FSA has published a feedback statement on disclosure of contracts for difference. Following review and consultation, FSA has decided to implement a general disclosure regime for long CfD positions. Existing share and CfD holdings, in the same company, should be aggregated for disclosure purposes. The initial disclosure threshold will be at 3%, like current disclosure rules. FSA is consulting on draft new rules, involving changes to DTR, to introduce the new regime. In the consultation, it proposes an exemption for CfD writers which act as intermediaries, similar to the Takeover Panel’s Recognised Intermediary exemption. It thinks this will reduce unnecessary disclosures. The consultation closes on 23 January 2009 and FSA wants to bring the new rules into force in September 2009.