U.K. FSA Proposes to Require Disclosure of Short Positions in All U.K. Listed Stocks

On February 6, 2009 the U.K. FSA issued Discussion Paper 09/01 proposing to require public disclosure of significant short positions in all U.K. listed stocks.  This proposed disclosure requirement follows a decision by the FSA on January 14, 2009 to extend to June 30, 2009 a requirement (originally imposed by the FSA on September 18, 2008) to publicly disclose significant short positions in U.K. financial sector companies.  Also on January 14, 2009, the FSA decided to let expire on January 16, 2009 a ban on the active creation or increase of net short positions in the stocks of U.K. financial sector companies.  We detail the background of the FSA’s recent activity with respect to disclosure of short positions, with special focus on the FSA’s evolving treatment of contracts for difference.

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