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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China – CBIRC, CSRC Lujiazui Forum Discuss Canceling Restrictions on Shareholding Ratio
On 8 June 2023, CHI CBIRC, CHI CSRC held the 14th Lujiazui forum. CHI CBIRC and CHI CSRC held 14th Lujiazui forum 2023 with topic namely global financial openness and cooperation: new driving forces for economic recovery. Speech by CHI CBIRC Li Yunze Optimize financial products and services; increase financial support in key areas such…
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Germany – BaFin Acting in Concert Examples Shareholding and Takeovers
On 30 May 2023, BaFin published an article regarding collaborative engagement among institutional investors. covers collaborative engagement with respect to ESG topics notes the possible unintended consequences related to acting in concert within German substantial shareholding and takeover requirements. presents various scenarios to help illustrate the topic provides BaFin’s assessment as to whether relevant understanding…
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Sweden – FI Fines for Late Shareholding Disclosure
On 16 May 2023, SWE FI fined SBB for late flagging and missing flags. SWE FI imposed two fines on real estate investment firm Samhällsbyggnadsbolaget i Norden AB (SBB) in relation to late flagging and for missing notification information. Both penalties were imposed under the Financial Instruments Trading Act (1991:980) Late Flagging Fined SEK 750,000…
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S Africa – Updated Vetting for Collective Investment Scheme Managers
On 4 May 2023, RSA FSCA updated on vetting process for CIS managers. RSA FSCA informed collective investment scheme (CIS) managers and trustees about changes to the RSA FSCA's approach to conducting criminal verification checks. Re directors and significant owners, who are natural persons, of CIS managers. Revised Approach Revised process for conducting criminal verification…
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Taiwan – FSC Shareholding Notification 5%
On 4 May 2023, TAI PRL reported Securities and exchange act passing 3rd reading. After the revision, no matter whether it is alone or in name of others/spouse/children with total substantial shareholding more than 5% shares of listed company, it must be disclosed. Further disclosure is required for every 1% increase in shares of the…
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