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ASIC delays short selling reporting requirements

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The Australian Securities and Investments Commission has delayed the commencement of short seller obligations to lodge short position reports from 1 April 2010 to 1 June 2010.

It has also rescheduled the commencement of ASIC obligations to publish aggregated short position reports from 1 April 2010 to 21 June 2010.

The change will allow short sellers more time to ensure they have the appropriate systems in place to meet their reporting obligations.

ASIC will facilitate an industry-wide pilot test to allow short sellers access to the new reporting infrastructure from 10 May 2010.

To assist short sellers and systems developers adequately prepare for the new reporting requirements, ASIC has also revised Information Sheet 98, now titled Short selling: Short position reporting (Info 98).

Info 98 includes key tasks and practical information which stakeholders must be aware of prior to the revised start date for the reporting requirements. It also contains details relating to the threshold for short position reporting and other technical amendments, as well as information about the FIX Rules of Engagement.

ASIC will shortly publish a revised Regulatory Guide 196 Short selling. This document will contain more details about the decisions described above. Other updates in this document will reflect recent changes in the law, some exemptions provided to allow for certain naked short selling and guidance in relation to the disclosure and reporting requirements that apply.

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