FIN.

FCA fines for short selling disclosure breach

FCA has issued its first fine for breach of the Short Selling Regulation. It fined Asia Research and Capital Management Limited, an asset management firm based in Hong Kong, nearly £875,000 for failing to notify FCA and disclose to the public a net short position it built between February 2017 and January 2019.  FCA found the firm failed to make 155 notifications to FCA and 153 to the public of the position and that, by July 2019, it had built a net short position equivalent to 16.85% of the issued share capital in Premier Oil plc, which it held for over 100 days before notifying FCA and disclosing the position to the public.

Emma Radmore