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Ashley Alder From Komfie Manalo, Opalesque Asia:
Hong Kong’s financial markets regulator, the Securities and Futures Commission, recently released its conclusion on short position reporting rules, which will be submitted to the Legislative Council for consideration. The new rules are expected to take effect on June 18 this year.
Ashley Alder, the SFC’s Chief Executive Officer said in a press statement, "The rules published today have been shaped by extensive consultation with relevant stakeholders to lay down a clear regulatory framework for market participants to report short positions to the SFC. With this regime in place, the SFC will be able to perform its role more effectively in monitoring the market, including detection of significant build-up of short positions. We believe our publication of data on aggregated short positions will enhance transparency to the market."
Taking into consideration feedback the Hong Kong regulator has gathered from market participants, short positions are to be reported on a net basis. The rules also have been modified to provide greater clarity in certain areas, such as reporting obligations in relation to corporate "umbrella" funds and jointly owned short positions. Other than the aforesaid refined policy proposals, the amended rules are fundamentally the same as proposed earlier.
Reacting to the publication of the new Hon...................... To view our full article Click here
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