On 28 August 2024, IND IFSCA revised rules to facilitate securities listing. IND IFSCA published amendments to the Securities contracts (regulation) rules, 1957. Renamed Securities contracts (regulation) amendment rules, 2024, the rules aim to facilitate listing on a stock exchange in International Financial Service Centre. Amendments Introduced definitions for International Financial Services Centre and International…
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Vietnam – CB Proposed Regulations RE: Shareholding Limits
On 16 August 2024, VIE CB proposed regulations re shareholding limits. VIE CB proposed regulations for commercial banks whose shareholders and related parties shares exceed the limits prescribed by the Law on credit institutions 2024. Follows VIE PRL February 2024 approved the draft law on credit institutions. Proposal Due to the Law on credit institutions…
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Poland – FSA Fines for Substantial Shareholding Failures
On 13 August 2024, POL FSA announced that an application had been submitted for reconsideration of the substantial shareholding case against Perla – Browary Lubelskie SA the decision made on 15 July 2024. Penalties were imposed on Perla – Browary Lubelskie SA, based in Lublin. Fine of PLN 4mn has been imposed for violations of…
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Egypt – FRA Listing on Stock Exchange
On 23 July 2024, EGY FRA issued Decision No. 148/2024 amending Decision 11/2014. Document dated 23 July 2024, received from EGY FRA 28 July, summarized on 30 July. Article 7 bis re Shareholding Restrictions for Special Purpose Acquisition Companies required that company's issued and paid-up capital must not be less than 10 mn EGP. Company…
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Poland – FSA Fines for Shareholding Disclosure Failure
On 18 July 2024, POL FSA imposed a PLN 4mn fine on Perla Browary Lubelskie for not reporting major shareholding. Main Points Perla had increased its shareholding and vote rights in Przedsiebiorstwo Przemyslu Spozywczego SA (PEPEES), without notifying it or POL FSA, between 2016-2018. The changes in the company's share in the total number of…
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Russia – Gov’t Updated Disclosure Rules
On 2 July 2024, RUS GVT amended significant firms' disclosure regulations. RUS GVT issued decree 569 amending decree 73 on the temporary procedure for disclosing and providing information by business entities that are economically significant organizations and certain other persons. Follows, RUS GVT January 2024, decree on disclosure by significant firms. Summary Economically significant organizations…
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