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FSA proposes short-selling disclosure extension

The Financial Services Authority (FSA) has proposed an extension to its short-selling disclosure regime on British financials until a decision can be made over the use of shorts on the wider market.

In February, the FSA extended the short-selling disclosure requirement, which applies to net short positions of 0.25% of the companys issued share capital, until June 30. It was initially introduced in September 2008.

However, the authority has decided to extend this indefinitely, or until it can be replaced by a regime for all British stocks.

A discussion paper looking at options for short-selling was issued in February, and a consultation period on the proposals will end on June 12.

The FSA plans to publish a feedback statement in the third quarter of this year, where rules will apply to the wider British market, therefore overruling the short-selling disclosure regime on financials.


Myners hits out at EC proposals

City minister Lord Myners has hit out at the European Commission’s proposals for financial regulation, over concerns they will take control away from the UK’s national supervisors.


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