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Article
Publication date: 12 September 2008

Chris Bates, Carlos Conceicao, Guy Norman, David Pudge and Patrick Sarch

The purpose of this paper is to explain the FSA's new disclosure regime for short selling during rights issues, which it introduced by amending the Code of Market Conduct (MAR 1…

253

Abstract

Purpose

The purpose of this paper is to explain the FSA's new disclosure regime for short selling during rights issues, which it introduced by amending the Code of Market Conduct (MAR 1) under the Financial Services and Markets Act 2000 (FSMA).

Design/methodology/approach

The paper outlines the new provisions; explains the legal basis for the new regime; details the specific additions to the Code of Market Conduct; discusses the use of the UK super‐equivalent positions; explains the lack of FSA consultation based on urgent need for action; discusses practical issues for market participants, including compliance systems and controls; provides answers to frequently asked questions (FAQs) relating to the scope of the regime in terms of issuers and transactions covered, the applicability of the disclosure requirement to pre‐existing positions, the timing of intra‐day positions, netting of short and long positions for the purpose of calculating whether a short position reaches the threshold, including short positions in a rights issue in the calculation of the overall net short position, the exclusion of positions an entity holds in its capacity as a market maker, the requirement for the legal entity that holds the short position to make the required disclosures but not to aggregate positions held by its affiliates, the means of disclosure, disclosure deadlines, the content of disclosures, and disclosure of changes in position; and indicates likely further FSA action.

Findings

The new measures require market disclosure of short positions of 0.25 per cent or more in companies undertaking rights issues. The deadline for required disclosures is 3.30 pm on the business day following the day the short position threshold is reached. The new rules apply to shares in UK‐listed companies from 20 June 2008. The measures have been implemented as changes to the Code of Market Conduct rather than FSA rules as such. Rather than carrying out a consultation and cost‐benefit analysis as normally required by the FSMA, the FSA apparently relied on the FSMA's provisions that allow immediate amendments in cases of urgent need. The FSA is undertaking a wider review of the capital‐raising process and considering other measures, such as restrictions on stock lending.

Practical implications

On an ongoing basis firms need to have in place systems and controls that identify announcements by companies that they are undertaking rights issues subject to the regime and provide the means to calculate the level of positions held by the firm that might require disclosure.

Originality/value

The paper offers practical guidance by experienced securities lawyers.

Details

Journal of Investment Compliance, vol. 9 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 11 September 2009

Chris Bates, Carlos Conceicao, Mark Poulton and David Pudge

The purpose of this paper is to explain changes to Chapter 5 of the UK Disclosure and Transparency Rules (DTR 5), introducing new disclosure requirements relating to holdings of…

121

Abstract

Purpose

The purpose of this paper is to explain changes to Chapter 5 of the UK Disclosure and Transparency Rules (DTR 5), introducing new disclosure requirements relating to holdings of financial instruments that have a similar economic effect to shares, such as CfDs, that took effect on June 1, 2009.

Design/methodology/approach

The paper explains the principles behind the extended disclosure regime and summarizes questions and answers from the FSA to assist market participants' understanding of that regime, covering issues such as domicile of the issuer, instruments covered, how a disclosable holding is calculated, the inclusion of financial instruments relating to unissued shares, treatment of holdings acquired before June 1, 2009, potential double counting, how the regime applies to intra‐group movements of holdings and delta‐adjusted reporting, and exemptions for client‐serving intermediaries, market timing, trading books, and investment management.

Findings

Qualifiying financial instruments give a legal right to acquire (on the holder's own initiative) shares already in issue and with voting rights attached. The policy behind the new regime is to require the disclosure of financial instruments with similar economic effect to qualifying financial instruments which are used to build stakes in companies.

Originality/value

The paper presents practical guidance from experienced financial institution and securities lawyers.

Details

Journal of Investment Compliance, vol. 10 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

Available. Content available
Article
Publication date: 12 September 2008

Henry A. Davis

347

Abstract

Details

Journal of Investment Compliance, vol. 9 no. 3
Type: Research Article
ISSN: 1528-5812

Available. Content available
Article
Publication date: 11 September 2009

Henry A. Davis

273

Abstract

Details

Journal of Investment Compliance, vol. 10 no. 3
Type: Research Article
ISSN: 1528-5812

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Book part
Publication date: 22 November 2019

David J. Hutson

In the contemporary US, pregnant women must navigate competing ideas about their bodies, including expectations for weight gain. Given that there are few social spaces where women…

Abstract

In the contemporary US, pregnant women must navigate competing ideas about their bodies, including expectations for weight gain. Given that there are few social spaces where women may gain weight without disapproval, pregnancy represents a period when women are allowed to put on weight. However, gaining weight means doing so within the context of the obesity “epidemic” and increased medical surveillance of the body. To explore how women navigate the medicalization of pregnancy weight, I draw on data from in-depth interviews with 40 pregnant and recently pregnant women. Findings indicate that women reframe the meaning of pregnancy weight as “baby weight,” rather than body weight. This allows them to view it as a temporary condition that is “for the baby,” while holding two concurrent body images – a pregnant and a non-pregnant version of themselves. Women also resist the quantification of their maternity weight, either by not keeping track or not looking at scales in the doctor’s office. Doing so prevented baby weight from turning back into body weight – a concrete and meaningful number on the scale. Such resistance to quantification is often accomplished with the help of doctors and healthcare professionals who do not explicitly discuss weight gain with their patients. These findings suggest that women rely on a variety of strategies to navigate the medicalization of pregnancy weight, and provides another lens through which to understand how and why women may make similar choices about other medicalized aspects of their pregnancy (or pregnancy experiences).

Details

Reproduction, Health, and Medicine
Type: Book
ISBN: 978-1-78756-172-4

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