ASIC extend ban on Short Selling - 22 Oct 2008
The Australian Securities and Investment Commission (ASIC) has extended the ban on short selling for a further 28 days until 18 November 2008. A road map for lifting of the restrictions and announcement of new regulations has been provided by ASIC:
1. The ban on short selling of financials will continue until 27 January 2009. For the purposes of Australian market, ASIC has taken a pragmatic approach to the definition of financials as the entities in the S&P/ASX 200 Financial Index (which will include property trusts and five other APRA supervised listed entities not in this index).
2. ASIC expects to lift the ban on non financials from opening trade on 19 November 2008. ASIC cannot, however, provide greater certainty than that because of the state of the markets. ASIC will, at least three trading days before 18 November 2008, issue a further release on its expectation of lifting the ban on non-financial stocks.
3. As part of lifting the ban on non-financials, ASIC with ASX have been putting in place disclosure and reporting arrangements that will apply from the time the ban is lifted. These will be announced to the market later this week.
In summary, no changes have been made to the exemptions and facilitations which ASIC has previously granted. All current arrangements will continue.
Remember… Live with Passion & Take Massive Action… or go and build an ant farm… either way, I dare you!
With Ethics and Passion – George Mihos
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
Comments
No comments yet.
Leave a comment