Short selling bill passes
Consultation is now expected to begin with the financial services industry on the regulatory environment that will prevail following the passage of the Federal Government’s legislation banning naked short selling.
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, said the bill had been passed unamended and would serve to protect retail investors and Australian companies by enhancing market transparency.
“The successful passage of this measure means that market certainty is restored and Treasury can commence further detailed consultations with industry about the details of the regulations,” he said.
“Under the new regime, market players are left in no doubt that naked short selling is banned, while covered short sales must be disclosed to the regulator,” Sherry said.
AUTHOR
Mike Taylor
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