On 6 December 2018, The Securities and Futures Commission (SFC) has reprimanded and fined SFM HK Management Limited (SFM) HK$1.5 million for failures relating to the short selling of Great Wall Motor Company Limited (Great Wall) shares in 2015 on behalf of a fund it managed.
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Canada – IIROC Short Selling Reports Effective Today
On 26 October 2018, IIROC issued consolidated short position reports (CSPR). CSPR provide aggregate short position of all listed, quoted securities as of 15th, last day of each month on IIROC-submitted data by members, access persons. Follows IIROC Mar. 2018 notice on short position calculation, reporting. Content of Report To include security name, symbol, listing…
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S Korea – FSC Fines GS Subsidiary $6.7m for Short Selling Breach
On 28 November 2018, the Financial Services Commission of South Korea fined a subsidiary of Goldman Sachs Group $6.7m for naked short selling which is illegal in the country. The FSC said the fine was imposed for violating the local rules that ban financial institutions from making a sell order without borrowed stocks. The fine levied…
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E.U. – ESMA Short Selling FAQs Updated
On 14 November 2018, EU ESMA updated FAQs on short selling regulation implementation. New Q4.10 clarifies that identification of relevant competent authority, following entry into application of MiFIDII/MiFIR is no longer made under Commission reg 1287/2006. But under del reg 2017/590 for the reporting of transactions to competent authorities.
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Canada -IIROC Short Position Reports
On 26 October 2018, IIROC issued consolidated short position reports (CSPR). CSPR provide aggregate short position of all listed, quoted securities as of 15th, last day of each month on IIROC-submitted data by members, access persons. Follows IIROC March 2018 notice on short position calculation, reporting. Content of Report To include security name, symbol, listing…
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Australia – ASIC Relief and Guidance on Short Selling
On 8 October 2018, ASIC issued legislation on relief, updated guidance on short selling. ASIC corporations (short selling) instrument 2018/745 provides legislative relief for ETF market makers to make naked short sales in ETFs and facilitate market making. To rely on the relief, ETF market makers are required to meet additional conditions. Also provides deferred…
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