On 11 November 2023, AST GVT registered 32nd compilation of Foreign acquisitions and takeovers act 1975 above, setting out text as amended and in force on 20 October 2023. This compilation reflects an amendment to the meaning of the definition of associate, arising as a result of the creation of a single ASTCA glossary.
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Bahrain – CB Amendments to Takeover and Mergers
On 12 November 2023, BHR CB issued amendments to the TMA module. BHR CB issued letter re amendments to takeovers, mergers and acquisitions module under CBB rulebook volume 6 regarding Independent advice and shareholder approval. Follows BHR CB consultation on takeovers and mergers amendments. Highlights Removed text re obtaining independent advice whether offer is in…
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U.S. – FINRA Short Selling Reporting Dates
On 8 November 2023, FINRA published schedule of short selling reporting dates for 2024
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S Korea – KRX Disclosure Violations Review
On 8 November 2023, KRX proposed revisions re securities market disclosure. KRX proposed revisions to Enforcement rules of securities market disclosure regulations, to ensure promptness when handling multiple unfaithful disclosures. Revisions Modify the term comprehensive deliberation to instead read consolidated deliberation. Add 1 penalty point for each violation, in order to prevent the penalty level…
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U.S – SEC Major Shareholding Reporting
On 7 November 2023, SEC published final rules in federal register, effective 5 February 2024. Background: Amendments shortened deadlines for initial and amended major shareholding reports: Schedule 13D, 13G filings. Clarified Schedule 13D disclosure requirements with respect to derivatives securities. Required 13D, 13G filings be made using structured, machine-readable data language. The adopting release provided…
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Hong Kong – SFC Short Selling Fraud Charges
On 7 November 2023, HK SFC prosecuted individual for fraudulent scheme. HK SFC said Ms Christine Yeung Tak Sum is facing trial in Eastern Magistrates’ Court for charges related to fraudulent scheme in securities transactions, illegal short selling. This case marks the first prosecution by HK SFC involving a defendant accused of employing a fraudulent…
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