FCA Fines Asset Manager £873K For Short-Selling Failures
Law360, London (October 14, 2020, 2:33 PM BST) -- The Financial Conduct Authority said on Wednesday that it has fined asset manager Asia Research and Capital Management Ltd. £873,118 ($1.2 million) after it failed to let the regulator know that it had a net short position in an oil company.
Hong Kong-based ARCM failed to make 155 notifications of net short positions to the FCA between February 2017 and July 2019, the regulator said. The City watchdog has fined the asset manager in its first enforcement action over a breach of the regulation.
"ARCM repeatedly breached reporting rules and failed to provide important information to us and to the market," Mark Steward,...
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