On 27 September 2023, AST GVT registered instruments set out below re the consult above, and an explanatory statement for each; all instruments commence on 28 September 2023. Registered instrument ASIC corporations (changing the responsible entity) instrument 2023/681; ASIC corporations (takeover bids) instrument 2023/683; as well as the ASIC corporations (compulsory acquisitions and buyouts) instrument…
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Taiwan – FSC Short Selling Innovation Board
On 26 September 2023, TAI FSC relaxed rules for Innovation Board stocks. TAI FSC proposed amendments to Standards governing eligibility of securities for margin purchase and short sale, to enhance fundraising on Taiwan Innovation Board. To increase liquidity for Innovation Board Stocks, provide more flexibility for investors, optimize fundraising environment for innovation board, attract more…
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Norway – FSA Fines for Short Selling
On 25 Septmeber 2023, NORFSA issued Cazadores short selling penalty fee decision. NORFSA issued 11 September 2023 decision on Cazadores Investments Limited regarding advance notice of NOK 2,000,000 Flyr shares short selling violation fee and other correspondence. Follows NORFSA May 2023, fined 6 investors for short selling breaches. Overview On 16 November 2022, stock exchange…
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Taiwan – FSC Shareholding: Transfer of Trust Shares
On 23 September 2023, TAI Justice issued rules on declaration by insiders. TAI FSC, TAI Justice stipulated article 22-2, 25 and 26 of Securities and exchange act. Declaration Requirements Stipulate declaration requirements for insider of a publicly issued company who holds over 10% of company's shares and transfers or acquires the shares under a trust.…
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U.S. – SEC Fines for Short Selling Violation RegSHO
On 22 September 2023, SEC settled charges against B/D for Reg SHO (short selling) violations. SEC settled charges against Citadel Securities for millions of violations of Reg SHO. Reg SHO is regulatory framework designed to prevent abusive short selling practices. Allegations For five years, Citadel incorrectly marked millions of orders, inaccurately denoting certain short sales…
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Hong Kong – SFC Adopts Changes to Takeover Code / Share Buy-backs
On 21 September 2023, HK SFC published consultation conclusions, adopted all proposals. Changes include revising the definitions of important terms, streamlining takeover processes to enhance efficiency and introducing green initiatives to reduce the carbon footprint. Amended codes will be gazetted on 29 September 2023 and then take effect immediately. Background: HK SFC proposed amendments to…
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