On 14 August 2022, BNG CB issued instructions regarding what is considered an investment, as well as defining the upper limit of shareholding in the capital market. Clarified that exposure limit is determined based on purchase value instead of market value, when accounting for investments in mutual fund units and other instruments. This directive is…
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Poland – FSA Substantial Shareholding Disclosure Obligation Ruling
On 11 August 2022, POL FSA reported on supreme administrative court ruling. POL FSA said supreme administrative court ruled in its favor and dismissed cassation complaints in case of Daniel Mzyk, Edmund Mzyk, Maria Mzyk, Karolina Mzyk-Callias. Thus, POL FSA decision taken at meeting on 3 December 2019, has now became final. Case Details Case…
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Poland – FSA Shareholding Disclosure Reporting Failure
On 9 August 2022, POL FSA fined firm's shareholder, Wojciech Babinski. POL FSA published its Jul. 14, 2022 decision to fine Wojciech Babinski PLN 7,130,000 for 13 violations of obligation to notify change after sale of shares in a company. Disclosure Breaches Babinski was the majority shareholder of the company, from its establishment, and during…
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Singapore – MAS Shareholding Disclosure FAQs
On 2 August 2022, SIN MAS issued FAQs to disclose interest in listed security. SIN MAS issued revised FAQs on disclosure of interests in listed securities, under SFA. Securities And Futures Act SFA, Part VII (disclosure of interests), imposes obligations. Scope Applies to director or CEO of a listed corporation (except a foreign corporation with…
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Taiwan – FSC Shareholding by Directors
On 12 July 2022, TAI FSC issued interpretive rules of director shareholding. TAI FSC issued supplementary interpretive rules for the disputes over the application of paragraph 1 of article 157 of Securities and exchange act. Supplementary Rules Clarified the calculation of 10% of shareholding by directors, supervisors, and managers when they obtain the shares before…
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France – AMF Major Shareholding Reporting Failure
On 21 June 2022, FR AMF informed injunction issued to Dynamic Treasure. FR AMF ensured compliance with major shareholding reporting obligations via an injunction. Followed 2 October 2020, FR GVT ordinance on commercial code, after PACTE Law. Holdings in SMCP FR AMF obtained a court injunction against the company Dynamic Treasure Group Limited, established in…
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