With the end of the quarter approaching, the Global Disclosure Team have summarised the key requirements of 13F Reporting. 1. Who Must File a Form 13F Institutional investment managers that use the United States mail in the course of their business and that exercise investment discretion over USD100 million or more in Section 13(f) securities…
On 17th October 2013, the EU Council adopted the Transparency Directive Amending Directive (TDAD). On the 6thNovember 2013, the TDAD was published in the Official Journal and came into force on 26thNovember 2013. The final regulatory technical standards (RTS) were published on 13thMay 2015. Each Member State was required to implement this within 24 months…
What are the key challenges with shareholder disclosure rules? In this blog, we consider the variety of challenges that combine to make these global shareholder disclosures much more burdensome than the UCITS or 1940 Act Investment Limits. The volume and speed of Regulatory changeWhilst, for example, it has taken the Eligible Asset Directive, ESMA Guidelines…
Rule 8 of the UK Takeover ( the “Code” ) sets out the circumstances in which Dealing Disclosures and/or Opening Position Disclosures are required to be made by: the parties to an offer; persons acting in concert with the parties to an offer; persons with an interest in relevant securities of 1% or more; and…
Following 4 years of consultations and several minor revisions, the Monetary Authority of Singapore (MAS) under the Securities and Futures (Short Selling) Regulations 2018, is finally due to implement rules requiring investors to report their short positions and short sell orders in securities listed on the Singapore Exchange (SGX). The new rules will enter into…