The US Securities and Exchange Commission (SEC) and the US Department of Justice (DOJ) recently announced parallel actions against an activist short seller and his firm, charging them with multiple counts of securities fraud....more
On October 13, 2023, the U.S. Securities and Exchange Commission (SEC) approved final rules requiring increased disclosure of short selling activities of institutional investment managers and securities lending activities of...more
On February 25, 2022, the Securities and Exchange Commission issued a new Proposed Rule 13f-2 requiring institutional money managers to file with the SEC, on a monthly basis, certain short sale related data. A short sale is a...more
On February 9, 2022, Judge Lorna G. Schofield of the Southern District of New York denied in part and granted in part a motion to dismiss a securities fraud action asserting claims related to alleged spoofing and short...more
This edition of the Update covers: Key Legal and Regulatory Developments Financial Markets The Australian Regulators Reiterate Their Expectations for a Smooth Transition Away From LIBOR On 4 June 2021, ASIC, APRA, and the RBA...more
Amid the uncertainty brought about by the end of the Brexit transition period and the ongoing COVID-19 pandemic, firms should be aware that the FCA will retain an active approach to financial crime and regulatory enforcement...more
GameStop’s continuing surge this week has gone from something of a lark to a collective small-trader effort to stick it to Wall Street hedge funds and institutionalists, with share-price fundamentals discarded entirely in...more
In October 2020 the FCA issued a Final Notice to Asia Research and Capital Management Ltd (ARCM). The FCA found that between 22 February 2017 and 3 December 2019, ARCM failed to make a number of notifications to the FCA and...more
A recent decision of the Alberta Securities Commission appears to give short-sellers wide latitude to negatively comment on targets, and sets a potentially high burden on ASC Staff when seeking interim orders to address...more
Few things annoy a company more than when a short-seller starts bad-mouthing the company to drive down its share price and the company can do little about it. Now, as a result of a recent SEC enforcement action, there may be...more
There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more
2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more
Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more