On 12 June 2023, SEC charged investment adviser with short selling fraud. SEC charged investment adviser, Sabby Management LLC, and managing partner, Hal Mintz, with fraud in an abusive naked short selling and order making scheme. Alleged Violations From March 2017 to May 2019, Sabby and Mintz circumvented trading rules to conduct unlawful trades in…
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China – CBIRC, CSRC Lujiazui Forum Discuss Canceling Restrictions on Shareholding Ratio
On 8 June 2023, CHI CBIRC, CHI CSRC held the 14th Lujiazui forum. CHI CBIRC and CHI CSRC held 14th Lujiazui forum 2023 with topic namely global financial openness and cooperation: new driving forces for economic recovery. Speech by CHI CBIRC Li Yunze Optimize financial products and services; increase financial support in key areas such…
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Malaysia – BML Short Selling Regulations
On 7 June 2023, MLY BML expanded approved securities criteria of the rule. MLY BML amended directives on regulated short selling re approved securities criteria. Amendments Revise the daily market capitalisation criterion for preceding 3 months to MYR200 mn. Accept all exchange traded funds (ETFs) as approved securities except inverse ETF. Updated the current FAQs…
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Belgium – FEB Foreign Investments Screening
On 6 June 2023, BEL FEB published guidelines and information from the FPS Economy regarding the new inter-federal mechanism for screening foreign investments. Clarifies scope and procedure of the Belgium foreign investments screening mechanism and answers common questions regarding notification obligations. Covers nuances including minimum requirements, thresholds, costs, and appeals. Information page available in French…
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S Korea – FSC Foreign Investor Registration
On 5 June 2023, SK FSC said a revision to the Enforcement decree of the financial investment services and capital markets act had been approved at a cabinet meeting. The revision aims to abolish foreign investors’ registration requirement, will be effective from 14 December 2023, 6 months after promulgation slated for 13 June 2023. Upon…
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Poland – FSA Failure to Notify Substantial Shareholding
On 1 June 2023, POL FSA announced final decision in case re infringements and fines. After assessing requests for re-examination confirmed infringements and seriousness. Revoked section of decision 22 December 2021 re fine of PLN 900,000, issued final decision. Imposed lower fine for breaches in this section, stating that company committed 4 breaches (instead of…
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