FCA Handbook - SSR 2.15 Application of SSR 2 where a person carries on management activity

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SSR 2.15 Application of SSR 2 where a person carries on management activity

Where a person carries on management activity, SSR 2.3.1R is to be treated as imposing separate notification requirements with respect to:

(1) short selling activity undertaken as part of its management activity; and
(2) short selling activity which is not undertaken as part of its management activity.

Calculation of net short positions for management activity

When calculating the net short position in the issued share capital of a company with admitted shares, in respect of its management activity, a person must:

(1) include positions of the funds and portfolios the management of which has been delegated to it by a third party;
(2) exclude positions of the funds and portfolios the management of which it has delegated to a third party;
(3) calculate the net short position in a company for each individual fund and portfolio that it has under management, irrespective of legal form;
(4) include both cash positions and positions held by the individual fund through financial instruments referred to in SSR 2.14.1R; and
(5) aggregate, for each company, only the net short positions held by its funds and/or portfolios.

(1) In the case of umbrella structures, the calculation of the net short position must take place at the level of the respective sub-funds.
(2) In the case of master-feeder structures, the calculation of the net short position must take place at the level of the respective master fund.

(1) The aggregation referred to in SSR 2.15.2R(5) should take into account positions held at the level of entity, division, unit or department that manages the fund or portfolio.
(2) As only funds or portfolios with net short positions are to be aggregated in calculating the total net short position across a management entity’s management activity, the management entity should not take into account funds or portfolios with net long positions in a company.

Calculation of net short positions for non-management activity

A person to whom SSR 2.15.1R applies must calculate the net short position for short selling activity not undertaken as part of its management activity in accordance with SSR 2.4 to SSR 2.14 and SSR 2.17 to SSR 2.19.

This means a net short position would occur when the aggregate short position across the non-management activity is greater than the aggregate long position.