Dear The Financial Conduct Authority,

Please provide copies of all correspondence, incoming, outgoing and internal, regarding

Asia Research & Capital Management's notification of their short position in Premier Oil.

Yours faithfully,

Kevin Jacobs

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We will be in touch in due course.

This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

1 Atodiad

Our Ref:         FOI6939

 

Dear Mr Jacobs,

 

Freedom of Information: Right to know request

 

Thank you for your request dated 9 December 2019 received under the
Freedom of Information Act 2000 (“the Act”), for the following
information:

 

Please provide copies of all correspondence, incoming, outgoing and
internal, regarding

Asia Research & Capital Management's notification of their short position
in Premier Oil.

 

Your request has now been considered.

We can confirm that we hold information that falls within the scope of
your request.  However, apart from the information already publicly
available by way of the ”notification and disclosure of net short
position” published on our website [1]here, we are unable to disclose any
further information to you.  This is because to disclose it to you would
result in the disclosure of “confidential information” as defined in
section 348 of the Financial Services and Market Act 2000 (“FSMA”).  We
are therefore prohibited from disclosing it to you under section 44
(Prohibitions on disclosure) of the Act.  For more information as to why
this exemption applies, please see Annex A below.

We are also unable to disclose the information you have requested as such
disclosure would, or would be likely to, prejudice the commercial
interests of any person (including the firms mentioned in your request). 
Therefore, we consider section 43 (Commercial interests) of the Act
applies for the reasons set out in Annex A.

 

If you are unhappy with the decision made in relation to your request, you
have the right to request an internal review.  If you wish to exercise
this right you should contact us within 40 working days of the date of
this response.

If you are not content with the outcome of the internal review, you also
have a right of appeal to the Information Commissioner at Information
Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9
5AF. Telephone: 01625 545 700. Website: [2]www.ico.org.uk

Yours sincerely

 

Information Disclosure Team / Cyber and Information Resilience Department
/ Operations

12 Endeavour Square

E20 1JN

 

 

Annex A

 

·         General right of access to information held by public
authorities

 

Under section 1(1)(a) of the Act, any person making a request for
information to a public authority is entitled to be informed in writing by
the public authority whether it holds information of the description
specified in the request.  If the public authority holds information of
the type specified in the request, the person requesting the information
is entitled under section 1(1)(b) to have the information communicated to
them.  The rights in section 1(1)(a) and (b) are subject to a number of
exclusions and exemptions.

 

·         Section 44 (Prohibitions on Disclosure)

 

Section 44(1)(a) of the Act provides that information is absolutely exempt
from disclosure if its disclosure (otherwise than under the Act) is
prohibited by or under any enactment.  Section 348 of FSMA restricts the
FCA from disclosing "confidential information" it has received except in
certain limited circumstances (none of which apply here).

Confidential information for these purposes is defined as non-public and
non-anonymised information which relates to the business or other affairs
of any person and which was received by the FCA for the purposes of, or in
the discharge of, its functions under FSMA and which is not in the public
domain.

The information requested amounts to confidential information which, when
received by the FCA, would have been received in the discharge of its
functions under FSMA.  Disclosure of any confidential information, without
the consent of the provider of the information, and, if different, the
consent of the person to whom the information relates would be a breach of
section 348 of FSMA and would be a criminal offence.

It is also possible for “received” information to be embedded within
information created by the FCA and such information is also exempt from
disclosure under section 44 of the Act.  Consequently, the FCA is
prohibited from disclosing to you any information which we received while
performing our regulatory duties and which is not in the public domain or
where the relevant consents have not been obtained.

This is an “absolute” exemption, and so it is not necessary to balance the
public interest for and against disclosing the information.

 

·                     Section 43 (Commercial Interests)

 

Section 43(2) of the Act provides that information is exempt if its
disclosure would, or would be likely to, prejudice the commercial
interests of any person (including the public authority holding it).

The commercial interests of the firm in question may be harmed in several
ways as disclosure of the information requested would be likely to lead to
further comment and speculation about them. This, in turn, would or would
be likely to harm the firms’ brand and so harm their commercial interests
as well as that of their stakeholders, including their employees.  As
there is no routine public disclosure of firms’ dealings with the FCA, ad
hoc public disclosure under the Act would be likely to attract a
disproportionate amount of attention to the firms concerned.

This exemption is qualified and we have balanced the public interest for
and against disclosure as required by the Act.

 

For disclosure:

o Disclosure of the information would reassure the public about the
effectiveness of the regulatory approach taken by the FCA, and
demonstrate how the FCA responds to supervisory matters within the
sector it regulates.

 

o Disclosure would also provide information to consumers to assist them
in making decisions about their dealings or potential dealings with
firms and individuals that are, or may be, operating in the financial
services industry.

 

 

Against disclosure:

 

o Disclosure could lead to widespread speculation which could affect the
firms’ brand and reputation in the market in which they operate, in
the absence of due process having been followed - i.e. in the absence
of any formal public announcement and without the firms having had the
opportunity to comment.

 

o It is strongly in the public interest that the FCA has open and candid
exchanges of information with the firms it regulates, regardless of
the commercial sensitivity of the information.  Disclosure of the
information could lead to firms being less willing to co-operate with
the regulator on such matters.

 

On this occasion, and for the reasons set out above, we have concluded
that the balance of the public interest is in favour of not disclosing the
information.

 

 

 

 

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

Visible links
1. https://www.fca.org.uk/markets/short-sel...
2. http://www.ico.org.uk/