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Small Mistake, Big Consequences: Elliott’s Sanction by the Paris Court of Appeal for Declaring CFDs Instead of Equity Swaps

European law subjects investors to a number of disclosure obligations purporting to enhance the transparency of financial markets. The Transparency Directive of 2004, in particular, requires Member States to provide in their national legislations that investors shall disclose the proportion of capital and voting rights held in listed companies, or even declare their intentions toward such companies, whenever they cross specific detention thresholds.

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