FCA fines investment house over Premier Oil short disclosure

Fined £873,118 for failing to disclose position

The Financial Conduct Authority (FCA) has fined Hong Kong-based investment firm Asia Research and Capital Management (ARCM) £873,118 over a failure to disclose a short position held against Premier Oil built between February 2017 and July 2019.

Under rules introduced in 2012, firms are required to notify the FCA and disclose to the public details of net short positions held. ARCM was found to have failed to make 155 notifications of its net short position to the regulator and 153 disclosures of its net short position to the public. Transparency Task Force publishes FCA 'wish list' The privately owned asset management firm founded in 2011 manages a series of long duration closed-ended investment vehicles, focused primarily on investing in debt and equity securities across Asia. By July last year, ARCM had built a net short...