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Alerts
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FSA Clarifies Short Sale Disclosure Requirements
October 31, 2008
In September 2008, the United Kingdom (“UK”) Financial Services Authority (“FSA”) introduced provisions to the Code of Market Conduct prohibiting short selling in UK financial sector stocks and imposing daily disclosure requirements with respect to short positions in such stocks (the “Short Sale Provisions”). See “FSA Bans Short Selling in Financial Stocks and Requires Daily Short Position Disclosures” (SRZ Alert, 19 Sept. 2008). At that time, it committed to review the new measures after 30 days. On 22 October 2008, the FSA published its conclusions that no changes to the regime were required other than to no longer require daily disclosure of a short position. Once a disclosure had been made, additional disclosures would only be made when the short position changed.
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