On 28 March 2023, SWI SBA showed support for Credit Suisse/UBS takeover. SWI SBA Chairman Marcel Rohner and deputy CEO August Benz commented on the current situation of the Swiss financial center during a media conference on 21 March. Follows SWI GVT, SWI CB, FINMA March 2023 approved UBS/CS takeover. Best Solution SWI SBA said…
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Luxembourg – CSSF Takeover Bids Law
On 27 March 2023, LUX GVT issued consolidated version of law of 19 May 2006, transposing dir 2004/25 on takeover bids, applied from 28 Deccember 2005 - 27 July 2022. Background On 24 July 2022, LUX CSSF published consolidated law on takeover bids. he law transposes EU directive 2004/25/EC of 21 April 2004 on takeover…
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Australia – GVT / ASIC’s Relevant Interests
On 20 March 2023, AST GVT registered instruments about relevant interests. AST GVT registered ASIC corporations (relevant interests: ASIC and ASIC chairperson) instrument 2023/194 to preserve the effect of the relief AST ASIC previously provided. Namely, under ASIC class order [CO 12/1209], which is due to sunset 1 April 2023. In addition, AST GVT registered…
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Singapore – MAS Credit Suisse Takeover
On 20 March 2023, SIN MAS commented on operations of Credit Suisse AG. SIN MAS commented on Credit Suisse's operations after annoucement of the takeover. Follows SWI GVT, SWI CB, FINMA March 2023 approved takeover of CS. Statement Takeover is not expected to have an impact on stability of Singapore's banking system. CS customers will…
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Switzerland – GVT UBS/Credit Suisse Takeover
On 19 March 2023, SWI GVT, SWI CB, FINMA approved UBS takeover of CS. SWI GVT, federal council welcomed and supported UBS takeover of Credit Suisse (CS). Swiss National Bank provided substantial liquidity assistance to support UBS takeover. SWI FINMA also confirmed that it has approved the takeover of Credit Suisse by UBS. Follows SWI…
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Japan – METI Fair Acquisition / Takeover Study
On 22 February 2023, JPN METI invited comments, info mainly from listed firms, investors. Aim to deepen analysis, consideration of major items under discussion by study group. Concern matters including principles of acquisitions in general, conduct of directors and BoD regarding takeover proposals, raising transparency related to acquisitions. Preventing acts that distort shareholder decision-making, an…
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