Closing Conditions Require Compliance With All Applicable Securities Legislation

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Parties to a subscription agreement need to be aware of the regulatory approvals required for the shares to be issued or transferred. They should pay particularly close attention to the applicable securities laws that apply to the transaction. This article discusses Whirlpool Corporation, which received written approval from the China Securities Regulatory Commission (CSRC) to acquire a 51 percent stake in Hefei Rongshida Sanyo Electric Co., Ltd. This was the final key regulatory approval required in the acquisition.

Read the article here.Take away:

• Before completing the issuance or transfer of shares via a subscription agreement, ensure you have complied with all applicable securities laws.