Fund managers and investors should be aware that new Norwegian short selling rules are expected to come into force on 1 Jan. 2017 (the ‘New Rules’). The New Rules are Norway’s implementation of European Union (‘EU’) Regulation No 236/2012 on short selling and certain aspects of credit default swaps (the ‘Short Selling Regulation’). This Alert provides a summary of the new short selling disclosure rules that fund managers and investors need to consider. Fund managers should be aware that EU regulators have, over the past two years, taken a number of enforcement actions against buy-side firms for breaches of disclosure obligations under the Short Selling Regulation (including in the case of missed or late filings).
Click here to read more about the new disclosure obligations in respect of net short positions.