2008-13 EXPOSURE DRAFT CORPORATIONS AMENDMENT (SHORT SELLING) BILL 2008

Date: 23/10/2008

Title: 2008-13 Exposure draft Corporations Amendment (short selling) bill 2008

Type: Policy & Advocacy: Submission

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Abstract:

Submission to Treasury on the regulation of and the disclosure regime applying to short selling. AICD is concerned that:

• there is great potential to circumvent the proposed disclosure arrangements in the Bill, and
• the information elicited via these proposals may have limited usefulness.

Accordingly AICD proposes that:

• where a person (or group of persons who are acting in a concerted way) has engaged in short selling they should be subject to disclosure modelled along the lines of a substantial shareholder notice regime, and
• those who act in a concerted way could be required to report aggregated short positions, as occurs under the substantial shareholder regime, so as to alert the market if a concerted “attack” on a company was occurring.

File:

 SUBM2008-13 Exposure draft Corporations amendment (short selling) bill 2008