On 6 September 2019, GE BaFin fined Goldman €800k for voting rights. BaFin imposed a fine of 800,000 euros against Goldman Sachs on 12 August 2019. The sanction was based on a violation of German Federal Administrative Offenses Act section 130(1), in conjunction with German Securities Trading Act section 25(1). Goldman Sachs International had not…
Read more
South Korea – FSC Large Shareholding Reports
On 5 September 2019, SK FSC proposal to amend large shareholding reporting. Consultation on plan to amend large shareholding reporting rules (so called 5% rule). Substantial Shareholding Reports Under the 5% rule, a person who holds 5% or more of the equity securities of a listed company or who thereafter changes its holdings by 1%…
Read more
Korea – Short Selling Ban in Effect
On 26 August 2019, the Global Korea Exchange (KRX) has placed a temporary short selling ban in the shares of nine (9) issuers starting 27 August.
Read more
Sweden – FI Fredell Substantial Shareholding Fine
On 12 August 2019, SWE FI fined Fredell for late notification of holdings. Fredell & Co Aktiebolag must pay a penalty fee of SEK 260,000 for having reported too late that the holding of shares in Invuo Technologies had fallen below a flagging limit. Invuo Technologies AB shares were trading on Nasdaq Stockholm until 8…
Read more
India – SEBI Amended Takeover Rules
On 29 July, 2019, IND SEBI published the second amendment to the regulations. Added sub-regulation on increase in voting rights of any shareholder beyond threshold. Also added sub-regulation regarding "encumbrance" and on declarations of promoters. The rules shall come into force on the date of their publication in the official gazette
Read more
Hong Kong – HKIA Takeover Insurer Oversight
On 31 July 2019, HKIA published consultation conclusions for F&P, CPD Guidelines. Both F&P and CPD guidelines will take effect immediately upon commencement of the new statutory regulatory regime for insurance intermediaries on 23 September 2019. Except for new minimum CPD hours, which will come into operation on 1 August 2021. Background (September 2018) New…
Read more