On 19 July 2023, EFTASA said Norway in breach of EEA rules for shareholding restricting. EFTASA noted Norway is in breach of EEA rules for restricting shareholding in insurance undertakings and credit institutions thus sent 2 reasoned opinions on the matter. Key Aspects Incorrect implementation and application by Norway of relevant EEA acts regarding prudential…
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Rulefinder Alerts to Temporary Short Selling Bans
On 26 July 2023, Rulefinder alerted subscribers to new temporary short selling bans in S Korea. Short selling bans effective for 1 trading day on 27 July.
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U.S. – SEC Fines for 13G Reporting Failure
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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