New SEC rule takes effect on Aug 31

By The Nation

The Securities and Exchange Commission's new regulations on acquisition and deposition report filing would be effective on August 31.

Under the new regulations, individuals who acquire or divest their stakes in a public company, including listed ones, must take into account the stakes held by connected persons when filing acquisition or divestiture reports to the authorities.

In a statement, the securities watchdog said the the reported stakes must include those held by connected persons which exceed 30 per cent of issued shares.

The percentage of the securities involved is based on the voting ratio, instead of the percentage of all issued shares.

The SEC would use the information to define if an acquisition should lead to a mandatory tender offer, under the Article 247 which stipulates the takeover code.

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New SEC rule takes effect on Aug 31

The Securities and Exchange Commission's new regulations on acquisition and deposition report filing would be effective on August 31.

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