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Status: You are viewing the version of the handbook as on 2011-04-29.

FINMAR 2.4 Responsibility for disclosure

Discretionary and non-discretionary managers

FINMAR 2.4.1R

Where a person has appointed one or more discretionary investment managers to manage some or all of his investments, the person must make any disclosures required under FINMAR 2.2.1 R or FINMAR 2.2.3 R in respect of any disclosable short position, unless FINMAR 2.4.2 G applies.

FINMAR 2.4.2G

Where a person ("P") has appointed:

  1. (1)

    a discretionary investment manager to manage some or all of his investments, P may authorise that discretionary investment manager to make any disclosures required by FINMAR 2.2.1 R or FINMAR 2.2.3 R on P's behalf in relation to the investments managed by that discretionary investment manager;

  2. (2)

    more than one discretionary investment manager to manage some or all of his investments, P may authorise another person (such as the operator of an AUT, ICVC or any other fund) to make any disclosures required by FINMAR 2.2.1 R or FINMAR 2.2.3 R on P's behalf.

FINMAR 2.4.3R

Where a discretionary investment manager or another person has been authorised by a person ("P") to make any disclosures required by FINMAR 2.2.1 R or FINMAR 2.2.3 R on P's behalf, he must:

  1. (1)

    provide disclosure or ongoing disclosure as required under FINMAR 2.2.1 R or FINMAR 2.2.3 R of P's position; and

  2. (2)

    clearly identify the person on whose behalf he is making the disclosure.

FINMAR 2.4.4R

Where a discretionary investment manager manages investments for more than one person, he must provide disclosure or ongoing disclosure under FINMAR 2.2.1 R or FINMAR 2.2.3 R in respect of the aggregate net short position of all the portfolios managed by him.

FINMAR 2.4.5R

Where a person whose investments are managed by a non-discretionary investment manager has a disclosable short position, the person must make any disclosures required under FINMAR 2.2.1 R or FINMAR 2.2.3 R in respect of his position.

FINMAR 2.4.6G

A person whose investments are managed by a non-discretionary investment manager and who has a disclosable short position may authorise his non-discretionary investment manager to make any disclosures required by FINMAR 2.2.1 R or FINMAR 2.2.3 R on his behalf in respect of his position.

FINMAR 2.4.7R

Where a non-discretionary investment manager has been authorised by a person to make any disclosures required by FINMAR 2.2.1 R or FINMAR 2.2.3 R on that person's behalf, he must:

  1. (1)

    provide disclosure or ongoing disclosure as required under FINMAR 2.2.1 R or FINMAR 2.2.3 R of the person's position; and

  2. (2)

    clearly identify the person on whose behalf he is making the disclosure.

Groups

FINMAR 2.4.8R

Where one or more companies in a group is required to disclose a disclosable short position, each company must make a separate disclosure of its own position unless FINMAR 2.4.9 G applies.

FINMAR 2.4.9G

One company in a group may make a disclosure of a disclosable short position held by one or more companies in the group, provided that the disclosure clearly states the name of the company or of each of the companies, as the case may be, which holds a disclosable short position.