Definition of 'concert party action' remains vague, but stricter interpretation may penalize investors discussing governance
Back in 2005, after Werner Seifert, then chief executive of Deutsche Börse, was unseated from his post by a gaggle of hedge funds, German regulator BaFin intervened, citing concerns that the funds had been ‘acting in concert’.Had the group of investors been found to be ‘acting in concert’, it would have been forced to launch a takeover bid for the German stock exchange. In the end, however, while BaFin suspected the hedge funds had colluded to influence the composition
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