Short selling reporting deadline delayed
The short selling reporting deadline has been delayed to give short sellers more time to implement systems that will enable them to meet reporting obligations.
The Australian Securities and Investments Commission (ASIC) has delayed the commencement of short seller obligations to lodge short position reports from April 1 to June 1, 2010. ASIC will also facilitate a pilot test to give short sellers access to the new reporting infrastructure from May 10.
ASIC has also revised the Information Sheet — now titled Short selling: Short position reporting (INFO 98) — to enable short sellers and systems developers to prepare for the new reporting requirements.
ASIC will also release Regulatory Guide 196 Short Selling which will reflect the recent changes in the law, some exemptions provided to allow for certain naked short selling, and guidance about the disclosure and reporting requirements that apply.
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