{"id":35458,"date":"2025-11-26T22:33:31","date_gmt":"2025-11-26T22:33:31","guid":{"rendered":"https:\/\/naijaglobalnews.org\/?p=35458"},"modified":"2025-11-26T22:33:31","modified_gmt":"2025-11-26T22:33:31","slug":"november-global-regulatory-brief-trading-and-markets-insights","status":"publish","type":"post","link":"https:\/\/naijaglobalnews.org\/?p=35458","title":{"rendered":"November Global Regulatory Brief: Trading and markets | Insights"},"content":{"rendered":"<p>\n<\/p>\n<p>In more detail<\/p>\n<p><span style=\"font-weight: 400;\">This scheme would provide an exemption for certain venture issuers listed on the TSX Venture Exchange Inc. or the CNSX Markets Inc. from the requirement to file first and third quarter financial reports.<\/span><\/p>\n<p>Context<\/p>\n<p><span style=\"font-weight: 400;\">The creation of a voluntary semi-annual reporting framework aims to make financial reporting more efficient and cost-effective for eligible issuers.<\/span><\/p>\n<p>Looking ahead<\/p>\n<p><span style=\"font-weight: 400;\">The CSA proposals are open for comment until December 22, 2025 and the CSA intends to engage in a broader rule-making project related to voluntary semi-annual reporting.<\/span><\/p>\n<h2>FCA Consults on New Short Selling Regime<\/h2>\n<p><span style=\"font-weight: 400;\">The UK Financial Conduct Authority (FCA) has launched a consultation on its proposed rules and guidance governing short selling activity. The proposals aim to create a more efficient and proportionate framework that maintains transparency and control over short selling while removing unnecessary burdens on firms.<\/span><\/p>\n<p>Context<\/p>\n<p><span style=\"font-weight: 400;\">This consultation are based on feedback from HM Treasury\u2019s Short Selling Regulation: Call for Evidence, which concluded that the UK\u2019s shonht selling regime could be largely retained but reformed to reduce disproportionate compliance costs. The consultation also reflects new powers granted to the FCA under the Financial Services and Markets Act 2023, which enables it to establish firm-facing rules replacing assimilated EU law.<\/span><\/p>\n<p>Key proposed changes<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Position Reporting:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Deadline for reporting net short position (NSP) changes extended to 23:59 T+1, giving firms more time to calculate and submit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">New guidance will clarify how to calculate NSPs (e.g. issued share capital, timing), and how to report within groups.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Firms can apply for a waiver in exceptional cases such as system outages.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Covering Requirements:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Short sellers must still ensure adequate covering arrangements before trading and retain records for at least five years to strengthen auditability.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reportable Shares List (RSL):<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Replaces the old exempt list with a new Reportable Shares List identifying shares subject to reporting and covering.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Narrower criteria will cut the number of reportable shares.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Updated every two years on 1 April (aligned with the EU\u2019s cycle) to simplify cross-border compliance.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Market Maker Exemptions:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Simplified and faster notification process, with less lead time and reduced information requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Aims to make it easier for market makers to rely on exemptions that support liquidity.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Public Disclosure:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCA will publish aggregate net short positions (ANSPs) by company, with individual positions anonymised.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">New guidance will explain how ANSPs are calculated, updated, and corrected.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Balances transparency with confidentiality while maintaining regulatory visibility.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Handbook and Structural Updates:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">New Short Selling Sourcebook (SSLS) will consolidate all rules and guidance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Updates to FINMAR, SUP, DEPP, and ENF for consistency with the new regime.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Emergency powers retained with a high threshold and clarified via a new Statement of Policy.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Next steps<\/p>\n<p><span style=\"font-weight: 400;\">Comments on the consultation (CP25\/29) are due by 16 December 2025. Responses may be submitted via the FCA\u2019s online form or in writing to the FCA. Following the consultation, the FCA will finalise and publish the new short selling rules, expected to form the cornerstone of the UK\u2019s post-EU short selling regime.<\/span><\/p>\n<h2>ASIC proposes updates to its derivatives clearing rules<\/h2>\n<p><span style=\"font-weight: 400;\">ASIC is <\/span><span style=\"font-weight: 400;\">seeking feedback<\/span><span style=\"font-weight: 400;\"> on its proposal to remake the <\/span><span style=\"font-weight: 400;\">ASIC Derivative Transaction Rules (Clearing) 2015<\/span><span style=\"font-weight: 400;\"> (the 2015 Rules), which are scheduled to sunset on 1 April 2026. Having reviewed the operation of the 2015 Rules to ensure they remain effective and efficient, ASIC proposes limited, minor and administrative amendments and one minor policy update in the draft 2026 Rules to modernise the 2015 Rules.