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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Spain – Gov’t Extends Temporary FDI Controls
On 27 December 2022, ESP GVT issued Royal Decree - Law (RDL) 20/2022 extending the temporary FDI controls. Purpose Measures to support citizens and companies regarding energy, food, transportation, the gas-intensive industry, economic and financial stability and social protection. Further extension by 2 years of the temporary foreign direct investments (FDI) control procedure which will…
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Finland – FIN CMP Merger / Takeover Notification Threshold
On 29 December 2022, FIN CMP lowered merger / takeover notification threshold from 2023. FIN CMP lowered notification threshold for mergers and acquisitions from 1 January 2023. Means harmful market concentration can be prevented more effectively than before. Follows FIN CMP November 2022 consulted on draft acquisitions /takeovers guidelines. Overview The changed law aims to…
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S Korea – FSC Shareholder Takeover Rights
On 21 December 2022, SK FSC protected investor rights in M&A share transfers. SK FSC held seminar on measures to protect general investors in case of change in management rights by stock transfer; introduced mandatory tender offer system. This system obligates a company to acquire a certain percentage of stocks through a tender offer when…
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