On 16 November 2022, UK GVT stated that the National Security Bill has reached its final stage in House of Commons and is about to pass to House of Lords, as it moves towards becoming law.
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Rulefinder Alerts to Temporary Short Selling Bans
On 17 November 2022, Rulefinder alerted subscribers to temporary short selling bans in two countries. Short selling bans are effective on 18 November 2022.
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India – SEBI Share Acquisition, Takeovers
On 9 November 2022, IND SEBI amended regulation re public disinvestment. IND SEBI published the SEBI ((substantial shareholdings and takeovers) (amendment) regulations, 2022, effective upon publication in the official gazette. They amend SEBI (substantial shareholdings and takeovers) regulations, 2011. Follows IND SEBI December 2021 third amendments to takeover regulations. Amendments Inserted provisos that price determined…
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U.K. – CMA NEC Software/Capita Takeover
On 11 November 2022, UK CMA published responses from NEC Software Solutions (NECSWS) and SSS Public Safety (SSS) to provisional findings and possible remedies. NECSWS did not agree with UK CMA's current view that a full divestment of SSS is the only potential effective remedy, stating it is unreasonable and inconsistent with CMA's stated guidance…
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S Korea – FSC Respond to Illegal Short Selling
On 9 November 2022, SK FSC finalized Regulations on financial investment business. Cover revisions regarding foreign corporate shareholders of credit rating agencies too. Follows SK FSC August 2022 propose revisions re foreign shareholders. Revised Regulations are effective from the same day, but with transition measures. Background: Consultation paper issued in September proposing rules to reinforce…
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Norway – Updated Substantial Shareholding Guidance Notes
The Norwegian Financial Supervisory Authority (NFSA) issued an update to the Guide to the Securities Trading Act Chapter 4 – disclosure obligations (Norwegian only). The Guide provides some practical clarifications regarding the NFSA's interpretation of the new substantial shareholding disclosure rules that entered into force on 1 September 2022.
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