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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Netherlands – Courts Voting Rights’ Agreement
On 24 August 2022, NLD Courts ruled shareholders' voting agreement legal. NLD Courts ruled on agreement between shareholders to exercise their voting rights in the event of a tie in accordance with advice to be obtained from third parties. Supreme Court ruled the above in context of action re legality of the said agreement. Context…
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Germany – BaFin Fines for Late Shareholding Disclosure
On 11 August 2022, GE BaFin fined Bank of America Corporation €5.1mn. GE BaFin said it imposed €5.1mn administrative fine on Bank of America Corporation for late shareholding disclosure. Voting Rights Penalty related to breach of section 130 (1), Act on Breaches of Administrative Regulations (OWiG), in conjunction with sections 33 (1) sentence 1, 38…
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U.K. – Gov’t Foreign Investment Guidance Notes
On 20 July 2022, UK GVT updated guidance about the national security and investment act to include guidance for new build downstream gas, electricity assets. On same date, UK GVT updated downstream oil details in guidance on the 17 types of notifiable acquisitions under the national Security and Investment act 2021. And published guidance for…
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