Overview

On 26 April 2010, the Financial Services Authority (FSA) published Consultation Paper 10/11 "Implementing aspects of the Financial Services Act 2010", setting out, among other things, its proposed rules based on the short selling disclosure rulemaking power it was granted under the Financial Services Act 2010.

Broadly, the FSA has decided to maintain the current regime pending agreement of European standards for the governance of short selling.

This briefing from Ashurst examines the FSA's proposals and its new enforcement powers granted under the Act. It concludes with a short review of some of the key provisions of the Committee of European Securities Regulators' (CESR) recent model for a pan-European short selling disclosure regime.

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