On 8 August 2024, SK Tax issued changes in threshold for substantial shareholding. SK Tax announced changes in tax reporting for major shareholders; the financial threshold for being classified as a major shareholder will increase to KRW 5bn. Announcement Affects those who have transferred stocks within H1 2024, subject to capital gains tax. Minor shareholders…
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China – SSE Shareholding Reduction Guidelines
On 24 May 2024, SSE issued several guidelines for listed companies. SSE issued a number of business and self-regulation guidelines for listed companies. Follows SSE April 2024 proposed 7 rules to develop the capital market. Reduction of Shareholdings SSE revised Notice by the SSE and China Securities Depository and Clearing Co., Ltd. on issuing business…
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Taiwan – TPEX Published Amended Substantial Shareholding Regulations
On 17 February 2024, TAI TPEX published the amended regulations re declaration on acquisition of shares / substantial shareholding according to para 1 of article 43-1 of Securities and exchange act. Amendments Aims to lower the reporting threshold for substantial shareholdings from 10% to 5%. Major shareholders will be able to submit their reports through…
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China – CSRC Major Shareholding / Takeover Disclosure Requirements
On 5 January 2024, CHI CSRC proposed interpretation of articles of measures. CHI CSRC drafted proposal for public feedback re interpretation, application of articles 13 and 14 of Measures for the administration of the takeover of listed companies. Interpretation Related to major shareholding disclosure requirements for investors and their concerted actors when their major shareholding…
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S Korea – FSC Foreign Major Shareholders
On 25 August 2022, SK FSC proposed revisions re foreign major shareholders. SK FSC proposed amendments to regulations on financial investment business, to allow foreign shareholders to justify penalty history, reduce impact on credit rating. Amendment Permitted controlling foreign corporate shareholders, as is with domestic substantial shareholders, to add extenuating circumstances for their historical penalty…
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