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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Germany – BaFin Fines for Voting Rights Failure
On 13 July 2022, GE BaFin fined the firm €11mn for reporting, voting breaches. GE BaFin fined Steinhoff International Holdings NV €11,290,000 following its failure to make the 2016/17 annual financial report available to the public in good time. Steinhoff also did not publish voting rights notifications in good time. Ge BaFin fined the firm…
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20 June 2002: Germany BaFin Fines for Voting Rights Breach
Germany BaFin Fines Fine CEWE Stiftung & Co. €600,000 for Voting Rights Breach
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Germany – BaFin Voting Rights Disclosure Fine
On 20 June 2022, GE BaFin fined CEWE Stiftung & Co. €600,000 for breach. Ge BaFin announced CEWE Stiftung and Co. €600,000 fine, imposed on 1 June 2022. Company did not publish the total number of voting rights within the required time. Breached section 41(2) in conjunction with section 1 of German securities trading act.…
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