On 16 December 2022 SWE FI imposed a SEK400,000 penalty for late flagging. SWE FI decided Prior & Nilsson Fond- och Kapitalforvaltning Aktiebola (company) must pay SEK400,000 penalty fee for breach of the obligation to notify SWE FI in due time that its holding of shares and votes in Besqab AB (publ) exceeded a flagging…
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Rulefinder Alerts to Temporary Short Selling Bans
On 21 December 2022, Rulefinder identified temporary short selling bans in two countries. Temporary short selling bans are in effect for 22 December 2022.
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S Korea- FTC K Cube Holdings Voting Restrictions
On 15 December 2022, SK FTC penalized K Cube for violating voting rules. SK FTC issued a corrective order to K Cube Holdings, an affiliate of Kakao Co. Ltd, for violating restrictions on voting rights of financial companies and insurance companies. Violations Rules state that a company that belongs to a business group subject to…
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U.K. Takeover Panel Response Acting in Concert Paper
On 14 December 2022, UK Takeover Panel code committee published its response statement RS 2022/2 and individual responses received to PCP 2022/2, and instrument 2022/6. Amendments included, among other things, a new version of section 6 Offer by a consortium offeror; s. 7. Investors in limited partnerships and other investment funds. Section 8 Pension schemes,…
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Germany – Courts Takeover, Shareholder Rights
On 13 December 2022, GE Courts ruled on Deutsche Bank takeover of Postbank. GE Courts Federal Court ruled again on takeover of Postbank by Deutsche bank. The plaintiffs in both cases held shares in Deutsche Postbank AG (Postbank). Case re takeover bid pursuant to S29(1) Securities Acquisition, Takeover Act (WpÜG). Federal Court of Justice Second…
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Saudi Arabia – CMA Foreign Investment Regulation
On 11 December 2022, SAU CMA proposed rules regulating foreign investment. SAU CMA issued its resolution to publish amended draft rules for foreign investment in securities, for public consultations for a period of 30 days. Key Amendments The main elements of the project are the development of qualification conditions and facilitating the requirements that must…
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