On 28 December 2023, TAI FSC issued order for the amendment on article 2 and 8 of Standards governing eligibility of securities for margin purchase and short selling. TAI EXC also issued press release re the amendment, to be effective on 1 January 2024.
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S Korea – FSS Uncover Illegal Short Selling
On 26 December 2023, SK FSC discussed meeting of SK FSC (of December 22) re above, where it ruled 2 global investment banks' (IBs) long-term non-leveraged short selling orders and consignments violated law; decided to file complaint, imposed KRW 26.52bn fine. SK FSC said this violation was of short selling restrictions under Capital markets act.…
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Germany – BaFin Updated Shareholding FAQs
On 22 December 2023, BaFin issued updated major shareholding FAQs. FAQs regarding major shareholding, voting rights sections 6 (sec. 33 et seq.) and 7 (sec. 48 et seq.) of the Securities Trading Act (Wertpapierhandelsgesetz [WpHG]) were updated Question 6C: how multiple voting rights should be disclosed in a voting rights notification ; and Question 25:…
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Mauritius – FSC Proposes Amendments to Takeover Rules
On 20 December 2023, MAU FSC consulted on proposed financial legislation. MAU FSC issued communique on draft legislation for public consultation. Legislation Proposed Securities (Amendment) Act 2023 provides various new definitions throughout the act. Financial Services (Amendment) Act 2023 provides amendments to provide license. Securities (Central Depository, Clearing and Settlement) (Amendment) Act 2023 on establishment…
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Norway – FSA Fines for Short Selling in Nordic Mining
On 21 December 2023, NORFSA fined four investors for short selling violations. NORFSA fined four investors for uncovered short selling in Nordic Mining ASA (NOM). Main Points Investors sold NOM shares, fulfilling delivery obligations after the sales with newly issued shares; at the time of sale, the new share capital was not registered in the…
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U.K. – Takeover Panel Amended Note RE: Central Counterparty
On 18 December 2023, UK TO Panel amended note re central counterparty. UK TO Panel published Instrument 2023/4, which amends note 18 on rule 9.1 of the Takeover code, re bank and central counterparty recovery and resolution. Amendment Introduces new paragraph stating that Rule 9.1 does not apply to certain transactions related to central counterparty…
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