Response to me from FCA - Asia Research Capital Management11 Dec 2019 13:27
Thank you for your submission of 10 December 2019 regarding Asia Research & Capital Management Ltd (ARCM). We have noted your concerns around the disclosure of ARCM's short position in Premier Oil PLC.
This matter has been received by the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA. MO is responsible among other things for monitoring compliance with Short Selling Regulation and the Market Abuse Regulation.
We are currently reviewing this matter with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.
Once we have completed our review, we will consider whether it is appropriate for the FCA to launch a formal investigation via its Enforcement Division, whether some other form of intervention is required or whether the case should be closed with no action. In particular, an important part of our consideration is the potential seriousness of the misconduct.
As noted in our Approach to Enforcement, not all breaches of our rules or requirements constitute serious misconduct, however, where we suspect serious misconduct, we will start an enforcement investigation. We use our experience and judgement to ascertain whether this suspicion exists and there are a number of considerations we take into account when doing so. Chapter 2 of our Approach to Enforcement document provides further detail on these considerations, which include the nature of the actual and potential harm involved; the extent to which the suspected misconduct has or may affect consumers, markets or firms if we do not take action; and the public interest in investigating the matter.
As a matter of policy, we do not provide details to members of the public about the content of our assessments (including where we decide that there are no grounds for further action). Unless our work results in a public disciplinary outcome, the FCA does not comment on these matters. We understand that this can sometimes be frustrating but you can find further information on why we take this approach here.
Please be assured that we take all complaints raised against those subject to our rules seriously and we are considering the concerns that you have raised. We will contact you if we have any questions regarding the issues that you have raised and apologise for being unable to provide you with any further details, but we trust that you will understand the reasons for this.
We thank you for taking the time to contact us and we hope that our response to your concerns has been helpful. If however you find that our response has been unsatisfactory and you feel you have grounds to make a complaint against the FCA on this matter, you may wish to refer to our website on how to do so, by clicking here .
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