The new UK disclosure regime for Contracts for Difference is (CfDs) will become operative on the 1st June 2009. (The original date for commencement was September 2009). The FSA said that the commencement time has been moved forward because of changes in market conditions and the need for increased transparency. The rules cover financial instruments in the same company which give a legal right to acquire shares or have a similar economic effect to shares. Shares and such financial instruments will have to be aggregated and disclosed once over the 3% threshold. This will ensure that they are not used covertly to influence corporate governance and or build up stakes in companies. An exception has also been put in place for CfD writers acting in a client-serving capacity, to prevent unnecessary disclosures to the market.