Capital Markets Newsletter No. 1 2016
In this newsletter, Hammarskiöld & Co’s Capital Markets Team informs about the changes in Swedish flagging regulations, i.e. disclosure requirements in relation to major shareholdings. The changes entered into force on 1 February 2016. For investors and market participants, this mean good news and bad news. The good news are that Sweden up until now has required disclosure to be made on the trading day following the change in shareholding. This is now changed to the third day following the change, putting Swedish regulation more in line with the rest of Europe and thus substantially reducing compliance risk associated with flagging. As follows from the amended Transparency Directive, cash settled derivatives should be taken into account when calculating total shareholdings. On the downside, the monetary sanctions applicable to a breach of the disclosure regulations will be substantially higher than before. Please see the newsletter for further information.