On 14 January 2021, ITA Consob extended validity of measures until 13 April 2021. ITA Consob extended enhanced transparency regime on changes in substantial shareholdings, declaration of investment objectives for further 3 months until 13 April 2021. Follows ITA Consob April 2020 issued enhanced transparency obligations. Overview Transitional regime of enhanced transparency re changes in…
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Germany – BaFin Fine Hambro Voting Rights
On 11 November 2020, GE BaFin fined JO Hambro Capital for voting violations. BaFin has fined JO Hambro Capital Management 120,000 euros over voting violations. JO Hambro Capital Management failed to submit it's voting rights notifications on time. BaFin said the failure violated section 130 paragraph 1 of Administrative Offenses Act. The company was also…
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U.A.E. – AbuDEx Foreign Investment in Taqa Shares
On 10 November 2020, AbuDExc revised foreign share ownership limit for Taqa. AbuDExc announced Taqa shares were opened to foreign ownership, with cap of 49%. Overview Informed of new substantial shareholding limit on Abu Dhabi National Energy Company PJSC (TAQA) shares, 51% is minimum ownership for UAE nationals and for non-UAE nationals 49%. Board had…
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Taiwan – FSC Shareholding in Insurance Firms
On 19 May 2020, TAI FSC amended rules on insurance shareholding. Amended article 139-1 of the insurance act, on supervision for eligibility of the controlling shareholders of an insurance company, to implement equity transparency. Amendment When the third party mentioned in article 139-1 part 3 is a legal person, the actual beneficiary or ultimate controller…
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France – Proposal to Change Shareholding Disclosure Threshold
On 28 April 2020, FR AMF issued proposed shareholder activism rules. The AMF has suggested several targeted measures regarding shareholder activism. Proposals Enhance transparency on stake-building by lowering the first legal notification threshold for substantial shareholding and making public any statutory threshold crossing reported to the company; Supplementing the reporting on net short positions by…
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Sweden – FI Fine for Late Shareholding Disclosure
On 20 April 2020, SWE FI fined investors for notice of share purchase. Brax Investments SA will pay special fee of SEK 2,400,000 ($240K) for late notification of the acquisition of shares in Nordic Flanges Group AB (publ) to Finansinspektionen. Bees Invest Bees Invest SA SPF will pay a penalty fee of SEK 2,400,000 ($240K)…
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