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FSA proposes to lift ban on short selling
5 January 2009
The UK Financial Services Authority (FSA) has proposed that the ban on short selling of UK financial sector stocks be lifted from 16 January 2009.
The FSA is also proposing to extend its temporary disclosure regime for significant net short positions of UK financial sector stock until the 30th of June 2009. Currently disclosures must be made if a net sort position exceeds 0.25% of a company’s issued shared capital, with further disclosure required if there are any changes in the net position. The new proposals would require disclosure at 0.1% increments only (e.g. as a short position reached 0.35%, 0.45% etc).
How does this apply to me?
The Australian ban on short selling of financial stocks continues until the 27th of January 2009, with no comment from ASIC in response to the UK lifting theirs.
Certainty Compliance will be watching for any comment from ASIC.
For further information:
Certainty Compliance notes that ASIC and the ASX have taken action against non-compliance with short selling prohibition. Please contact a Certainty Compliance consultant to assist you comply with all your obligations on (02) 9238 8091 or enquiries@certaintycompliance.com.au