On 25 August 2025, the Fifth Circuit Court issued its opinion on the case of National Association of Private Fund Managers (NAPF) v. SEC. Background lawsuit brought against SEC after SEC approved both the 13f-2 short position reporting rules and Rule 10c-1a Securities Lending Rules back in 2023 the Court has remanded both Rules in…
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UK – FCA Bulletin Oversight Department for Shareholding and Short Selling Reporting
On 17 July 2025, UK FCA issued Primary Market Bulletin 56 on detection. UK FCA issued Primary Market Bulletin 56 focused on optimizing data and technology to strengthen detection capabilities in shareholding reporting, on Directors’ dealing cases. Follows UK FCA April 2025 issued Primary Market Bulletin 55 on changes. Detection Capabilities The integrity of the…
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Germany – BaFin Updates FAQs on Short Selling
On 3 July 2025, GE BaFin updated its informative file on the short selling framework. Details on the prohibition of naked short selling, transparency obligations for net short positions; e-notification procedure; exceptions for market makers, primary dealers.
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U.S. – AIMA Letter to SEC Chair Includes Short Selling Reporting Reform
On 23 April 2025, AIMA issued new letter to new SEC chairman on priorities including short selling reporting reform. AIMA has written directly to SEC Chair Paul Atkins to congratulate him on confirmation as new Chair and to outline a series of targeted recommendations aimed at fostering efficient, well-functioning capital markets while promoting responsible innovation.…
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U.K. – FCA Updates Short Selling Guidance Page and Exempted Shares List
On 1 April 2025, UK FCA updated its short selling guidance page on notification and disclosure of net short positions to add the updated UK list of exempted shares valid from 1 April 2025. Follows completion of second stage of FCA's biannual review of exempted shares list. Updated list has been reviewed to include shares…
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U.K. – Treasury Issues Short Selling Regulations 2025
On 14 January 2025, UK Treasury issued the Short Selling Regulations 2025. UK Treasury issued The Short Selling Regulations 2025 (StIn 2025/29), providing for short selling of shares, other financial instruments, transactions similar to short selling. On same day, UK Treasury issued law and memo on UK FCA supervision. Purpose When the UK left the…
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