Tag Archives: Takeover

Australia – GVT on ASIC Derivative Clearing Re: Takeovers

On 14 May 2024, AST GVT registered an amendment and repeal instrument. AST GVT registered ASIC corporations (amendment and repeal) instrument 2024/229. As per explanatory statement, it repeals instruments which no longer have any legal effect, but would otherwise continue to be identified as in force until their sunset date. Repeals The instrument repeals ASIC…
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U.K. – FCA Fines for Exploitation of Takeover Information

On 10 May 2024, UK FCA reported on sentencing hearing at Southwark Crown Court. Stuart Bayes was sentenced to 18 months’ imprisonment, suspended for 2 years. Also given Rehabilitation Activity Requirement of 35 days, must carry out 150 hours of unpaid work; Judge said Bayes deliberately and dishonestly probed for information on when the takeover…
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Poland – UOK Investment Regulations Re: Takeovers, Substantial Shareholding

On 9 May 2024, POL UOK issued new clarifications on investment control regulations. Purpose of regulations was to protect against takeover of Polish companies important for public order, safety or health by entities from outside the EU, EEA and the OECD; the solution is modeled on regulations existing in other countries e.g. GE, FR, ITA.…
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U.K. – Takeover Panel Revised Takeover Code & Practice Statement 31

On 30 April 2024, UK TO Panel issued revised code & practice statement 31. UK TO Panel published revised Takeover Code and amended Practice Statement 31. Follows UK TO Panel Dec. 2023, issued 14th edition Code/other updates. Takeover Code Revisions reflect amendments in Instrument 2023/4 (central counterparty recovery and resolution), Instrument 2024/1 (The Pensions and…
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U. K. – Takeover Panel Consultation on In-Scope Companies

On 24 April 2024, UK TO Panel issued consultation on applicability of takeover code. The Code Committee of the UK TO Panel has now published a new public consultation paper, PCP 2024/1, which proposes a new jurisdictional framework which would narrow the scope of firms to which Takeover Code (the Code) applied, in a refocusing…
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