On 1 September 2023, ARG CNV issued resolution on required procedures via GDE ARG CNV issued Resolution 974 regarding the filings that require use of remote procedures (TAD) through the Electronic Document Management System (GDE). Background Decree 1.063 of 2016 approved implementation of Remote Procedures Platform (TAD) via Remote Procedures module of Electronic Document Management…
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Japan – METI Corporate Takeover Guide
On 31 August 2023, JPN METI issued action guide for corporate takeovers. JPN METI published the Guidelines for corporate takeovers, based on discussions at the study group on fair acquisitions, which was established in November 2022. Guidelines Describe principles, best practices to be shared for formation of fair rules regarding M&A, focus on how parties…
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Pakistan – SEC Proposed Changes to Takeover Regulations
On 18 August 2023, PAK SEC proposed revision to listed companies rules. PAK SEC proposed amendments to the Listed companies (substantial acquisition of voting shares and takeovers) regulations, to establish a fair, transparent, and competitive framework for takeover transactions involving shares of listed companies. Document dated 18 August 2023, received from PAK SEC 21 August,…
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Australia – Takeover Panel Revises Guidance on Protections and Control
On 8 August 2023, AST TO Panel revised guidance re deal protection, insiders. AST TO Panel issued revised Guidance note 7: deal protection (previously named Lock-up devices), revised Guidance note 19: insider participation in control transactions. This is the fifth issue as well as third issue of the guidance notes, respectively. Context AST TO Panel…
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U.K. – FB Takeover Code Rule 21 Updates
On 27 July 2023, UK FB issued response to UK TO Panel proposed changes. UK FB issued its analysis of and response to, UK TO Panel's consultation on proposed amendments to Rule 21 of the Takeover Code, dealing with frustrating actions. Follows UK TO Panel May 2023, proposed amendments on Rule 21. Overview Rule 21.1…
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Australia – GVT – Foreign Acquisition/Takeover
On 8 July 2023, AST GVT registered 29th compilation of the Foreign acquisitions and takeovers act 1975, showing the text of the act as amended and in force 1 July 2023. Compilation reflects consequential amendments made by Foreign investment reform (protecting Australia's national security) act 2020.
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