The Short Selling Regulations 2025
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Change 1
6 FCA rules requiring notification of a significant net short position in the issued share capital of a company
(1) The FCA may make designated activity rules requiring a person who has a net short position which is— (a) in the issued share capital of a company which has admitted shares, and (b) equal to or greater than the notification threshold, to notify the FCA. (2) The notification threshold referred to in paragraph (1) is 0.2% of the issued share capital of the company. (3) For the purposes of this regulation— (a) a person has a net short position in the issued share capital of a company if the person’s total short position in the issued share capital of that company exceeds the person’s total long position in the issued share capital of that company; (b) a short position in the issued share capital of a company is the position resulting from— (i) a short sale of a share issued by the company, or (ii) entering into a transaction, other than a short sale of a share issued by the company, where an effect of the transaction is to confer a financial advantage on the person entering into that transaction in the event of a decrease in the price or value of a share issued by the company; (c) a long position in the issued share capital of a company is the position resulting from— (i) holding a share issued by the company, or (ii) entering into any transaction where an effect of the transaction is to confer a financial advantage on the person entering into that transaction in the event of an increase in the price or value of a share issued by the company. (4) Designated activity rules made by virtue of paragraph (1) may, in particular, make provision as to— (a) the circumstances in which a person has a net short position in the issued share capital of a company for the purpose of rules made by virtue of this regulation, including provision as to the circumstances in which a person is considered to hold a share; (b) the calculation of a person’s net short position, including— (i) the transactions that are to be taken into account when calculating a person’s net short position; (ii) the treatment of short or long positions held by different entities in a group; (iii) the treatment of short or long positions held by or under different fund structures; (c) the circumstances in which a notification is required to be re-made or updated, including for example where a person’s net short position falls below the notification threshold.
6 FCA rules requiring notification of a significant net short position in the issued share capital of a company
(1) The FCA may make designated activity rules requiring a person who has a net short position which is— (a) in the issued share capital of a company which has admitted shares, and (b) equal to or greater than the notification threshold, to notify the FCA. (2) The notification threshold referred to in paragraph (1) is 0.2% of the issued share capital of the company. (3) For the purposes of this regulation— (a) a person has a net short position in the issued share capital of a company if the person’s total short position in the issued share capital of that company exceeds the person’s total long position in the issued share capital of that company; (b) a short position in the issued share capital of a company is the position resulting from— (i) a short sale of a share issued by the company, or (ii) entering into a transaction, other than a short sale of a share issued by the company, where an effect of the transaction is to confer a financial advantage on the person entering into that transaction in the event of a decrease in the price or value of a share issued by the company; (c) a long position in the issued share capital of a company is the position resulting from— (i) holding a share issued by the company, or (ii) entering into any transaction where an effect of the transaction is to confer a financial advantage on the person entering into that transaction in the event of an increase in the price or value of a share issued by the company. (4) Designated activity rules made by virtue of paragraph (1) may, in particular, make provision as to— (a) the circumstances in which a person has a net short position in the issued share capital of a company for the purpose of rules made by virtue of this regulation, including provision as to the circumstances in which a person is considered to hold a share; (b) the calculation of a person’s net short position, including— (i) the transactions that are to be taken into account when calculating a person’s net short position; (ii) the treatment of short or long positions held by different entities in a group; (iii) the treatment of short or long positions held by or under different fund structures; (c) the circumstances in which a notification is required to be re-made or updated, including for example where a person’s net short position falls below the notification threshold.
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