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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Malaysia – SCM Fund Management Disclosure
On 5 July 2021, MLY SCM amended guidelines on compliance function. MLY SCM updated guidelines on compliance function for fund management companies. To ensure there are controls and compliance established towards ensuring investor protection and market confidence, and activities are in compliance with requirements. Amendments Amend paragraph on disclosure, to remove requirement to disclose interest…
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E.U. – EBA NCA Investment Firm Disclosures
On 25 June 2021, EBA issued report ITS on IFD disclosure by supervisors. EBA issued final draft standards of supervisory disclosure re investment firms directive. Part of phase 2 mandates of EBA roadmap on investment firms disclosure by EU NCAs. Will ensure disclosed information is comprehensive and comparable across all States. Background Follows EBA June…
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