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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Italy – Consob Changes to Substantial Shareholding
On 10 April 2020, ITA Consob issued enhanced substantial shareholding reporting obligations. Consob adopted two provisions for enhanced transparency regarding obligation to disclose substantial shareholdings for some Stock Exchange listed Italian companies. Also cover declaration of intentions acquisition of shareholdings in listed companies. Resolutions 21326, 21327 Resolution nos. 21326 and 21327, both Apr. 9, 2020,…
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Cayman – GVT Beneficial Ownership Rules
On 30 March 2020, CAY GVT widened scope of substantial shareholding / beneficial ownership in companies law, limited liability companies law from over 25% shares, voting rights, to 25% or more of the shares or voting rights in a company. The change will go into effect on 15 May 2020.
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