{
  "url": "https://openlegislation.uk/draft-short-selling-regulations-2024/regulation-6",
  "json_url": "https://openlegislation.uk/draft-short-selling-regulations-2024/regulation-6.json",
  "legislation": "ukdsi/2024/9780348265538",
  "legislation_title": "The Short Selling Regulations 2024",
  "legislation_url": "https://openlegislation.uk/draft-short-selling-regulations-2024",
  "path": "regulation/6",
  "kind": "regulation",
  "number": "6",
  "heading": "FCA rules requiring notification of a significant net short position in the issued share capital of a company",
  "text": "(1) The FCA may make designated activity rules requiring a person who has a net short position which is—\n(a) in the issued share capital of a company which has admitted shares, and\n(b) equal to or greater than the notification threshold,\nto notify the FCA.\n(2) The notification threshold referred to in paragraph (1) is 0.2% of the issued share capital of the company.\n(3) For the purposes of this regulation—\n(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;\n(b) a short position in the issued share capital of a company is the position resulting from—\n(i) a short sale of a share issued by the company, or\n(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;\n(c) a long position in the issued share capital of a company is the position resulting from—\n(i) holding a share issued by the company, or\n(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.\n(4) Designated activity rules made by virtue of paragraph (1) may, in particular, make provision as to—\n(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;\n(b) the calculation of a person’s net short position, including—\n(i) the transactions that are to be taken into account when calculating a person’s net short position;\n(ii) the treatment of short or long positions held by different entities in a group;\n(iii) the treatment of short or long positions held by or under different fund structures;\n(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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2024/9780348265538/regulation/6",
    "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."
}