The Financial Services and Markets Act 2023 (FSMA 2023) (Commencement No. 14) Regulations 2026 have been made and published. The Regulations use powers under FSMA 2023 to revoke assimilated law relating to short selling in...more
This Regulatory Round-up highlights a selection of significant EU and UK developments during March and April 2026 that are of relevance to asset managers, including...more
UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more
Based on the cases settled in 2025, GAAP violations are more likely to be added to non-accounting case filings than removed from accounting case filings....more
On 16 April, the UK’s Financial Conduct Authority (FCA) published Policy Statement 26/5 on “Changes to the UK Short Selling Regime” (PS 26/5) which forms part of the UK government’s programme to repeal and replace retained...more
On 16 April 2026, the Financial Conduct Authority (FCA) published Policy Statement PS26/5, setting out its final rules and guidance for the UK’s reformed short selling regime. The new framework, which will take effect on 13...more
The UK Financial Conduct Authority (FCA) has published policy statement PS26/5, setting out its new rules and final statement of policy for the UK short selling regime. In addition, the FCA published an operational guide to...more
The regulator has introduced a further relaxation of the market maker exemption, amongst other amendments from its consultation proposals....more
Securities class action filings remained elevated in 2025, signaling that robust activity will likely persist into 2026. According to economic and financial consulting company Cornerstone Research, 207 new securities class...more
On December 3, 2025, the SEC issued an order extending, for an additional two years, exemptive relief from compliance with the short sale disclosure requirements of new Rule 13f-2 under the Securities Exchange Act of 1934,...more
A “short attack” is a campaign in which a short seller publishes a critical report about a target company in order to profit from the ensuing decline in the company’s share price....more
Securities class action filings remained elevated in 2025, signaling that robust activity will likely persist into 2026. According to economic and financial consulting company Cornerstone Research, through September 30, 2025,...more
On December 3, 2025, the United States Securities and Exchange Commission (SEC) issued an exemptive order (the “Order”) further delaying the implementation and compliance for short-sale and securities-lending reporting rules...more
The Financial Conduct Authority (FCA) is consulting on changes to the short selling regime in the United Kingdom (UK), as set out in Consultation Paper CP25/29....more
On December 3, 2025, the US Securities and Exchange Commission (SEC) announced additional temporary exemptive relief from compliance with Securities Exchange Act of 1934 (Exchange Act) Rules 13f-2 and 10c-1a....more
On December 3, 2025 the SEC issued an Order granting temporary exemptive relief from compliance with Rule 13f-2 and Form SHO. Pursuant to Rule 13f-2 an “institutional investment manager” (which by definition includes...more
In recent years, meme stocks have captured headlines and ignited debate among investors and legal professionals alike. One of the most dramatic examples unfolded in late October 2025, when Beyond Meat, a well-known producer...more
On December 3, 2025, the Securities and Exchange Commission (the “SEC”) announced that it was providing a second temporary exemption from compliance with Rule 13f-2, the short sale reporting rule, and related Form SHO and...more
On December 3, 2025, the Securities and Exchange Commission (SEC) issued an exemptive order extending the compliance dates for two rules: Rule 10c-1a (Reporting of Securities Loans) Rule 13f-2 (Short Position and Short...more
On December 3, 2025, the Securities and Exchange Commission (the “SEC”) further extended the date for compliance with Rule 13f-2 under the Securities Exchange Act of 1934 (“Exchange Act”) and the related reporting on Form SHO...more
On 28 October 2025, the Financial Conduct Authority (FCA) published a consultation paper setting out proposed changes to the UK short selling regime....more
On 28 October 2025, the Financial Conduct Authority (FCA) published consultation paper CP25/29,1 proposing a new short selling regime to replace the European Union (EU)-derived UK Short Selling Regulation (UK SSR). The...more
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/29, alongside a press release, setting out proposed rules and guidance for the UK short selling regime. This follows the introduction of the Short...more
Changes largely focus on streamlining administrative requirements to reduce the regulatory burden....more