Regulation 7 Publication by the FCA of aggregate net short positions
Subject to paragraph (7), for each working day the FCA must publish the aggregate net short position in relation to the issued share capital of a company that has admitted shares.
Subject to paragraph (5), the aggregate net short position in relation to the issued share capital of a company, for the purpose of this regulation, is the sum of the net short positions in the issued share capital of the company notified to the FCA and held on the relevant working day, expressed as a percentage of the company’s issued share capital.
For the purpose of paragraph (2), a net short position is held on the relevant working day if—
it is notified to the FCA by a person (“P”) as being held on that day, or
in a case where P has not notified the FCA of a net short position held on that working day, it is P’s most recent notification of its net short position held on a prior working day.
The FCA must publish the aggregate net short position no later than two working days after the day to which the figure relates.
In calculating the aggregate net short position in relation to a company, the FCA may exclude—
a net short position notified to it in a case where it is carrying out work to verify the reliability of that notified position;
information received after the working day prior to publication.
The FCA may amend or re-publish a previously published aggregate net short position, including to take account of notifications received, verified or amended since publication.
The FCA is not required to publish the aggregate net short position in relation to a company for a working day on which the aggregate net short position, calculated in accordance with paragraphs (2) and (3), is zero.
In this regulation a net short position is notified to the FCA if it is notified pursuant to rules made by virtue of regulation 6 or a requirement imposed under regulation 13(1).
In this regulation “working day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday under the Banking and Financial Dealings Act 1971f1 in any part of the United Kingdom.
Annotations
Footnotes
- f1