On 6 May 2024, FINRA fined M1 Finance $400k for short selling failures. FINRA accepted the offer of a Letter of Acceptance, Waiver, and Consent (AWC) from M1 Finance for millions of violations of Regulation SHO by marking trades long. Failed to establish and maintain a supervisory system designed to achieve compliance with Reg SHO’s […]
On 7 May 2024, S Korea’s securities regulator, the FSS uncovered an alleged $156m worth of illegal short selling activity by nine unnamed investment banks. Background report claims that the banks violated mostly procedural rules while collectively short selling 164 stocks, activity at an additional five banks remains under investigation two of the nine banks […]
On 6 May 2024, TAI EXC reminded the new substantial shareholding regulations will be effective from 10 May 2024. Background On 19 March 2024, TAI FSC said disclosure threshold for substantial shareholding will be reduced from 10% to 5%; reports will shift from paper-based to electronic format. TAI EXC, TAI TPEX will handle submissions related […]
On 6 May 2024, SK FSS said it has discovered illegal short selling worth KRW 211.2bn in 9 out of 14 global IBs since the launch of its special investigation team in November 2023. Major allegations include insufficient procedure for return of stocks provided as loan/collateral; submission of short selling before loan confirmation; insufficient balance […]
On 2 May 2024, IDN FSA updated rules on financing securities transactions. IDN FSA issued regulation 6/2024 on financing of securities transactions by securities companies for customers and short selling transactions by securities companies. Follows IDN FSA December 2020 issued regulation on financing securities trades. Regulation Refines the provisions that were previously issued in 55/POJK.04/2020. […]
On 30 April 2024, UK TO Panel issued revised code & practice statement 31. UK TO Panel published revised Takeover Code and amended Practice Statement 31. Follows UK TO Panel Dec. 2023, issued 14th edition Code/other updates. Takeover Code Revisions reflect amendments in Instrument 2023/4 (central counterparty recovery and resolution), Instrument 2024/1 (The Pensions and […]