On 13 December 2023, UAE DFM issued listing and membership, trading rules. UAE DFM issued listing rules module, and membership, trading, derivatives module. Documents dated 2023, received from UAE DFM 13 December 13, summarized on 19 December 2023. Follows UAE DFM November 2022 issued market rules modules one to four. Background Module 3 Membership, Trading…
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Hong Kong – SFC Position Limit Enhancements
On 15 December 2023, HKEX issued circular re implementation of consultation conclusions from June 2023, regarding enhancements to the position limit regime in Hong Kong. Implements the proposal to enhance the exchange-level position limits for stock options contracts by increasing the number of position limit tiers from three to five.
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U. K. – Takeover Panel Issues 14th Edition of Takeover Code
On 11 December 2023, UK Takeover Panel issued 14th edition Code, other updates. UK Takeover Panel issued 14th edition of Takeover Code and amended practice statements. Follows UK Takeover Panel October 2023 issued RS 2023/1 and changes to code. Updated Code Amendments incorporated into Code 14th edition result from consultation PCP 2023/1, entitled Review of…
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U.S. – SEC’s Short Selling Rule Being Challenged
On 12 December 2023, it was reported that three hedge fund associations have sued the SEC in an attempt to vacate two new rules aimed at boosting transparency of short selling. Claims from Associations: MFA, AIMA, and NAPF claim the SEC took conflicting stances with the rules. Allowing transaction reports to be aggregated to protect…
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S Korea – FSC Violation of Shareholding Reporting Duty
On 7 December 2023, SK FSC proposed revisions re capital markets investigation. SK FSC proposed revisions to the Regulations on the capital markets investigation. Revisions Where a reporting duty such as on substantial shareholding is intentionally violated, resulting in material consequences, a penalty surcharge will be imposed in principle, as in the case of violating…
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Sweden – Nasdaq Nordic Updates Takeover Rules
On 6 December 2023 Nasdaq Nordic updated rules for Stockholm, Growth Market. Takeover rules for Nasdaq Stockholm and Nasdaq First North Growth Market Sweden. Takeover Rules Updated takeover rules for regulated markets and the takeover rules for certain trading platforms, administered by Swedish Stock Market Self-Regulation Committee. The takeover rules for regulated markets and the…
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