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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S Korea – GVT Overseas Start-Up Businesses
On 3 July 2024, SK GVT proposed revisions to define overseas start-ups. SK GVT proposed revisions to the Enforcement decree of the support for small and medium enterprise establishment act, to define overseas start-up businesses. Proposed Revisions Specify a requirement for substantive control for an overseas start-up as 30% or more of shareholding by Korean…
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India – SEBI Clearing Firms Committee
On 3 June 2024, IND SEBI formed a committee to review clearing firms. IND SEBI formed an ad-hoc expert committee to review ownership and economic structure of clearing corporations and the committee will be chaired by Usha Thorat. The ad-hoc expert committee will also suggest measures to ensure that clearing corporations function as resilient, independent,…
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India – IFSCA Market Infrastructure Re: Shareholding
On 27 May 2024, IND IFSCA reviewed market infrastructure institution regs. IND IFSCA commenced review of Market infrastructure institutions regulations, 2021. Follows IND IFSCA January 2021 proposed infrastructure institutions rules. Background The IFSCA (market infrastructure institutions) regulations, 2021 (MII regs), provide the requirements for grant of recognition to an MII in the IFSC, net worth…
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