On 23 March 2021, PHI SEC proposed cross-shareholding structure. SEC proposed circular on cross-shareholding structure for publicly-listed companies. Cross-Shareholding A subsidiary is prohibited from acquiring the shares of its parent company, except for shares without voting rights, which shall not exceed 10% of that class of shares. If this 10% limit is currently exceeded, the…
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E.U. – ESMA Position Limits Supervision
On 19 March 2021, ESMA clarified application of commodity position limits. ESMA policy statement clarified application of position limits pending MiFID II change. Follows EP and EU CNCL Dec. 2021 Dir 2021/338 amending MIFID II. Overview Statement aimed to clarify application of position limits, coordinate supervisory actions of national competent authorities (NCAs), pending legislative change…
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Denmark – FSA Halts Net Short .1% Threshold
On 17 March 2021, DEN FSA reported net short position holders decision end. DEN FSA noted ESMA's temporary decision on the threshold for notifying short positions expires 19 March 2021, as GDP forecasts show some optimism for recovery. Follows ESMA March 2021 ended decision on holders of net short positions. Net Short Position Threshold Decision…
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Iceland – CB Cancels Net Short Position Threshold
On 15 March 2021, ICL CB reported end of net short position holders decision. ICL CB noted EFTASA's temporary decision on the threshold for notifying short positions expires 19 March 2021, as GDP forecasts show some optimism for recovery. Follows ESMA March 2021 ended decision on holders of net short positions. And follows EFTASA March…
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EFTASA Puts End to .1% Net Short Reporting Requirement
On 15 March 2021, EFTASA said it will not renew decision requiring disclosure of net short positions of 0.1% and over, thus the decision will will expire on 19 March 2021. Announcement, in coordination with ESMA, means reporting threshold for net short positions will revert to 0.2% of the issued share capital of companies whose…
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Sweden – FI Announces End to Temporary .1% Net Short Reporting Threshold
On 15 March 2021, SWE FI said temporary lowering of limit ceases soon. SWE FI said temporary lowering of limit to notify short net position ceases on 19 March 2021. Follows SWE FI February 2021 reminded market of the rules for short selling. Follows ESMA March 2021 will not renew decision on net short positions.…
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