On 3 April 2020, UK CMA requested EC investigate proposed acquisition. CMA has requested the European Commission to investigate the anticipated acquisition by Mastercard Incorporated of parts of the corporate services business of Nets A/S. Followed February 2020 request by Danish Competition and Consumer Authority (DCCA). Merger is subject to clearance by the DCCA and […]
On 1 April 2020, EU ESMA issued advice on inducements, costs, charges disclosures. EU CMSN is encouraged to conduct some further analysis on the topic of inducements. Changes proposed to regime mainly at improving client understanding of inducements. Regarding costs and charges disclosure, ESMA found the MiFID II disclosure regime generally works well, and that […]
On 1 April 2020, CHI SAC updated on securities industry changes after limits lifted. Currently 15 joint venture securities firms with foreign shares or holdings; the first 100% foreign-invested securities firms are expected to emerge from among them. CSRC approved increase in Morgan Stanley’s shareholding in Morgan Stanley Huaxin Securities; Goldman Sachs’ shareholding in Goldman […]
On 31 March 2020, HK SFC banned former CEO/RO of China Rise until 29 July 2022. Former RO and ex-head of dealing of China Rise also suspended until 29 October 2020. Disciplinary action follows CEO’s earlier convictions in 2017 for illegal short selling. Both had failed to discharge duties as members of China Rise’s senior […]
On 31 March 2020, CMA delayed ETFs, REITs, listed companies’ disclosures. CMA extended deadlines for disclosing annual financial information and board reports. Annual Financial Information Securities of listed companies, REITs will not be suspended if unable to disclose annual financial information by 31 March due date, provided entities disclose by 29 April 2020. ETF securities […]
On 30 March 2020, CAY GVT widened scope of substantial shareholding / beneficial ownership in companies law, limited liability companies law from over 25% shares, voting rights, to 25% or more of the shares or voting rights in a company. The change will go into effect on 15 May 2020.