On 21 December 2023, NORFSA fined four investors for short selling violations. NORFSA fined four investors for uncovered short selling in Nordic Mining ASA (NOM). Main Points Investors sold NOM shares, fulfilling delivery obligations after the sales with newly issued shares; at the time of sale, the new share capital was not registered in the…
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U.K. – Takeover Panel Amended Note RE: Central Counterparty
On 18 December 2023, UK TO Panel amended note re central counterparty. UK TO Panel published Instrument 2023/4, which amends note 18 on rule 9.1 of the Takeover code, re bank and central counterparty recovery and resolution. Amendment Introduces new paragraph stating that Rule 9.1 does not apply to certain transactions related to central counterparty…
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S Korea – FSC Hedge Funds Unfair Trade Fine
On 21 December 2023, SK FSC imposed fine of KRW 2.02bn on hedge funds and on 22 December 2023, SK FSS also published a press release about the violations above. SK FSC imposed a fine of KRW 2.02bn on three hedge funds, after deciding that the trading behavior that occurred while block deal trading violated…
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Hong Kong – SFC Position Limit Enhancements Effective
On 19 December 2023, HK SFC issued press release confirming the 22 December 2023 effective date for position limit enhancements, outlined key changes and reiterated the aim to give more clarity on regulatory requirements re funds, facilitate compliance and provide more flexibility to the market. To help market participants understand the amendments, HK SFC has…
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U.K. – FCA Short Selling Regulations
On 18 December 2023, UK FCA issued the promised update on implementation of the change in the reporting threshold for reporting of net short positions to regulator. Confirms it will be ready to receive notifications at 0.2% threshold from 5 February 2024. Firms should make necessary system/process changes to allow for such submissions. Until threshold…
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Switzerland – SECO Screen Foreign Investment
On 15 December 2023, SWI GVT informed that the Federal Council adopted the draft act on foreign investment screening thereby fulfilling its mandate from SWI PRL and Rieder motion. Foreign investment screening will take the form of an approval requirement for the takeover of domestic companies, operating in a highly critical sector, by a foreign…
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