On 19 April 2023, EFTASA said NOR is restricting freedom of establishment. EFTASA sent reasoned opinion to Norway regarding the requirement for NOR financial undertakings (including banks, insurance companies) to get a quasi-authorization. NOR law requires them to be authorized before establishing subsidiaries or acquiring certain percentages of financial undertakings in other EEA States, breaches…
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Kuwait – CMA Fines for Failure to Disclose Shareholdings
On 6 April 2023, KUW CMA issued fine to COO of Kuwait Finance House for failure to disclose shareholdings. KUW CMA issued disciplinary board decision 125/2022 (100/2022 Authority) fining Kuwait Finance House executive, due to violation of disclosure and transparency rules. Violations Mr Abdullah Mohammad Abdullah Abu Alhous, group chief operations officer, Kuwait Finance House,…
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Japan – FSA Information Disclosure Guide, Shareholding
On 24 March 2023, JPN FSA updated 2022 list of examples of good disclosure practices. Made additions re overview of corporate governance, audits, remuneration for directors, status of shareholding, and trends on improvements in written disclosure. Reflect example disclosures discussed by study group incl. investors, analysts, firms. Also include examples in response to new 31…
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E.U. – EBRD Procredit Core Shareholding
On 20 March 2023, EBRD said it would be Procredit Holding core shareholder. EBRD will become a core shareholder in ProCredit Holding AG & Co. KGaA subject to regulatory approval, acquiring an additional 5%, bringing total shareholding to 8.7%. ProCredit Holding is parent company of the development-oriented ProCredit Group with subsidiaries in 10 EBRD economies;…
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Australia – ACMA on Foreign Shareholding in Media Assets
On 9 March 2023, AST ACMA issued its report on ownership of media assets. AST ACMA published report of December 2022 titled Foreign Ownership of Australian Media Assets: Review of Legislative Requirements; Review of the Foreign Ownership of Media assets (FOMA) scheme and the Register found it is only partly meeting its objectives. Consequently, the…
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Japan – FSA Tender Offer, Shareholding
On 2 March 2023, JPN FSA published matters to be considered by council. JPN FSA published request by JPN GVT minister of state for financial services. For the joint meeting of financial system council and subcommittee of finance to consider the ideal approach to tender offer and large shareholding reporting systems. Aims to ensure market…
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