On 25 August 2022, IND SEBI issued a new disclosure requirement for AMCs. IND SEBI issued a disclosure requirement for asset management companies (AMCs). Follows IND SEBI January 2021 amended listing and disclosure requirements. Overview IND SEBI has recently amended the definition of 'associate' as per clause (c) of sub-regulation (1) of regulation 2 of…
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Norway – Substantial Shareholding Changes Effective 1 September
On 1 September 2022, Norway will implement ESMA's TDA regulation for substantial shareholding. Most notable: unissued shares are no longer included cash settled instruments are included Norway will maintain its substantial shareholding thresholds and share capital test. The new rules clarify that equity certificates should be treated as shares of any other issuer and therefore…
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Rulefinder Alerts to Temporary Short Selling Bans
On 25 August 2022, aosphere LLP's Rulefinder service alerted subscribers to temporary short selling bans in two countries. Effective Date: Short selling bans effective on 26 August in Turkey and S Korea.
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S Korea – KRX Short Selling Revisions
On 22 August 2022, KRX issued plans to update rules re short selling issues. KRX published notice of its intention to revise the enforcement rules for its securities markets to strengthen designation system for stocks under overheated short selling. Changes to be made as follow-up to recent new detection and punishment measures. Follows SK FSC…
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U.S. – FINRA Fines for Short Selling Violations
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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