Japan is to crack down on short selling ahead of new equity issues, arguing that such bets on a fall on a company’s shares punish long-term shareholders unfairly and distort the market.
It plans to introduce rules to prohibit any investor from receiving shares in a new issue if they short company stocks during the period between the announcement of an offering and its pricing.
The Financial Services Agency will introduce the measure between April and September next fiscal year. The move is in response to concerns that short selling before recent new issues has hurt the issuer and its long-term shareholders.
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