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. […]
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 […]
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 […]
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 […]
On 9 October 2019, NLD GVT issued memo regarding the shareholder involvement bill. Answers a questions regarding the concepts of asset manager / institutional investor.
On 7 October 2019, EU ESMA issued updated FAQ document on MiFIR data reporting. Part 21, Transaction Reporting, Q2, on national client identifiers for natural persons provides an update on how different identifiers specified in annex II of RTS 22 are represented, relating to new provisions for Portuguese and Romanian identifiers. New Part 17, FX […]