On 20 April 2023, GE BaFin fined Prime Partners for failure to disclose substantial shareholding. GE BaFin fined Prime Partners for violations of German securities trading act (WpHG). Violations Prime Partners failed to submit proper notice of substantial shareholding to BaFin. This breach of shareholding notice is in violation of section 33, sentence 1 of…
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France – ACPR Financial Holding Companies
On 12 January 2023, FR ACPR clarified position on holding company oversight. FR ACPR issued position 2022-P-02 re financial holding companies, mixed financial holding companies, parent companies and investment holding companies' obligations. Specifications re approval obligations, exemption from approval, as well as prudential obligations according to the place of the holding in the chain of…
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Germany – BaFin Voting Rights Notification
On 22 December 2022, GE BaFin issued on significant voting rights notification. GE BaFin issued details on mandatory notification re significant voting rights' changes. Mandatory Notification Natural, legal persons must notify the amount of voting rights in listed companies. As soon as they reach, exceed or fall below one of the threshold values through the…
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S Korea- FTC K Cube Holdings Voting Restrictions
On 15 December 2022, SK FTC penalized K Cube for violating voting rules. SK FTC issued a corrective order to K Cube Holdings, an affiliate of Kakao Co. Ltd, for violating restrictions on voting rights of financial companies and insurance companies. Violations Rules state that a company that belongs to a business group subject to…
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Foreign Direct Investment Third Quarter Snapshot
Following up on my 2nd quarter foreign direct investment review, we’ll pick it up in Ireland which set out a new FDI screening rule like that of the UK. Get the full article
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Switzerland – CDBF Shareholding Reporting
On 6 October 2022 SWI CDBF reported case on group shareholding reporting. SWI CDBF issued comment on Federal Court's ruling 2C_546/2020 of 18 August 2022. The ruling clarified the terms of application of the standards on the disclosure of participations in collective capital investments under provisions of art. 120 of LIMF. Background The first financial…
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