On 2 February 2024, PAK SEC introduced amendments in Listed companies (substantial acquisition of voting shares and takeovers) regulations, 2017, after consultation. Securities offered as payment to minority shareholders must be as good as cash. Based on this principle, the amended regulations allow the acquirer to offer securities as an alternate to cash but leave…
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S Korea – FSS English Upgrade for Substantial Shareholding Reporting DART System
On 18 February 2024, SK FSS announced that it would promote the development of English DART, the establishment of English Open DART, to expand English contents. Improvements to English DART will allow foreign investors to check key items of statutory shareholding disclosures such as table of contents and forms in real time in English. SK…
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Finland – GVT Takeover Bid Rules and Multilateral-Trading Facilities
On 15 February 2024, FIN PRL issued HE 3/2024 on FIN GVT proposal to amend Securities Markets Act into law affecting provisions on major shareholdings and voting rights. Also affects major shareholdings and voting rights, takeover bids, and obligation to bid, so that they would apply to multilateral trading facilities, not just regulated markets. By…
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Taiwan – TPEX Published Amended Substantial Shareholding Regulations
On 17 February 2024, TAI TPEX published the amended regulations re declaration on acquisition of shares / substantial shareholding according to para 1 of article 43-1 of Securities and exchange act. Amendments Aims to lower the reporting threshold for substantial shareholdings from 10% to 5%. Major shareholders will be able to submit their reports through…
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Kuwait – CMA Fines for Disclosure Failures
On 12 February 2024, KUW CMA issued disclosure, transparency breach fine. KUW CMA announced issue of disciplinary resolution No. 59 of 2023 against Nakheel Agricultural Production Company for violating the rules of disclosure and transparency. Violations Violated the provisions of Book 10 re disclosure and transparency rules, article 4-1-1, clause 14 of the Executive Regulations…
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Kuwait – CMA Jiyad Holding Company Disclosure Fine
On 12 February 2024, KUW CMA fined firm for disclosure, and transparency violations. KUW CMA issued disciplinary resolution No. 65/2023 against Jiyad Holding Company. Violated disclosure and transparency rules of Law No. 7 of 2010 and its amendments. Follows disciplinary resolution No. 24/2023 against Jihad Holding Company. Violations Violated provisions of article 139 and provisions…
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