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Hedge funds sue SEC over controversial #short-selling rules.
A group of #US hedge funds has filed a lawsuit against the #Securities and Exchange Commission (SEC) because its new short-selling rules are inconsistent and provide different guidelines for disclosure of short-selling information, < /span>Business Insider.writes
3 hedge funds asked the 5th U.S. Circuit Court of Appeals to invalidate 2 rules imposed by the SEC in October, saying they are arbitrary and confusing. According to the complaint, the SEC ignored the interconnectedness of the rules and adopted vastly different reporting requirements, with the result that the rules will apply conflicting and inconsistent approaches to 2 aspects of the same underlying transaction: the short sales themselves and the securities lending to facilitate those short sales.
One rule requires individual reporting of securities lent to short sellers, followed by publication of the data the next business day, and another rule requires a number of institutional investors to report their short selling activity, which is then published in an aggregated and delayed form, and names sales participants remain anonymous.
According to the plaintiffs, frequent disclosure of such confidential information could shed light on confidential investment strategies and harm market participants.
The plaintiffs say the SEC needs to develop a consistent approach that will protect investors and avoid undermining the soundness of capital markets.
As for the #SEC 's response to the lawsuit, it stated.
#cryptonews
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A group of #US hedge funds has filed a lawsuit against the #Securities and Exchange Commission (SEC) because its new short-selling rules are inconsistent and provide different guidelines for disclosure of short-selling information, < /span>Business Insider.writes
3 hedge funds asked the 5th U.S. Circuit Court of Appeals to invalidate 2 rules imposed by the SEC in October, saying they are arbitrary and confusing. According to the complaint, the SEC ignored the interconnectedness of the rules and adopted vastly different reporting requirements, with the result that the rules will apply conflicting and inconsistent approaches to 2 aspects of the same underlying transaction: the short sales themselves and the securities lending to facilitate those short sales.
One rule requires individual reporting of securities lent to short sellers, followed by publication of the data the next business day, and another rule requires a number of institutional investors to report their short selling activity, which is then published in an aggregated and delayed form, and names sales participants remain anonymous.
According to the plaintiffs, frequent disclosure of such confidential information could shed light on confidential investment strategies and harm market participants.
The plaintiffs say the SEC needs to develop a consistent approach that will protect investors and avoid undermining the soundness of capital markets.
As for the #SEC 's response to the lawsuit, it stated.
#cryptonews
$BTC $ETH $BNB
