On 12 April 2022, SWI FINMA announced market manipulation by company. SWI FINMA concluded proceedings against Blackstone Resources AG and one of its bodies for violating market conduct rules as it engaged in market manipulation. SWI FINMA identified market manipulation and disclosure requirements breaches. Overview As part of enforcement proceedings found Blackstone Resources, one of…
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Ukraine – SEC Issuers Disclosure Updates
On 13 March 2022, UKRN SEC relaxed securities issuer disclosure reporting. UKRN SEC issued decision 161 to ensure operation of the capital market in wartime. Summary For the period of martial law, securities issuers will not be obliged to disclose regulated information within the usual time limits established by applicable law and regulations. Annual regular…
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Australia – ASIC Rio Tinto Disclosure Breach
On 7 March 2022, AST ASIC confirmed the firm had breached disclosure laws. AST ASIC confirmed Rio Tinto Limited had been found by AST Court to have breached the continuous disclosure law requirements as set out in the Corporations Act 2001. Follows AST ASIC March 2018 action vs. Rio Tinto, and ex-CEO, CFO. Background In…
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Poland – FSA Improper Disclosure Fine
On 15 February 2022, POL FSA announced final decision on fine re GetBack. POL FSA confirmed that on 11 February 2022, it issued a final decision, upholding decision of 16 December 2020 on imposition of fine on the former member of board of GetBack SA. Follows POL FSA September 2021 reported on fines for former…
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Denmark – FSA Disclosure Regulation Errors
On 10 February 2022, DEN FSA confirmed errors within the Danish translation. DEN FSA received a number of inquiries regarding translation of definition of financial advisers in Article 2, no. 11, letter d, of regulation, citing a poor Danish translation. Follows DEN FSA December 2021 issued Disclosure compliance study. Summary DEN FSA seeks to draw…
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Hong Kong – SFC Fines for Disclosure Failures
On 30 December 2021, HK SFC fined company, director HKD 20k for offenses. HK SFC stated Wai Chun Holdings Group Ltd and director convicted of disclosure of interests offenses following guilty pleas relating to failure to make timely disclosures. Offenses concern acquisition of interests in Chinese Strategic on five occasions in 2017, which is contravention…
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