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SFC reminds firms about more onerous short position reporting

Chris Hamblin, Editor, London, 10 October 2016

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The Securities and Futures Commission of Hong Kong is reminding all exchange-facing private banks that, with effect on 15 March 2017, reporting will be required for reportable short positions in all designated securities eligible for short selling specified by the Hong Kong Stock Exchange.

This is the date when the Securities and Futures (Short Position Reporting) (Amendment) Rules 2016 take effect. A public consultative exercise on the subject ended on 31 December last year and the regulator published its conclusions on 24 February this year.

Market participants ought to have systems and procedures in place to comply with the new requirements. For more details, they can refer to the latest ‘frequently asked questions’ on the SFC website. This is the medium through which the SFC communicates much of its policy to firms.

The regulator will provide a pilot testing environment in early 2017 to facilitate market participants’ preparation for the new requirements. Further details will be available by the end of this year. The list of Designated Securities eligible for short selling is published on the HKEX website. On 15 March 2017 the SFC will cease to publish the list of specified shares on its own site.

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