On 6 May 2020, BaFin issued an update announcing mandatory electronic filing of major holdings will be effective in July 2020. In March 2020, BaFin informed of an upcoming amendment to the regulation on the notification of major shareholdings (Stimmrechtsmitteilungsverordnung – StimmRMV) according which the electronic submission will be the only permitted method of submitting […]
On 30 April 2020, FR GVT adapted rules on investments during Covid. FR GVT adapted control of foreign investments in France (IEF), during the Covid crisis. Minister of Economy and Finance announced the adaptation of a procedure on 29 April 2020. Foreign Direct Investment First, long-term inclusion of biotechnologies in critical technologies list for IEF control. […]
On 30 April 2020, BUL FSC adopted EU shareholders rights directive. Consultation on ordinance to amend and supplement ordinance 48 of 20 March 2013 on requirements for remuneration and thereby transpose EU shareholders rights directive. Issued draft regulation and the reasons for it, as well as reference for EU compliance. Proposed amendments regarding management remuneration policy […]
On 30 April 2020, BRZ GVT issued rules on specific M&A assessments. Circular 4.013 of 28 April 2020 on BRZ CB assessment of certain concentration acts. Amended cir 3.590 of 2012 re analysis of mergers in the National Financial System. Key Aspects Specific concentration acts involving, directly or indirectly, financial institutions that must be submitted […]
On 28 April 2020, FR AMF issued proposed shareholder activism rules. The AMF has suggested several targeted measures regarding shareholder activism. Proposals Enhance transparency on stake-building by lowering the first legal notification threshold for substantial shareholding and making public any statutory threshold crossing reported to the company; Supplementing the reporting on net short positions by […]
On 24 April 2020, JPN GVT published feedback associated with the public consultation. It also published updated presentation on the matter in Japanese and English. Amended definition closely-related persons, so that a person who was a foreign investor’s board member in the past year is excluded from the definition, if the nomination of the person […]