On 30 March 2021, SK FSC announced that amendments to the enforcement decree of financial investment services and capital markets act (FSCMA) have been approved. Revision created imposition of penalty surcharges on illegal short sale activities. Short sellers must keep their securities lending agreements for five years, to present to authorities upon request; decree prescribes…
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India – SEBI Foreign Portfolio Investors
On 30 March 2021, IND SEBI issued additional guidelines to designated depository participants for processing FPI request to surrender registration and ensure uniformity. To make an application to SEBI for seeking no objection certificate for surrender, DDP shall confirm accounts have nil balance, no fees are due, no proceedings are pending. DDP shall ensure that…
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Saudi Arabia – Tad Amended Short Selling, SBL
On 25 March 2021, SAU Tad amended short sale, securities borrowing rules. Saudi Stock Exchange (SAU Tad) and Securities Depository Center Company (EDAA) issued amended short selling and securities borrowing and lending (SBL) regulations. Also amended the Exchange and Centre Procedures and glossary of exchange rules. Follows February 2020 consultation with draft amendments to the…
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India – SEBI Related Party Shareholdings
On 25 March 2021, IND SEBI clarified on transfer of shareholding, ownership. IND SEBI clarified circular CIR/MIRSD/14/2011 re transfer of shareholdings among immediate relatives, transmission of shareholdings, and effect on change in control. Control Clarified transmission of shareholding in case of unlisted body corporate intermediary, proprietary firm-type intermediary, as well as partnership firm-type intermediary. Incoming…
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U.K. – FCA Major Shareholding Disclosures
On 22 March 2021, UK FCA issued Disclosure Guidance and Transparency Rules Chapter 5 (DTR 5) user guide, v2.0 on submitting notification if reportable threshold is crossed. The user guide covers how to register to use the electronic submission system (ESS). How to register and to submit a major shareholdings notification under DTR 5. Uploading…
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Norway – FSA Short Sales Market Mapping
On 23 March 2021, NORFSA reported on Norwegian stock market mapping. Report on Norwegian short selling activity stock market development trends 2019-20. To help prevent market abuse, aid intervention in serious threat to financial stability. Provides short positions data insights from register at aggregate level, includes below 0.5%; these are large proportion of total reported…
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