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FSA may change new short selling disclosure rules

The FSA has reportedly reversed its stance on how to take options into account when calculating the size of positions under its new rules on disclosure of short-selling during rights issues.

The regulator discovered a loophole that would have allowed hedge funds to avoid stating their holdings, according to press reports.

Under the initial rules hedge funds could have avoided disclosure of a short position by buying heavily out of the money call option.

The FSA says it will be “publishing clarity” on the rules later in the week.

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