On 19 July 2022, RUS NFA initiated development of issuer disclosure criteria. RUS NFA initiated development of new mechanisms/criteria for information disclosure by Russian issuers as currently firms have limited amount of information they disclose. Summary Limited disclosure of information by issuance documents leads negative consequences, making it difficult for investors to develop risk policies,…
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Hungary – CB Voting Rights In Takeovers / Acquistions
On 14 July 2022, HUN CB discussed shares with voting rights in acquisitions. HUN CB published article by Dr. Kornél Komlósi, HUN CB market compliance lawyer on the effects of shares with voting rights to determine control influence in acquisitions. Main Points The Capital Markets Act provisions apply to acquisitions of control of a target…
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Germany – BaFin Voting Rights Disclosure Fine
On 20 June 2022, GE BaFin fined CEWE Stiftung & Co. €600,000 for breach. Ge BaFin announced CEWE Stiftung and Co. €600,000 fine, imposed on 1 June 2022. Company did not publish the total number of voting rights within the required time. Breached section 41(2) in conjunction with section 1 of German securities trading act.…
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Russia – CB Securities Market Disclosures
On 14 June 2022, RUS CB issued guide on securities market disclosures. RUS CB issued guide on restricting disclosure of information on the securities market on temporary decisions allowing participants to choose disclosed information. RUS CB Recommendations RUS CB recommended that investors carrying out transactions with securities account for the fact that information disclosure by…
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U.S. – Senate Disclosures by Foreign Insiders
On 3 May 2022, Senate bill to require certain disclosures by foreign execs. Senate introduced bill SB 4172, entitled the Holding Foreign Insiders Accountable Act. Legislation amends SEA to address disclosures by executives of foreign private issuers. Background Currently, executives of US publicly-traded companies must disclose any trades they make of their own company’s stocks…
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Vietnam – SEC Securities Firm Disclosures
On 6 May 2022, VIE SEC asked firms to comply with disclosure obligations. VIE SEC required public companies, securities companies, investment management companies to comply with the obligation to disclose information on the stock market. Disclosure Rules Including decree 155/2020/ND-CP on the implementation of the Law on securities. As well as circular 96/2020/TT-BTC on disclosure…
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