On 25 August 2023, SSE, SZSE clarified shareholding reduction re divorce. SSE, SZSE answered questions re implementation rules on shareholders, directors, supervisors, and senior management of listed companies for shareholding reduction. Follows CHI CSRC July 2023 answered questions re division of shares. Also follows SSE, SZSE issued the implementation rules on 27 May 2017. Clarifications…
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Spain – CB Shareholding Notification Fines
On 23 August 2023, ESP CB fined Bnext Electronic Issuer EDE for shareholding reporting failures. ESP CB fined Bnext Electronic Issuer EDE SL €120,000 over serious infringement, directors Guillermo Vicandi Nebreda €12,000, Juan Antonio Rullán de la Mata €6000. The decisions were issued on 28 July 2023 but made public on 23 August 2023. Serious…
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China – CSRC Division of Shares in Divorce
On 28 July 2023, CHI CSRC answered questions re division of shares. CHI CSRC answered questions from reporters on matters related to the divorce of major shareholders of listed companies and the resulting division of company shares. Background Since the beginning of 2023, there have been a number of incidents in the market where major…
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Poland – FSA Fines for Shareholding Reporting Failure
On 26 July 2023, POL FSA fined Krzysztof Gawla for violating shareholding reporting rules. POL FSA issued penalties to Krzysztof Gawla for various violations related to not notifying certain companies and the Commission about changes in shareholding. Penalties On 2016 June 2023, a fine was imposed of 20k PLN for not informing Budopol-Wroclaw SA and…
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EFTASA Norway Breaching Shareholding Restrictions
On 19 July 2023, EFTASA said Norway in breach of EEA rules for shareholding restricting. EFTASA noted Norway is in breach of EEA rules for restricting shareholding in insurance undertakings and credit institutions thus sent 2 reasoned opinions on the matter. Key Aspects Incorrect implementation and application by Norway of relevant EEA acts regarding prudential…
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Norway – Govt Consultation on Group Relations Re: Shareholding
On 17 July 2023, NOR GVT consulted on group relations in Companies Act. NOR GVT requested input on group relations potential changes in Companies Act. Overview Ministry of Industry wants to survey whether there is need for measures or changes for group relations in the Companies Act. Per feedback, public debate and criminal case that…
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