As we move closer and closer to a no-deal Brexit, the likelihood is, that come the end of the UK’s transition period for leaving the EU (1st January 2021), major shareholders will need to consider a number of new factors to ensure they are making the correct disclosure to the correct competent authority of the issuer.
On 11th November 2020, the UK Government introduced the long-awaited National Security and Investment Bill in the House of Commons. The Bill provides the government with new powers to screen investments, and aims at tightening the rules governing foreign investment across Britain’s critical infrastructure and parts of its defence industries.
Yesterday, the Financial Conduct Authority (FCA) fined a Hong Kong hedge fund just over £870,000 for failing to disclosure its net short position in Premier Oil Plc. This is the first time the FCA has taken enforcement action for a breach of the SSR.
