January 24, 2007
Summary
◆Two government ordinances and a cabinet order clarifying details of revisions made to the TOB and large shareholding reporting systems were announced on 8 December and 12 December respectively for enforcement with effect from 1 January 2007.
◆They included details of revised provisions for joint shareholders under the large shareholding reporting system.
◆Specifically, any "partnership" effectively controlled by the shareholder is to be treated as a "deemed joint holding" with shares to be included for calculation purposes when submitting a large shareholding report.
◆Otherwise, when the shares are subject to fixed contractual rights, doublecounting between joint shareholders can be avoided by offsetting the counts against each other.
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