On 20 February 2023, AST FIRB issued warning regarding investor compliance. AST FIRB reminded that since 1 January 2021, all foreign persons who are given a no objection notification or exemption certificate have been required to notify AST GVT. Specifically, required to notify the AST GVT no later than 30 days after taking each specified…
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U.K. – Takeover Panel Acting in Concert Paper
On 20 February 2023, UK TO Panel published revised takeover code, reflecting instrument 2022/6 changes - presumptions of definition of acting in concert and related matters. Also advised that practice statement no 12 (rule 9 and the interests in shares of clients whose funds are managed on a discretionary basis) had been withdrawn. Minor consequential…
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India – SEBI Share Acquisition, Takeovers
On 16 February 2023, IND SEBI issued master circular on takeover procedures, formats. IND SEBI issued master circular for procedures and formats under SEBI (substantial acquisition of shares and takeovers) regulations, 2011 (takeover regulations). Follows IND SEBI March 2022 on the system driven disclosures. Overview Enables stakeholders to have access to provisions of applicable circulars…
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Taiwan – TSA US Stock Acquisition / Takeover Rules
On 10 January 2023, TAI TSA said TAI FSC amended rules on foreign securities. TAI TSA informed members re TAI FSC amendment on regulations governing securities firms accepting orders to trade foreign securities to protect investors' interest. Background Considered differences between public acquisitions of U.S. stocks and mini-tender offers where buyer reserves right to extend…
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U.K. – Gvt – National Security Acquisition / Takeover
On 9 January 2023, UK GVT updated guidance on UK GVT notification rules. UK GVT updated guidance for investors and businesses on the legal requirement to tell it about sensitive acquisitions / takeovers under national security and investment act (NSIA 2021). Follows UKP November 2020 issued bill on national security and investments. Updated Guidance Content…
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Australia – GVT Foreign Acquisition / Takeover
On 9 January 2023, AST GVT registered 28th compilation of the Foreign acquisitions and takeovers act 1975, showing the text of the act as amended and in force 1 January 2023. Supersedes 27th compilation noted above; issued to reflect changes made by the Treasury laws amendment (2022 measures no. 3) act 2022, which updates figures…
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