On 10 October 2023, the SEC issued confirmation that it is adopting amendments to the rules governing major shareholding reporting that had been proposed. The key changes from these amendments are: (a) reduction in the deadlines for disclosures of 13D and 13G Reports; (b) disclosure of cash settled securities; (c) clarification on the criteria for…
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Taiwan – FSC Reporting Change in Shareholding
On 6 October 2023, TAI FSC issued order on reporting change in shareholdings. TAI FSC, TAI Justice issued order to stipulate article 25 of Securities and exchange act. When a public company organized by a single legal person handles insider equity reporting and if there is no change in shareholding by appointed directors, supervisors, and…
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U.K. – FCA Short Selling Sterling
On 3 October 2023, UK FCA updated sterling rate in short selling guidance. FCA updated its short-selling guidance page to update sterling price for calculation. Follows FCA October 2021 updated sterling price in short selling guidance. Background UK Short Selling Regulation (UK SSR) gives FCA powers to prohibit or restrict short selling, limit transactions when…
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Australia – Gvt Registers Amended Foreign Acquisitions and Takeovers Act
On 30 September 2023, AST GVT registered 30th compilation of the Foreign acquisitions and takeovers act 1975, setting out the text as amended and in force on 15 September 2023.
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Bahrain – CB Proposed Takeover Amendments
On 28 September 2023, BHR CB proposed amendments to takeovers and mergers. BHR CB consulted on amendments to takeovers, mergers and acquisitions module. Amendments to section TMA-2.2 Independent Advice and Shareholder Approval of the Takeover, mergers and acquisitions module (Module TMA) under CBB rulebook - vol. 6. Amendments Amendments to paras TMA-2.2.1, TMA-2.2.3; new TMA-2.3A…
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Australia – ASIC Response on Takeovers Consultation
On 28 September 2023, AST ASIC released Report 773 - response to submissions on CP 365 remaking ASIC class orders on takeovers, compulsory acquisitions and relevant interests re consult above; relief embodied in the instruments is same in substance. It is on substantially same terms as sunsetting instruments, with certain exceptions. Exceptions include extending scope…
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