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Financial Services and Markets Act 2000
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Valid from 08/06/2010
[F1131BShort selling rulesU.K.
This section has no associated Explanatory Notes
(1)The Authority may make rules prohibiting in specified cases persons from engaging in short selling in relation to relevant financial instruments (or relevant financial instruments of a specified description).
(2)The Authority may make rules requiring—
(a)a person who has engaged in short selling in relation to relevant financial instruments (or relevant financial instruments of a specified description), or
(b)an authorised person of a specified description who has acted on behalf of such a person,
to disclose in specified cases specified information, or information of a specified description, about the short selling.
(3)Rules under subsection (2) may specify the time by which, and the way in which, the disclosure must be made (and may in particular provide for the information to be disclosed to the Authority or published in a specified way).
(4)Rules under subsection (2) may apply in relation to short selling engaged in before the rules are made where the resulting short position is still open when the rules are made.
(5)The reference to a short position being open is to be read in accordance with provision made by the rules.
(6)Rules under this section may apply to short selling wholly outside the United Kingdom by persons outside the United Kingdom, but only in so far as the rules relate to UK financial instruments.
(7)The description of relevant financial instruments that may be specified by the rules includes relevant financial instruments issued by a specified person.
(8)Rules under this section are referred to in this Part as “short selling rules”.
(9)The Authority must, when making short selling rules, have regard to any international agreement as to measures to be taken in respect of short selling.]
Textual Amendments
F1Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)
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