UK - The Financial Services Authority has confirmed it will continue to require disclosure of short selling - but said it will focus on pushing for an international transparency regime rather than establish long-term rules for the UK.
The regulator said in feedback statement - issued today - it intends to pursue enhanced transparency of short selling through disclosure of significant short positions in all equities.
Currently, the FSA requires disclosure to the market of net short positions of 0.25% or more of the issued share capital of UK financial sector companies or companies carrying out a rights issue.
The document - which follows an industry consultation period - shows these requirements will not change in the near-term while the FSA works towards agreeing on future requirements at an international level rather than introducing a separate domestic regime.
FSA director of markets Alexander Justham said: "The consultation exercise has confirmed our support for enhanced disclosure requirements for significant short positions rather than any direct restrictions on short selling, other than on a temporary basis in exceptional market conditions.
"But we remain committed to securing agreement on as wide an international basis as possible and, in particular, to achieving a harmonised regime within Europe."
The feedback statement details the responses that the FSA received to proposals in its discussion paper on short selling in February.
The paper examined the arguments for and against restrictions on short selling and proposed a disclosure requirement for the short selling of all stocks, not just those of financial services companies, using an initial disclosure threshold of 0.5% of issued share capital.
It also stated that the FSA's preferred route was to achieve international agreement on policy.
Since the discussion paper was published, the Committee of European Securities Regulators has issued proposals for a short selling disclosure regime.
CESR's proposals for public disclosures of significant short positions are very similar to the FSA's, but also include the idea for private disclosures to regulators at 0.1%.
The FSA stated in today's feedback statement it is open to the possibility of requiring private disclosures at the lower threshold.
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