Notifications and Disclosures - Financial Conduct Authority

Short selling – the regime for notifying short positions: an update

Last Modified: 05/11/2013
Find out how the regime for notifying public and private net short positions in certain instruments could affect you and how the process has changed.

What’s changing?

We are improving the way you provide us with short selling notifications to make the process easier. From 10 June 2013 there will be:

For more information, see our factsheet.

What’s the background to this?

The Short Selling Regulation (SSR), Regulation (EU) No 236/2012, introduced a private and public notification regime for investors who hold net short positions in certain financial instruments. This means that you may have to notify us of positions that are private or are to be disclosed publicly.

Does this apply to you?

To find out if this affects you, see the SSR, the supplementary texts (Commission Implementing Regulation 827/2012, and Commission Delegated Regulations 826/2012, 918/2012 and 919/2012) and the ESMA Q&As.

You must make private and public notifications of net short positions in certain financial instruments to us by email.

Encryption

Please note that we will require the form to be in the same excel format as the forms provided in the links on this page.

If you wish to send your data encrypted then please use our PGP Key.

Timing

You must make notifications by 3:30pm local time (in the jurisdiction of the relevant trading venue of the instrument) on the day after the trading day on which the position was reached.  All calculations should be made as at midnight on the trading day the position was reached.

Exemptions

Market makers and authorised primary dealers may not have to comply with these obligations when undertaking market-making activities in the instruments for which they are using the exemption.  For more information on market makers and authorised primary dealers exemptions, see our market maker exemptions page.

Need more information?

For further information on how to calculate net short positions, and how to determine the relevant competent authority to notify, see the SSR, the supplementary texts (Commission Implementing Regulation 827/2012, and Commission Delegated Regulations 826/2012, 918/2012 and 919/2012), the ESMA Q&As and the ESMA list of exempted shares.

For more information on how to make a notification see our factsheet.

You can request guidance in writing and on a named basis only. We expect the submitter to have considered the query before writing to us, and we may reject any queries that we do not consider are seeking guidance.  Please send your queries to the private disclosures inbox (privatedisclosureSSR@fca.org.uk), with the subject line ‘request for guidance’.

Public short positions disclosed to us

Download the latest spreadsheet of short positions disclosed to us.