to prior authorization. Overview Amends art. R. 153 of monetary and financial code, re prior authorization process. Extends process to new economic sectors essential to guarantee French security. New sectors include cybersecurity, AI, robotics, IT…
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Hong Kong – SFC Takeovers Table Updated
On 4 December 2018, a new offer period has commenced for Rivera (Holdings) Limited (Stock Code: 281).
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