<\/span><\/p>\n<p>Further detail<\/p>\n<p><span style=\"font-weight: 400;\">Following the 2008 global financial crisis, the Leaders of the Group of Twenty (G20) nations, including Australia, committed to reforming OTC derivatives markets. A key element of this commitment was the requirement for all standardised OTC derivative transactions to be cleared through central counterparties. These reforms aimed to improve transparency, mitigate systemic risk, and protect against market abuse in OTC derivatives markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On 3 January 2013, legislation establishing a framework to implement the G20 commitments in Australia came into effect. Subsequently, on 3 December 2015, ASIC made the <\/span><span style=\"font-weight: 400;\">ASIC Derivative Transaction Rules (Clearing) 2015<\/span><span style=\"font-weight: 400;\"> under section 901A of the <\/span><span style=\"font-weight: 400;\">Corporations Act 2001<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The 2015 Rules introduced a mandatory central clearing regime in Australia for OTC interest rate derivatives denominated in Australian dollars, US dollars, euros, British pounds and Japanese yen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The clearing mandate applies to Australian and foreign financial institutions that meet the clearing threshold. Alternatively, entities may voluntarily opt in to comply with the Rules to benefit from substituted compliance arrangements in respect of equivalent clearing requirements in key foreign jurisdictions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ASIC proposes to remake the 2015 Rules in substantially the same form, except for:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">minor administrative updates to modernise the 2015 Rules, and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">to support post-trade risk reduction exercises, extend exemptive relief to clearing derivative transactions resulting from these exercises, consistent with existing relief in relation to multilateral portfolio compressions.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">ASIC also proposes to let transitional relief from the 2015 Rules, in relation to certain swaptions, expire on 1 April 2026.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Details can be found on the <\/span><span style=\"font-weight: 400;\">ASIC website<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>Next steps<\/p>\n<p><span style=\"font-weight: 400;\">ASIC welcomes feedback from industry on the proposed changes by 5pm AEDT on 28 November 2025. A consultation paper was not issued for this consultation.<\/span><\/p>\n<h2>Singapore to announce measures to strengthen equity market<\/h2>\n<p>Summary<\/p>\n<p><span style=\"font-weight: 400;\">Singapore plans to <\/span><span style=\"font-weight: 400;\">announce <\/span><span style=\"font-weight: 400;\">new measures in November to enhance shareholder value and strengthen its equity market, building on the earlier \u201cValue Unlock\u201d programme concept. Key initiatives include practical support for listed companies (grants, toolkits), appointing a second group of asset managers under the SGD 5 billion Equity Market Development Programme (EQDP), streamlining the listing process by consolidating reviews within SGX RegCo, and consulting on ways to enhance investor recourse. These efforts are part of Singapore\u2019s broader strategy to bolster its position as a leading international financial centre, focusing on existing strengths while building new capabilities in areas like AI.<\/span><\/p>\n<p>In more detail<\/p>\n<p><span style=\"font-weight: 400;\">Singapore is taking several steps to boost its equity market and financial sector:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Value unlock programme: New measures in November will provide listed companies with government grants, toolkits, and expanded engagement platforms to help them unlock shareholder value and improve investor relations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equity market development: A second batch of asset managers (global, regional, and local) will be appointed later this year under the SGD 5 billion EQDP to attract institutional flows and broaden liquidity, complementing the first batch appointed in July. The government emphasised avoiding \u2018quick fixes\u2019 like mandating sovereign wealth fund investments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Streamlined listing process: MAS and SGX RegCo will soon consult on consolidating the listing review functions within SGX RegCo to simplify the current dual-review process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investor protection: MAS will consult on proposals to enhance investor recourse mechanisms, aiming for balance without creating an overly litigious environment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strategic financial centre priorities: Singapore will focus on deepening existing strengths (asset management, insurance, FX, capital markets), building new pillars like AI, enhancing regional\/global connectivity, and developing talent.<\/span><\/li>\n<\/ul>\n<p>Next steps<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">November announcement: Details of the \u201cValue Unlock\u201d support measures (grants, toolkits, platforms) will be announced.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EQDP appointments: The second batch of asset managers under the Equity Market Development Programme will be appointed later this year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consultations: MAS and SGX RegCo will issue consultations in the coming weeks on streamlining the listing process and enhancing investor recourse.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Review finalisation: A broader review of measures to boost the equity market is expected to be finalised by the end of the year.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>In more detail This scheme would provide an exemption for certain venture issuers listed on the TSX Venture Exchange Inc. or the CNSX Markets Inc. from the requirement to file first and third quarter financial reports. Context The creation of a voluntary semi-annual reporting framework aims to make financial reporting more efficient and cost-effective for<\/p>\n","protected":false},"author":1,"featured_media":35459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[1123,12239,2884,14591,12300,5962],"class_list":{"0":"post-35458","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-global","9":"tag-insights","10":"tag-markets","11":"tag-november","12":"tag-regulatory","13":"tag-trading"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/35458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35458"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/35458\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/35459"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}