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 […]
On 28 April 2020, aosphere LLP’s Rulefinder alerted clients to an extended short selling ban.
On 22 April 2020, UAE DFSA issued market brief for SMEs on new DFSA listing regime. Market brief is not intended to be guidance as contemplated by Regulatory Law 2004. Discussed audited accounts covering minimum period of one year instead of 3 years. 12-month lock-in period on pre-listing shareholders of SME; website disclosures with information […]
On 23 April 2020, SWE FI fined investor for exceeding substantial shareholding threshold. Armistice Capital received a SEK1mn penalty for late substantial shareholding disclosure reporting in Moberg Pharma AB (publ).