Last May, Hong Kong's Securities and Futures Commission (SFC) invited the public to comment on draft subsidiary legislation for a weekly short position reporting regime.
Deacons' submission reiterated concerns about the proposed reporting thresholds, suggested how the draft rules should be amended to deal with short positions held by partnerships, and recommended “reasonable excuse” provisions to ensure no absolute liability criminal offence is created.
Whilst the SFC has not yet published consultation conclusions or an implementation timetable, our expectation is that new reporting requirements are likely to be imposed by early 2012.
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