On 21 September 2022, the SEC's Investment Advisory Committee had a public meeting to discuss shareholding disclosure reporting. Background: Proposed Rule 10B-1 Committee received comments on the proposed changes to 10B-1 Position Reporting of Large Security-Based Swap Positions / Asset-Based Swaps Discussion pertained to the modernizing of the reporting and regulation of the swaps markets.…
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Czech Republic – PRL Beneficial Owner Registration
On 31 August 2022, CZC PRL issued act amending act on beneficial owners. CZC PRL issued Act amending Act no. 37/2021 coll., on the registration of beneficial owners, amending various definitions of the ultimate ownership and control of firms. Follows CZC GVT January 2022 updated documents for beneficial owners. Amendments Act contains changes to wording,…
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Bangladesh – CB Capital Market Investment
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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