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Break fees limited to 1 per cent of the equity value of a company that is a takeover target may be putting businesses at risk of not being able to access rescue funding for example, from the US high-yield debt market. Where a board of directors of an ASX-listed company has conducted a lengthy and transparent process in circumstances where their company’s financial position is deteriorating, and the lender requires a market break fee to…

The Singapore Exchange (SGX) has reduced the standard board lot size of securities listed on SGX from 1,000 to 100 units as of 19 January 2015. The reduction will apply to ordinary shares, including shares traded on GlobalQuote, real estate investment trusts, business trusts, company warrants, structured warrants and extended settlement contracts. Existing counters which are listed on the SGX with board lot sizes of 100 or less units will remain unchanged. Counters with a…

One of the more prevalent topics for corporates and investment banks has been compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended (FCPA) which generally prohibits U.S. companies from bribing foreign officials for government contracts and other business. While the U.S. Department of Justice (DOJ) typically has primary enforcement and oversight of FCPA matters, companies and practitioners may not be aware that the U.S. Securities and Exchange Commission (SEC) in 2010 created…

On 25 September 2014, Hong Kong’s Securities and Futures Commission (SFC) issued its Consultation Conclusions on the Proposed Amendments to the Professional Investor Regime and Further Consultation on the Client Agreement Requirements (“Conclusions”), following a public consultation launched in May 2013 on proposals to revise the existing professional investor regime in Hong Kong, and to introduce additional requirements for client agreements. The focus of the proposals was on the treatment of those who are “professional…