On 20 December 2023, MAU FSC consulted on proposed financial legislation. MAU FSC issued communique on draft legislation for public consultation. Legislation Proposed Securities (Amendment) Act 2023 provides various new definitions throughout the act. Financial Services (Amendment) Act 2023 provides amendments to provide license. Securities (Central Depository, Clearing and Settlement) (Amendment) Act 2023 on establishment […]
On 18 December 2023, UK TO Panel amended note re central counterparty. UK TO Panel published Instrument 2023/4, which amends note 18 on rule 9.1 of the Takeover code, re bank and central counterparty recovery and resolution. Amendment Introduces new paragraph stating that Rule 9.1 does not apply to certain transactions related to central counterparty […]
On 15 December 2023, SWI GVT informed that the Federal Council adopted the draft act on foreign investment screening thereby fulfilling its mandate from SWI PRL and Rieder motion. Foreign investment screening will take the form of an approval requirement for the takeover of domestic companies, operating in a highly critical sector, by a foreign […]
On 11 December 2023, UK Takeover Panel issued 14th edition Code, other updates. UK Takeover Panel issued 14th edition of Takeover Code and amended practice statements. Follows UK Takeover Panel October 2023 issued RS 2023/1 and changes to code. Updated Code Amendments incorporated into Code 14th edition result from consultation PCP 2023/1, entitled Review of […]
On 6 December 2023 Nasdaq Nordic updated rules for Stockholm, Growth Market. Takeover rules for Nasdaq Stockholm and Nasdaq First North Growth Market Sweden. Takeover Rules Updated takeover rules for regulated markets and the takeover rules for certain trading platforms, administered by Swedish Stock Market Self-Regulation Committee. The takeover rules for regulated markets and the […]
On 29 November 2o23, SWI DP issued mediation decisions on access to takeover data. SWI DP published recommendations following takeover of Credit Suisse (CS) by UBS. Main Points Following the takeover of Credit Suisse by UBS, several applications for access to information were submitted under the Freedom of Information Act that were refused. By invoking […]