The amendment to Article 43-1 of the Securities Exchange Act to reduce the threshold for the shareholding filing and disclosure from 10% to 5% has been passed and will take effect on May 10, 2024. Namely, upon and after the effective date, any person who acquires, either individually or jointly with other persons, for more than 5% of the total issued and outstanding shares in a public company, needs to file a report with the Financial Supervisory Commission (“FSC”).
The FSC further announced the amendment (the “Amendment”) to the Regulations Governing the Declaration of Acquisition of Shares in Accordance with Paragraph 1, Article 43-1 of the Securities and Exchange Act on January 30, 2024, which will take effect on May 10, 2024 as well. The Amendment provides that if any person has acquired more than 5% of the total issued and outstanding shares in a public company before May 10, 2024 and keeps such shareholding till May 10, 2024, it shall make the report within ten (10) days after May 10, 2024.
Stacy Lo
