On December 15, the UK’s HM Treasury announced its intention to enact a statutory instrument under the UK’s retained version of the Short Selling Regulation (SSR), amending the initial notification threshold for the reporting of certain net short positions to the Financial Conduct Authority (FCA) (the Guidance).
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FCA Publishes Market Watch Newsletter
Posted in Financial Markets, UK Developments
On May 27, the UK’s Financial Conduct Authority (FCA) published issue 63 of its Market Watch newsletter in relation to market conduct and transaction reporting issues (the Newsletter).
In the Newsletter, the FCA sets out its expectations around the identification and handling of inside information in light of increased capital raisings and working from home arrangements as a result of the COVID-19 pandemic. The FCA notes that market participants should continue to comply with their obligations under the relevant regulations, including the Market Abuse Regulation. In particular, market participants should:
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ESMA Publishes Statement on the End of Short Selling Bans by Certain EU Financial Regulators
Posted in EU Developments, Financial Markets
On May 18, the European Securities and Markets Authority (ESMA) published a statement regarding the non-renewal and termination of the short selling bans imposed by certain EU financial regulators (the Statement).
As a result of the impact of the COVID-19 pandemic on EU financial markets, the Austrian Finanzmarktaufsicht (FMA), the Belgian Financial Securities and Markets Authority (FSMA), the French Autorité des Marchés Financiers (AMF), the Greek Hellenic Capital Market Commission (HCMC), the Spanish Comisión Nacional del Mercado de Valores (CNMV) and the Italian Commissione Nazionale per le Società e la Borsa (CONSOB) introduced bans on short selling from the middle of March 2020.
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FCA Updates Statement on Short Selling Bans and Reporting During the Covid-19 Pandemic
Posted in Financial Markets, UK Developments
On March 31, the UK’s Financial Conduct Authority (FCA) published an updated version of its statement on short selling bans and reporting (the Statement).
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FCA Statement on Short Selling Bans and Reporting
Posted in Financial Markets, UK Developments
On March 17, the UK Financial Conduct Authority (FCA) published a statement on short selling bans and reporting (the Statement).
The Statement explains that, under the Short Selling Regulation (SSR), EU regulators and the FCA have the power to apply short- or long-term bans on short sales in shares and certain other financial instruments.
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ESMA Publishes a Decision on Short Selling in Light of COVID-19
Posted in EU Developments, Financial Markets
On March 16, the European Securities and Markets Authority (ESMA) issued a decision to temporarily require the holders of net short positions in shares traded on an EU regulated market to notify the relevant EU financial regulator if the position is equal to or greater than 0.1 percent of the issued share capital (the Decision). This applies to all positions entered into after the entry into force of the Decision.
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FCA Changes Short Selling Reporting Process
On February 24, the UK’s Financial Conduct Authority (FCA) announced a change to the process firms should use to report short positions in UK-listed financial instruments under the Short Selling Regulation 2012 (SSR). The change was announced on an updated webpage, available here.
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