On 19 May 2023, HK SFC proposed revisions on takeovers, share buy-back. HK SFC proposed amendments to the Codes on takeovers and mergers and share buy-backs; aims to codify existing practices of Takeovers executive, clarify re the codes. Consultation Covers topics such as shareholder voting and definition of close relatives, the chain principle, efficiency improvements,…
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Netherlands – AFM Fines for Late Substantial Shareholding Disclosure
On 11 May 2023, the Netherlands Authority for the Financial Markets (AFM) imposed a fine on Lars Windhorst for failure to report substantial shareholding. Windhorst's substantial shareholding was more than 93% in Fyber N.V., a company listed on the German stock exchange. the AFM fine Windhorst €500,000 for this substantial shareholding reporting failure.
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Sweden – FI Fines for Late Shareholding Disclosure
On 16 May 2023, SWE FI fined SBB for late flagging and missing flags. SWE FI imposed two fines on real estate investment firm Samhällsbyggnadsbolaget i Norden AB (SBB) in relation to late flagging and for missing notification information. Both penalties were imposed under the Financial Instruments Trading Act (1991:980) Late Flagging Fined SEK 750,000…
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Norway – FSA Fines 6 Investors for Short Selling
On 15 May 2023, NORFSA fined six investors for short selling rule breaches. NORFSA issued violation fees to six investors for uncovered short selling in Flyr issue. Breaches related to awarding of shares in private placement in Flyr AS in November 2022. Administrative Fines NORFSA issued fines between NOK 50,000 and NOK 5,000,000 for breaches…
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Czechia – CB Qualifying Holding Acquisition
On 12 May 2023, CZC CB consulted on draft methodology for assessment. CZC CB opened a public consultation in relation to the draft methodology for assessing qualifying holdings of certain entities which are subject to CZC CB supervision. Purpose Acquisition and increase of a qualified shareholding in certain entities subject to CZC CB supervision is…
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Denmark – CRG Foreign Investment Disclosure
On 12 May 2023, DEN CRG consulted on procedural and disclosure orders. DEN CRG published consultations on draft new procedural order, draft confidentiality and disclosure notice for foreign investments, list of authorities, and overview letter. Follows DEN PRL March 2023, adopted bill on cross-border transactions. Summary Order on procedures for applications for permits for foreigners…
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