Further to its announcement in July regarding the proposed adoption of a general disclosure regime for contracts for difference (“CFDs”), the UK’s Financial Services Authority (“FSA”) yesterday published a further consultation paper containing draft rules and additional guidance. Once finalised the new rules, which are intended to come into force on 1 September 2009, will require long CFD positions to be disclosed under the UK’s Disclosure and Transparency Rules (“DTRs”) at an initial threshold of 3 per cent. of total voting rights and every 1 per cent. after that.

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