On 16 October 2019, CHI GVT issued policies to reduce burden on businesses. Introduced policies to reduce fees and taxes locally, and open up to the outside world. Fee Reduction In earlier 8 months, fees and tax reduction has helped reduce burden on businesses. Planning to strengthen fiscal budget management among local government bodies, and…
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U.S. – SEC Dual-Class Shares & Governance
On 15 October 2019, SEC spoke on problem of dual-class shares, and solutions. Speech by SEC's Rick Fleming, titled dual-class shares: a recipe for disaster. Dual Class Shares Justification Particular technology companies have founders so visionary and charismatic that the companies could not be as successful without them, and they need to steer the ship.…
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Serbia – SEC New Investment Fund Laws
On 11 October 2019, SER SEC said new laws adopted on investment funds. On 10 October 2019, Serbian Parliament adopted financial law package including open investment funds with public offering act and the alternative investment funds act. By their adoption, mutual fund regulation, in accordance with EU regs, is in two laws. Aim is to…
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India – SEBI Depository Receipts Issue
On 10 October 2019, IND SEBI published depository receipts issue framework. Only a company incorporated in India and listed on a recognized stock exchange may issue permissible securities (PS) for the purpose of issue of depository receipts (‘DRs’). Listed Company Obligations Companies shall ensure that DRs are issued only with PS as the underlying. DRs…
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Portugal – CMVM Securities Code In English
On 10 October 2019, POR CMVM issued copy of securities code in English. Securities code in English incorporating the most recent legislative changes in force. However, this does not dispense with the requirement to consult the official version. Translated version is an important step in providing legislative, regulatory information to economic agents, foreign entities operating/intend…
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Netherlands – SJ Shareholder Involvement
On 9 October 2019, NLD GVT issued memo regarding the shareholder involvement bill. Answers a questions regarding the concepts of asset manager / institutional investor.
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