Regulatory Alerts2023-01-15
Securities and Exchange Commission Regulations 2022: Regulatory Bylaw No. 10 on Disclosure of Significant Shareholdings
The Securities and Exchange Commission issued Bylaw No. 10 of its 2022 Regulations to mandate the disclosure of significant shareholdings, defined as direct or indirect ownership of 10% or more of a listed company's shares. The regulation requires investors, listed companies, and the depository center to report initial holdings and any subsequent changes of one percentage point to the Authority, the market, and relevant parties within specified timeframes. Non-compliance with these disclosure obligations and deadlines is subject to penalties under Law No. 74 of 2004.
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