On 7 May 2020, RUS CB announced deadlines for issuers to disclose Q1 information. Issuers must publish text of issuer's report for Q1 2020 no later than 15 June 2020. The list of affiliates for Q1 2020 should be disclosed no later than 25 May 2020. 2019 annual accounting statements to be published by 27…
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U.S. – SEC Importance Of Disclosure, Covid
On 8 April 2020, SEC detailed disclosures key for markets, in Covid. Chair Clayton statement on importance of disclosure, fight against pandemic, facilitate engagement to mitigate economic contraction, evolve strategies, address challenges. Firm Disclosures Respond to investor interest firm's currrent operational, financial status. Response to Covid, progress to protect health, well-being of workforce, clients, how…
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Hong Kong – SFC Magic Holdings Late Disclosure
On 25 March 2020, HK SFC found Magic Holdings violated late disclosure. Market misconduct tribunal (MMT) found Magic Holdings and its directors culpable of late disclosure of inside information on L’Oréal's proposed takeover of Magic in 2013. Failure to Disclose In April 2013, L’Oréal and Magic’s founders agreed that an offer price of not less than $5.5…
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China – GVT Revised Securities Law
On 29 February 2020, CHI GVT revised and adopted securities law. Securities law has been revised and adopted on CHI PRL 15th meeting, 28 December 2019. Follows fourth reading of securities law submitted on 24 December 2019. Amendments Registration-based system implemented for IPOs; companies no longer need advance approval from regulators and they are not…
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Singapore – FSC Discussed Improvements to Supervision.
On 24 February 2020, SK FSC discussed improvements to supervision. SK FSC chairman Eun Sung-soo held a meeting with financial conglomerate CEOs and private sector experts to discuss improving the supervision of financial conglomerates. Chairman's Remarks The supervision of financial conglomerates is an effort to systematically manage group-wide risks of financial companies, widely in use…
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Russia – CB Derivatives Disclosure
On 13 February 2020, RUS CB proposed rules on complex derivatives trades. Proposed to establish legal requirements for financial institutions (FIs) to disclose information to legal entities when they enter into complex derivative transactions. To eliminate existing legal gaps, protect non-financial firms' interests when entering into derivative trades, and reduce legal uncertainty for FIs operating…
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