On 18 August 2022, FINRA fined Gar Wood Securities for short selling violations. FINRA accepted AWC from Gar Wood Securities to settle allegations that firm accepted short sale orders without obtaining locates, maintain supervisory system for reporting. Gar Wood violated FINRA Rule 2010 and SEA Reg SHO Rule 203 ((17 CFR 242.203). Violated FINRA Rule…
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Canada – IIROC Short Selling Expectations
On 17 August 2022, C-IIROC issued guidance on short selling and sufficient securities collateral. C-IIROC issued short selling guidance note 22-0130 re participant obligations to settle short sales. Reasonable Expectation Test The notice advises that a member participant must have a reasonable expectation of holding sufficient securities to settle short sales, prior to the order…
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Bangladesh – CB Capital Market Investment
On 14 August 2022, BNG CB issued instructions regarding what is considered an investment, as well as defining the upper limit of shareholding in the capital market. Clarified that exposure limit is determined based on purchase value instead of market value, when accounting for investments in mutual fund units and other instruments. This directive is…
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Poland – FSA Substantial Shareholding Disclosure Obligation Ruling
On 11 August 2022, POL FSA reported on supreme administrative court ruling. POL FSA said supreme administrative court ruled in its favor and dismissed cassation complaints in case of Daniel Mzyk, Edmund Mzyk, Maria Mzyk, Karolina Mzyk-Callias. Thus, POL FSA decision taken at meeting on 3 December 2019, has now became final. Case Details Case…
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Germany – BaFin Fines for Late Shareholding Disclosure
On 11 August 2022, GE BaFin fined Bank of America Corporation €5.1mn. GE BaFin said it imposed €5.1mn administrative fine on Bank of America Corporation for late shareholding disclosure. Voting Rights Penalty related to breach of section 130 (1), Act on Breaches of Administrative Regulations (OWiG), in conjunction with sections 33 (1) sentence 1, 38…
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Israel – TASE Guidelines on Short Selling
On 9 August 2022, ISR TASE proposed further revisions to short selling rules given late comments. TASE board of directors chairman has approved, to be submitted to board of directors. In case of a short position created by error, TASE member would be required to report position to TASE every day from 3rd trading day…
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