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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Australia – FIRB Compliance with Foreign Acquisitions & Takeovers Act
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no 12 (rule 9 and the interests in shares of clients whose funds are managed on a discretionary basis) had been withdrawn.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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