On 1 September 2023, ARG CNV issued resolution on required procedures via GDE ARG CNV issued Resolution 974 regarding the filings that require use of remote procedures (TAD) through the Electronic Document Management System (GDE). Background Decree 1.063 of 2016 approved implementation of Remote Procedures Platform (TAD) via Remote Procedures module of Electronic Document Management…
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Japan – METI Corporate Takeover Guide
On 31 August 2023, JPN METI issued action guide for corporate takeovers. JPN METI published the Guidelines for corporate takeovers, based on discussions at the study group on fair acquisitions, which was established in November 2022. Guidelines Describe principles, best practices to be shared for formation of fair rules regarding M&A, focus on how parties…
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China – CSRC Further Regulates Shareholding
On 27 August 2023, CHI CSRC further regulated shareholding reductions. CHI CSRC further regulated shareholding reduction by controlling shareholder. CHI CFA also reported the regulatory action by CHI CSRC on shareholding reduction. Regulations Controlling shareholder cannot reduce shareholding in the secondary market if the stock market price of the firm is lower than it's IPO…
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Finland – FSA Introduces Electronic Filing For Short Selling
On 24 August 2023, FIN-FSA updated its short selling reporting page to introduce its electronic services platform which will be used for reporting short selling. Effective date: From 27 September 2023, short selling reporting will need to be made through the electronic service platform. Background: Foreign companies must register with Digital and Population Data Services…
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India – SEBI Additional FPI Disclosures
On 24 August 2023, IND SEBI issued circular on additional disclosures by FPIs. IND SEBI issued a circular on mandating additional disclosures by foreign portfolio investors (FPIs) that fulfill certain objective criteria. Pursuant to Regulations 22 (6) and 22 (7) under SEBI (FPI) Regulations, 2019, vide SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023. Criteria…
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China – SSE, SZSE Shareholding Reduction
On 25 August 2023, SSE, SZSE clarified shareholding reduction re divorce. SSE, SZSE answered questions re implementation rules on shareholders, directors, supervisors, and senior management of listed companies for shareholding reduction. Follows CHI CSRC July 2023 answered questions re division of shares. Also follows SSE, SZSE issued the implementation rules on 27 May 2017. Clarifications…
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