On 2 March 2021, UK GVT narrowed definitions of new regime sector scope. UK GVT published further details about the sectors within scope of the mandatory notification regime under the proposed national security and investment bill. Follows UKP November 2020 issued bill on national security and investments. And follows UK GVT November 2020 consultation on…
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Sweden – FI Short Selling Rules Reminder
On 25 February 2021, SWE FI reminded market of the rules for short selling. SWE FI reminded supervised subjects of short selling rules and duty to report position. Overview Short sale means sale of a security that seller does not own at the time of the sale. Seller has instead borrowed or ensured that security…
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South Korea – FSC Proposed Changes to Short Selling Rules
On 25 February 2021, SK FSC proposed amending capital market research regulations. To establish specific guidelines for imposing fines for those who violate the obligation to store and submit loan transaction information for the purpose of short selling. If there is a final judgment of court fine for the same case after the imposition of…
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Russia – CB Share Acquisition Consent
On 25 February 2021, RUS CB proposed rules on shareholder disposal of shares. RUS CB issued draft directive amending law Russia no 185-I on obtaining RUS CB consent for acquisition of shares of a financial organization and/or establishing control over shareholders of a financial institution and sending notifications to RUS CB. Specifically in cases where,…
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South Korea – FSC Fines for Naked Short Selling Violations
On 24 February 2021, SK FSC fined 10 overseas financial firms for violations. SK FSC decided to impose a total penalty of KRW685mn on 10 overseas financial companies, following results of an investigation into violation of short sale restrictions. Follows December 2020 SK FSC updated on bill relating to illegal short-selling. Violations There was a…
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Hong Kong – SFC Fines for Inaccurate Short Selling Disclosure
On 22 February 2021, HK SFC fined Brilliance Asset Management Ltd $3.15mn. HK SFC fined Brilliance Asset Management Limited $3.15mn for failures to ensure short position reports (SPRs) for 4 collective investment schemes (CIS) were accurate. Also failed to ensure the schemes under its management complied with requirements under securities and futures (short position reporting)…
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