On 15 February 2024, FIN PRL issued HE 3/2024 on FIN GVT proposal to amend Securities Markets Act into law affecting provisions on major shareholdings and voting rights. Also affects major shareholdings and voting rights, takeover bids, and obligation to bid, so that they would apply to multilateral trading facilities, not just regulated markets. By…
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Poland – FSA Final Decision Major Shareholding Case
On 5 January 2024, POL FSA issued final decision regarding Michal Kosciuszko. POL FSA published the final decision regarding the Michal Kosciuszko major shareholding disclosure case. Violations On 15 December 2023, POL FSA repealed 13 December 2016 decision imposing PLN800,000 fine on Kosciuszko for infringements re major shareholding in Polskie Jadlo SA in 2011/12. Fine…
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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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27 December 2023 – France AMF Failure to Disclose Major Shareholding
France AMF Failure to Disclose Major Shareholding
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U.S – SEC Major Shareholding Reporting
On 7 November 2023, SEC published final rules in federal register, effective 5 February 2024. Background: Amendments shortened deadlines for initial and amended major shareholding reports: Schedule 13D, 13G filings. Clarified Schedule 13D disclosure requirements with respect to derivatives securities. Required 13D, 13G filings be made using structured, machine-readable data language. The adopting release provided…
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U.S. – SEC Adopts Changes to Major Shareholding Reporting
On 10 October 2023, the SEC issued confirmation that it is adopting amendments to the rules governing major shareholding reporting that had been proposed. The key changes from these amendments are: (a) reduction in the deadlines for disclosures of 13D and 13G Reports; (b) disclosure of cash settled securities; (c) clarification on the criteria for…
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