{
  "url": "https://openlegislation.uk/draft-short-selling-regulations-2024/regulation-3",
  "json_url": "https://openlegislation.uk/draft-short-selling-regulations-2024/regulation-3.json",
  "legislation": "ukdsi/2024/9780348265538",
  "legislation_title": "The Short Selling Regulations 2024",
  "legislation_url": "https://openlegislation.uk/draft-short-selling-regulations-2024",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Interpretation",
  "text": "(1) In these Regulations—\n“admitted share” means a share which is admitted to trading on a UK trading venue (and includes the share when traded outside such a trading venue);\n“financial instrument” means any instrument specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, read with Part 2 of that Schedule;\n“FSMA 2000” means the Financial Services and Markets Act 2000;\n“issued share capital” in relation to a company means the total of ordinary and any preference shares issued by the company but does not include convertible debt securities;\n“main commencement day” means the day on which the revocation of the short selling regulation by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 comes into force;\n“net short position” has the meaning given in regulation 6(3)(a);\n“overseas jurisdiction” means a country or jurisdiction other than the United Kingdom;\n“share” means an investment of a kind specified in article 76 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;\n“short sale” in relation to a financial instrument means any sale of the instrument which the seller does not own at the time of entering into the agreement to sell including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the instrument for delivery at settlement, but not including—\n(a) a sale by either party under a repurchase agreement where one party has agreed to sell the other a security at a specified price with a commitment from the other party to sell the security back at a later date at another specified price,\n(b) a transfer of securities under a securities lending agreement, or\n(c) entry into a futures contract or other derivative contract where it is agreed to sell securities at a specified price at a future date;\n“short selling regulation” means Regulation (EU) No236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps;\n“UK trading venue” means—\n(a) a UK regulated market within the meaning of point (13A) of Article 2(1) of Regulation (EU) No600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No648/2012;\n(b) a UK multilateral trading facility within the meaning of point (14A) of Article 2(1) of Regulation (EU) No600/2014.\n(2) For the purposes of these Regulations, where there is a combination of legal and beneficial interests in a financial instrument, the instrument is owned by the beneficial owner who assumes the economic risk of acquiring it, including where the instrument is held by a nominee.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 2001/544; Schedule 2 was substituted by S.I. 2006/3384 and amended by S.I. 2017/488, S.I. 2018/1403, S.I. 2021/494."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Article 76 was amended by S.I. 2011/2687, S.I. 2014/1815."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "EUR 2012/236."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "EUR 2014/600."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2024/9780348265538/regulation/3",
    "retrieved_at": "2026-10-30T14:40:14.742662+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}