On 15 December 2022, SK FTC penalized K Cube for violating voting rules. SK FTC issued a corrective order to K Cube Holdings, an affiliate of Kakao Co. Ltd, for violating restrictions on voting rights of financial companies and insurance companies. Violations Rules state that a company that belongs to a business group subject to…
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E.U. – ECB Qualifying Holding Procedures
On 28 September 2022, ECB consulted on guide to qualifying holding procedures. ECB consulted on guide relating to how to assess buyers of qualifying stakes in banks. Background A shareholder owning 10% or more of a given bank, or exercising significant influence over it, said to have qualifying holding; need ECB authorization to acquire qualifying…
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Switzerland – FINMA Blackstone Manipulation
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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Portugal – ASF Qualified Holdings Form
On 14 December 2021, POR ASF issued forms for controlling qualifying holdings. POR ASF issued forms for the notification of controlling qualifying holdings in insurance brokers or reinsurance intermediaries in accordance with art 65 of norm 13/2020-R. Forms created for purposes of prior notice of acquisition/increase in qualifying holding. Follows POR ASF April 2021 rules…
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Sweden – FI Late Substantial Shareholding Disclosure Fine
On 1 June 2020, SWE FI issued fines to Neongelb, Kringesche re notification. SWE FI fined Neongelb Invest and Kringesche Vermögensverwaltungs GmbH for late disclosure of Stillfront Group shares' acquisition, each fine amounts to SEK 2,400,000. Factual Basis Neongelb Invest GmbH (HRB 147961) and Kringesche (HRB 147903) both must pay a fine for late reporting…
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