On October 23, the UK Financial Services Authority (FSA) published a feedback statement on proposals for the disclosure of long positions held as contracts for difference (CFDs) set out in its consultation paper published in November 2007 (as reported in the November 16, 2007 edition of Corporate and Financial Weekly Digest). The FSA has announced that it will implement a general disclosure regime for long CFD positions. The initial disclosure threshold will be at 3%, in line with the existing UK disclosure rules for positions in equity securities. The FSA proposes to exempt CFD writers which act as intermediaries in order to reduce unnecessary disclosures. The feedback statement contains draft rules, and the FSA will accept technical comments on the rules until January 23, 2009. The FSA expects to issue final rules in February 2009 which will come into effect September 1, 2009.

www.fsa.gov.uk/pubs/cp/cp08_17.pdf