Wednesday 14 March 2012
IMA EXPRESSES CONCERNS ABOUT ESMA ADVICE ON SHORT SELLING
In its response to the European Securities and Markets Authority's (ESMA) draft technical advice on the regulation of short selling*, IMA Director of Wholesale Guy Sears, said:
“Our member firms strongly support having a consistent definition and approach to short selling across the EU.
“However ESMA’s advice to the EU Commission appears to contradict the original regulation on hedging across national boundaries by proposing limits. This would be against investors’ interest and could run the risk of increasing the cost of investment in EU economies.
“We are also concerned that the consultation process has had to be very rushed; no-one wants this important work to result in sub-standard legislation.”
*Consultation paper: Draft technical advice on possible Delegated Acts concerning the regulation on short selling and certain aspects of credit default swaps
For further information please contact:
Navdeep Sidhu, Press Officer - 020 7831 0898 or 07843 517618
Mona Patel, Head of Communications - 020 7831 0898 or 07834 089332
Notes for Editors
To read IMA’s response to ESMA’s guidance click here.
The IMA is the trade body for the UK's £4 trillion asset management industry.
The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
Our purpose is to support and promote a commercially successful and growing UK investment management industry as we seek to improve the financial outcomes for customers - savers and investors.
IMA website - www.investmentuk.org