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ASIC amendment to Class Order

by Martha.Ware 3. May 2011 14:52

ASIC has announced a minor amendment to ASIC Class Order [CO 09/774] Naked short selling relief for market makers ([CO 09/774]), which will allow licensed market makers to short sell securities in the S&P/ASX300 index, so as to hedge risk. This was previously only allowed for securities that appeared in the S&P/ASX200 index.

While s 1020B of the Corporations Act 2001 prohibits naked short selling, licensed market makers have been afforded relief to enable them to mitigate the risks involved in their market making activities.

The amended class order commenced on 19 April 2011.

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