On 20 July 2023, SEC fined Monroe Capital Management failure to file 13G disclosing beneficial ownership . SEC reported that it charged Monroe Capital Management Advisors, LLC for failing to disclose special purpose acquisition company (SPAC)-related conflicts of interest. Failed to disclose SPAC conflicts regarding its personnel’s ownership of SPAC sponsors. Allegations Monroe Capital Management…
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Luxembourg – GVT Foreign Direct Investments
On 18 July 2023, LUX GVT published law of 14 July 2023, establishing a national screening mechanism for foreign direct investments likely to undermine security or public order for the purposes of implementation of Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March, 2019, establishing a framework for the screening…
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Norway – Govt Consultation on Group Relations Re: Shareholding
On 17 July 2023, NOR GVT consulted on group relations in Companies Act. NOR GVT requested input on group relations potential changes in Companies Act. Overview Ministry of Industry wants to survey whether there is need for measures or changes for group relations in the Companies Act. Per feedback, public debate and criminal case that…
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Belgium – Gvt Foreign Direct Investment Screening Update
On 17 July 2023, BEL GVT published law of 4 July 2023 on the use of the languages of the filtering mechanism established by the cooperation agreement of 30 November 2022 aimed at establishing a filtering mechanism for foreign direct investments. Precisions on the use of French or Dutch re notification of the cooperation agreement.…
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Liechtenstein – FMA Lowered Short Selling Reporting Threshold
On 18 July 2023, LIC FMA updated on lowered notification threshold for net positions. EC reviewed short selling reporting threshold appropriateness, amended Reg 236/2012 (SSR). EU Reg 2022/27 permanently changes the threshold for reporting significant net short selling in shares to competent authorities from 0.2% to 0.1%. Art 5(2) Reg 236/2012 replaced: reporting threshold is…
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Poland – FSA Substantial Shareholding Disclosure Ruling
On 17 July 2023, POL FSA announced Provincial Administrative Court dismissed Daniel Mzyk's complaint against its decision of March 2018. Case was returned to Provincial Administrative Court after the Supreme Administrative Court in Warsaw accepted cassation appeal filed by Daniel Mzyk on 28 July 2022. Fine of PLN 1,000,000 imposed for failing to notify POL…
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