2008-06-20 — timesonline.co.uk
The hedge fund industry’s lobby group mounted a last-ditch attempt yesterday to persuade the City regulator to delay its controversial rules on short-selling, which are due to come into force tomorrow.
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In a surprise move last Friday, the FSA said that all investors with a short position representing more than 0.25 per cent of a company must disclose the holding if the target company is involved in a rights issue.
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The FSA said that funds would have to reveal their positions only once. It suggested that its rules would be temporary, angering critics who have argued that the regulator was guilty of a knee-jerk reaction intended to ensure that HBOS’s rights issue proceeded successfully.
Hmm... is the real goal here to prevent anyone from profiting from share dilution (in other words to keep bank shares overvalued as long as possible)?
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