On 13 May 2024, KUW CMA fined firm for disclosure, and transparency violation. KUW CMA issued Disciplinary Resolution 76 of 2023 against The Building Company. Imposed a financial penalty against company for violating disclosure and transparency rules of Module 10 of Executive Regulations of Law No. 7 of 2010 and its amendment. Violations Violated provisions…
Read more
U.K. – FCA Fines for Exploitation of Takeover Information
On 10 May 2024, UK FCA reported on sentencing hearing at Southwark Crown Court. Stuart Bayes was sentenced to 18 months’ imprisonment, suspended for 2 years. Also given Rehabilitation Activity Requirement of 35 days, must carry out 150 hours of unpaid work; Judge said Bayes deliberately and dishonestly probed for information on when the takeover…
Read more
Taiwan – EXC Compliance Guide for Insiders, Re: Shareholding
On 10 May 2024, TAI EXC issued compliance guide for listed firm directors. TAI EXC published Compliance brochure for directors and supervisors of TWSE/TPEx-listed and emerging market companies, in both Chinese and English versions. Compliance Brochure Provides a reference of the obligations to be complied with by the directors and supervisors of the relevant TWSE/TPEx-listed/emerging…
Read more
Poland – UOK Investment Regulations Re: Takeovers, Substantial Shareholding
On 9 May 2024, POL UOK issued new clarifications on investment control regulations. Purpose of regulations was to protect against takeover of Polish companies important for public order, safety or health by entities from outside the EU, EEA and the OECD; the solution is modeled on regulations existing in other countries e.g. GE, FR, ITA.…
Read more
Egypt – CB Bank Mergers and Acquisitions
On 2 May 2024, EGY CB issued circular re banks' mergers and acquisitions. EGY CB issued Circular re banks's ownership, mergers, divestures, acquisitions' rules. Document dated 2 May 2024, received from EGY CB 7 May, summarized on 13 May. Overview Applicant for ownership shall submit the application to EGY CB at least 60 days before…
Read more
U.S. – FINRA Fines M1 Finance for Short Selling Failures
On 6 May 2024, FINRA fined M1 Finance $400k for short selling failures. FINRA accepted the offer of a Letter of Acceptance, Waiver, and Consent (AWC) from M1 Finance for millions of violations of Regulation SHO by marking trades long. Failed to establish and maintain a supervisory system designed to achieve compliance with Reg SHO's…
Read more