On 16 November 2021, CHI NEEQ investigated Gangbao disclosure violation. CHI NEEQ investigated a disclosure violation by Gangbao, an innovation tier company. Violation Nanjing Iron and Steel Company, the controlling shareholder of Gangbao, had disclosed its plans to carve out Gangbao's shares for listing on Beijing Stock exchange. Gangbao failed to disclose this on the…
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S Korea – FSS Equity Disclosure Violations
On 8 October 2021, SK FSS focused on types of equity violations committed. SK FSS focused on types of equity disclosure violations being committed recently. Aim to promote proper disclosure, so that investors receive transparent information. Follows SK FSS 30 June 30, 2020 revisions to corporate disclosure standards effective from 6 July 2020, 30 August…
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Ireland – CB Investment Funds Breaches
On 30 September 2021, IRE CB fined Sarasin Funds Management €385,000. IRE CB reprimanded and fined Sarasin Funds Management (Ireland) Limited €385,000 for four admitted breaches of investment funds regulations from May 25-March 2, 2018. Appropriate fine of €550,000 reduced by 30% as per the settlement discount scheme. Background Authorized UCITS fund management firm, managed…
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S Korea – FTC Disclose Internal Transactions
On 31 August 2021, SK FTC made amendments to regulations on public disclosure of important matters of companies belonging to corporate groups subject to disclosure. To enhance convenience for users by increasing specificity of disclosed information by adding transaction status by industry, quarterly transaction amount, for some items. Add disclosure of details of internal transactions…
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Canada – CSE Takeovers By Listed Issuers
On 13 July 2021, CSE issued notice on takeover disclosure requirements. CSE issued guidance, expectations on disclosing certain acquisitions by listed issuers. Exchange reviewed acquisitions of private companies by listed issuers that do not seem to meet fundamental changes criteria, yet significant number of listed securities. Cited CSE Policy 6 distributions, for acquisitions involving issuance…
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China – CSRC Investment Banking Business
On 9 July 2021, CHI CSRC issued opinions on supervising securities firms. CHI CSRC issued opinions on supervision of securities firms engaging in investment banking business under the registration system, to improve their intermediary roles. Aims to address problems such as poor internal controls and corporate governance. Opinions Clarifies standards and scope of supervision responsibilities…
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