As a part of Australia's foreign investment reforms, the Government announced it the new Register of Foreign Ownership of Australian Assets which will be managed by the ATO, Australian Taxation Office. The Commissioner of Taxation has been appointed as Registrar of the new Register. The Register is expected to start on 1 July 2023, supported by…
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Norway – EFTASA Breach of EEA Rules
On 19 April 2023, EFTASA said NOR is restricting freedom of establishment. EFTASA sent reasoned opinion to Norway regarding the requirement for NOR financial undertakings (including banks, insurance companies) to get a quasi-authorization. NOR law requires them to be authorized before establishing subsidiaries or acquiring certain percentages of financial undertakings in other EEA States, breaches…
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U.S. – Fed UBS, Takeover of US Credit Suisse
On 14 April 2023, Fed issued approval of Credit Suisse takeover in the US. Fed approved UBS Group AG to acquire the US subsidiaries of Credit Suisse Group AG. Follows March 2023 approved UBS takeover of Credit Suisse in Switzerland. Implementation UBS has committed to provide Fed with implementation plan, to be updated quarterly. Will…
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Norway – Gov’t Proposes Changes to Foreign Direct Investment Screening
On 12 April 2023, the Norwegian government submitted a bill proposing amendments to the Norwegian Security Act which regulates the screening of foreign direct investment as it relates to substantial shareholdings.
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Rulefinder Alerts to Temporary Short Selling Ban
On 18 April 2023, Rulefinder provided an alert to new temporary short selling ban in an issuer on the Korean Exchange. The short selling ban is effective on 19 April 2023.
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S Korea – FSS to Revise Voting Guidelines for Asset Management
On 13 April 2023, SK FSS set up a task force to revise voting guidelines. SK FSS launched task force to enhance the effectiveness of voting guidelines, which support responsible voting by asset management companies on key corporate matters. Task Force Will analyze voting rights and disclosure practices of asset management companies. Explore ways to…
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