Key Benefits:
Publication of short selling
In accordance with section 39 b and 93 (3), 4, in the Act on securities trading, etc., cf. Law Order no. 848 of 19. August 2008, as amended by law no. 1003 of 10. October 2008, as follows :
§ 1. Agreements which give rise to a short position or an increase in an existing short position shall not be entered into in respect of shares placed on the trading of a regulated market and issued by financial institutions with a permit in accordance with Section 7 of the Act of Finance Company.
Paragraph 2. A position shall be regarded as shortly after paragraph 1. 1 if the person to conclude the Agreement does not :
1) have at least the quantity of shares to which the person concerned has to deliver ; or
2) have concluded agreements which will result in the person concerned at least in the possession of the quantity of shares to which the person concerned is supplied at the time of delivery.
Paragraph 3. Ownership of paragraph Two does not include loans of shares.
§ 2. Agreements shall not be awarded on any other financial instruments other than shares, which may be obtained if the stock price falls on shares covered by paragraph 1 (1). 1.
Paragraph 2. The provision in paragraph 1 shall be Paragraph 1 shall not apply to the conclusion of contracts to cover the risk of shares covered by paragraph 1 (1). 1, including cover-up, which is carried out on the basis of an index of shares, provided that the coverage is proportionable to the risk.
§ 3. The provision in section 1 (1). Paragraph 2 shall not apply to the sale of shares and other financial instruments at the price of prices, in their capacity as price-makers.
Paragraph 2. The price of securities means a securities trading system which, on the financial markets and on a continuous basis, is prepared to act on their own account by buying and selling securities over the self-interest at prices which the person for themselves determines.
Paragraph 3. The provision in section 1 (1). 1, and Section 2 shall not apply to trade in repurse programmes or with financial instruments to stabilise the stock exchange rate, provided that such transactions are carried out in accordance with the Commission ' s implementation ; Regulation No 2273 of 22. In December 2003 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council, with regard to withdrawal programmes and stabilising financial instruments.
§ 4. The withdrawal of section 1 (2). One, and § 2 is punishable by fine.
Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of Chapter 5 of the penal code.
§ 5. The announcement shall enter into force on 13. October 2008.
§ 6. The announcement shall apply to the Faroe Islands and Greenland.
Paragraph 2. The announcement shall enter into force on the Faroe Islands the day following the proclamations of the Faroe Board of Escrottles.
