On 23 November 2023, UK FCA, UK PRA consulted on replacing EU guidelines. UK FCA and UK PRA issued consultations on proposals to replace EU guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in financial sector (3L3 guidelines) with a new PRA supervisory statement (SS) and FCA guidance. Background EBA, EIOPA,…
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U.K. – FCA Short Selling Regulations
On 23 November 2023, UK FCA issued an update on the short selling regulations. UK FCA issued an update on the Short selling (notification threshold) regulations 2023 and on the government's draft statutory instrument – Short selling regulations 2024. Also issued an update on UK Treasury's response with the government’s final policy position for short…
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S Korea – FSC Renews Ban on Short Selling
On 23 November 2023, SK FSS, KRX formed a task force with SK FIA and the industry, held a kick-off meeting to develop a computer system for preventing naked short selling. Will discuss ways to build an internal computer system for institutional investors conducting short selling, to operate a real-time system to block naked short…
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U.K. – Treasury Further Consultation on Short Selling Regulation
On 22 November 2023, UK Treasury published Government response to short selling regulation: consultation – sovereign debt and credit default swaps. Sets out UK GVT's final policy position for regulation of short selling of sovereign debt and CDS, and summarizes the responses received to consultation on 11 July 2023. Specifies UK GVT's approach to aspects…
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U.K. – Treasury Short Selling Review
On 22 November 2023, UK Treasury published Short selling regulations 2024 policy note and draft statutory instrument to replace the EU-inherited SSR. Draft statutory instrument will implement the reforms to the UK short selling regime set out in the call for evidence response document dated 11 July 2023 (above). UK GVT welcomes any technical comments…
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Hong Kong – SFC Position Limit Enhancements
On 20 November 2023, HKEX issued circulars on enhancing derivatives position limits. Circulars outline changes to exchange-level position limit regime including application of position limits to clearing participants (CP) as well as excess position limits for CPs. Increase of CNH position limits from 8K to 30K long or short position delta contracts. Introduce tiers for…
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