Two Sigma violated securities exchange act (SEA) 14e-4, Arca 11.18, and Amer 320. Arca order related to Two Sigma failure to correctly account for in the money call options position when calculating net long position required under 14e-4, 17 CFR 240. Violation of NYSE Amer Rule 320 committed by failure of Two Sigma to establish,…
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Egypt – EGX Securities List Allowed for Short Selling
On 10 August 2020, EGX announced that the financial regulatory authority (FRA) has approved EGX proposals regarding criteria of shares eligible for short selling. EGX suggested adjusting the market capitalization ratio of a company’s free-float to be reduced from the 0,005 currently applied, to 0,001. Sets out quantitative criteria for eligibility, after studying best global…
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Luxembourg – CSSF UCITS FAQs 2020
On 7 August 2020, LUX CSSF issued version 9 of frequently asked questions concerning Luxembourg Law of 17 December 2010 relating to undertakings for collective investment. Added FAQ 1.13 on loans not constituting eligible investments for UCITS as they do not qualify as money market instruments within the meaning of article 1(23) of 2010 law.…
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U.S. – SEC Modern Shareholder Disclosures
On 5 August 2020, SEC proposed to modernize fund shareholder reports. SEC proposed to improve retail investor experience, by modernizing fund shareholder reports, disclosures; update mutual fund and ETF disclosures to retail investor needs. Chair Clayton, commissioners Peirce, Roisman, Herren Lee issued statements on rule. Feature concise and visually engaging shareholder reports, highlight information that…
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France – AMF Enforcing Ban on Short Sales
On 4 August 2020, FR AMF updated guidance page on the EU regulation on short selling. Including updated excel file containing the history of net short positions made public.
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U.S. – Form 13F Fund Manager Reports
On 31 July 2020, SEC published proposal in federal register, comment by 29 September 2020. Background On 10 July 2020, SEC proposed amendments to update form 13F for institutional investment managers. Amend reporting threshold to reflect equities markets, not been adjusted for 40 years. Form Use and Background SEA Rule 13(f) requires a manager to…
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