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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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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