On 21 February 2023, SEC charged IA firm with violating a trading rule. SEC filed a settled complaint against investment advisory firm HITE Hedge Asset Management LLC (HITE) for short selling in violation of SEC Rule 105 of Regulation M. HITE allegedly purchased stock in public offering for 5 private fund clients after short selling…
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Australia – FIRB Compliance with Foreign Acquisitions & Takeovers Act
On 20 February 2023, AST FIRB issued warning regarding investor compliance. AST FIRB reminded that since 1 January 2021, all foreign persons who are given a no objection notification or exemption certificate have been required to notify AST GVT. Specifically, required to notify the AST GVT no later than 30 days after taking each specified…
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U.K. – Takeover Panel Acting in Concert Paper
On 20 February 2023, UK TO Panel published revised takeover code, reflecting instrument 2022/6 changes - presumptions of definition of acting in concert and related matters. Also advised that practice statement no 12 (rule 9 and the interests in shares of clients whose funds are managed on a discretionary basis) had been withdrawn. Minor consequential…
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EC – Foreign Direct Investments Control
On 17 February 2023, EC announced evaluation and review of FDI regulation. EC announced evaluation, review of reg on screening of foreign direct investments. Follows EC September 2022 issued FDI screening and export control reports. Context EU framework for screening of foreign direct investments (FDI) Regulation 2019/452. The regulation aims to improve EU’s capacity to…
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India – SEBI Share Acquisition, Takeovers
On 16 February 2023, IND SEBI issued master circular on takeover procedures, formats. IND SEBI issued master circular for procedures and formats under SEBI (substantial acquisition of shares and takeovers) regulations, 2011 (takeover regulations). Follows IND SEBI March 2022 on the system driven disclosures. Overview Enables stakeholders to have access to provisions of applicable circulars…
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S Korea – FSC Names Foreign Firms for Naked Short Selling
On 9 February 2023, the FSC publicly announced the sanctioning of five firms for naked short selling.
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