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Status: You are viewing the version of the handbook as on 2012-01-07.

FINMAR 2.2 Disclosure of disclosable short positions

Disclosure during a rights issue period

FINMAR 2.2.1R

A person who has a disclosable short position must provide disclosure of his position where:

  1. (1)

    the position relates, directly or indirectly, to securities which are:

    1. (a)

      the subject of a rights issue;

    2. (b)

      admitted to trading on a prescribed market in the United Kingdom; and

    3. (c)

      issued by:

      1. (i)

        a UK company; or

      2. (ii)

        a non-UK company for whom the UK prescribed market is the sole or main venue for trading the securities; and

  2. (2)

    the disclosable short position:

    1. (a)

      is reached or exceeded during a rights issue period; or

      1
    2. (b)

      has been reached or exceeded immediately before the beginning of the rights issue period and has not fallen below a disclosable short position at the time the rights issue period commences.

FINMAR 2.2.2G

For the purposes of FINMAR 2.2.1R (1)(c)(ii), a UK prescribed market is the main venue for trading securities of a company where the volume of the securities traded on that market in the 12-month period immediately preceding the beginning of the company's rights issue period is greater than the volume of the securities traded on any other market, whether in the United Kingdom or elsewhere.

Disclosure of a short position in a UK financial sector company

FINMAR 2.2.3R
FINMAR 2.2.4G

Where a UK financial sector company is in a rights issue period, a disclosure under FINMAR 2.2.3 R is sufficient to satisfy the disclosure requirement in FINMAR 2.1.1 R.