SSR 2.16 Application of SSR 2 with respect to groups  

1. (1) the short selling activity giving rise to the net short position is not management activity;
2. (2) the person is a member of a group; and

3. (3) the group’s aggregate net short position, calculated in accordance with SSR 2.16.7R, has reached or exceeded 0.2% of the issued share capital of that company. 

    

1. (1) Subject to (2), the ultimate parent undertaking of a group which carries on short selling activity must notify the FCA of the group’s net short position in the issued share capital of a company, calculated in accordance with SSR 2.16.7R, when any of the circumstances in SSR 2.3.1R apply to the group’s aggregate net short position in that company.
2. (2) Where a group has designated a different member of the group to notify the FCA for the purposes of (1), this rule applies to that person instead of the ultimate parent undertaking.
3. (3) SSR 2.4 to SSR 2.14 and SSR 2.17 to SSR 2.19 apply to notifications required by (1) as they apply to notifications required by SSR 2.3.1R.

4. (4) For the purposes of the information specified in SSR 2 Annex 2R, the person notifying under (1) or (2) must specify under ‘Group Notification Status’ that the ‘position is reported on behalf of a group’.

    

1. (1) A person must notify the FCA of their net short position in the issued share capital of a company when the following circumstances apply:
   1. (a) the person has previously notified the FCA of a net short position in the issued share capital of a company that had reached or exceeded 0.2% under SSR 2.3.1R(1);
   2. (b) the person has not since notified the FCA that their net short position in the issued share capital of the company has fallen below 0.2% under SSR 2.3.1R(2); and
   3. (c) a group-level notification is made under SSR 2.16.2R that their group’s net short position in the issued share capital of that company has reached or exceeded 0.2%.
2. (2) A person must notify under (1) on the same day as the notification referred to in (1)(c).
3. (3) When notifying under (1), the notification must contain the information specified in SSR 2 Annex 2R and must in particular specify:
   1. (a) the position date as the same position date as that specified in the notification made on behalf of the group under (1)(c); and
   2. (b) that the position reporting exemption applies because group-level position reporting is in effect.
4. (4) Other than as specified in (2) and (3), SSR 2.4 to SSR 2.14 and SSR 2.17 to SSR 2.19 apply to a notification under SSR 2.16.1R as they apply to a notification under SSR 2.3.1R.

1. (1) SSR 2.16.2R applies irrespective of whether any net short positions in the issued share capital of the company held by individual members of the group would, but for SSR 2.16.1R, be individually notifiable.
2. (2) The purpose of the notification in SSR 2.16.3R is to enable the FCA to identify persons who:
   1. (a) had previously notified the FCA of a net short position in the issued share capital of a company at or above 0.2% that remains open; and
   2. (b) will cease making additional notifications in respect of their open position in that company because their position has become subsumed by a net short position in that company at or above 0.2% calculated at group level in accordance with SSR 2.16.1R.
3. (3) As per SSR 2.16.3R(2), such a person must notify this to the FCA on the same day as the group-level notification in relation to the group-level position is made under SSR 2.16.2R.   
4. (4) If, following the circumstances in (2), the group-level position then falls below 0.2% but that person’s position remains at or above that threshold, that person must further notify this to the FCA under SSR 2.16.5R and revert to reporting their individual position to the FCA under SSR 2.3.1R.
5. (5) Unless SSR 2.16.3R applies, where a person’s net short position meets or exceeds 0.2% of the issued share capital of a company on the same day as their group’s net short position meets or exceeds 0.2% of the issued share capital of that company, only a group-level position must be notified because:
   1. (a) with respect to a person’s individual notification requirement under SSR 2.3.1R, the conditions in SSR 2.16.1R are met; and
   2. (b) a notification on behalf of the group needs to be made because the circumstances in SSR 2.16.2R apply to the group-level position.
6. (6) Even if a person is not required to notify under SSR 2.16.1R, it will still be necessary for them to calculate net short positions on an ongoing basis given the group-level position may fall below 0.2% of the issued share capital of the company concerned.

1. (1) on the same day as the day on which a notification is made on behalf of the group under SSR 2.16.2R that the circumstances in SSR 2.3.1R(2) apply to the group’s net short position; and

2. (2) for the purposes of SSR 2 Annex 2R, specifying the position date as the same position date as that specified in the notification made on behalf of the group under SSR 2.16.2R.

    

Where the person to whom SSR 2.16.5R applies is also the person responsible for reporting at a group level under SSR 2.16.2R, they will accordingly need to make 2 notifications on the same day:

1. (1)  a notification under SSR 2.16.2R in respect of the group-level position falling below 0.2%; and
2. (2)  a notification under SSR 2.3.1R and SSR 2.16.5R in respect of their individual position being at or above 0.2%.

1. (1) each person within a group calculates their individual short position and long position in the issued share capital of the company in accordance with SSR 2, excluding their positions held by virtue of carrying on management activity; and

2. (2) the individual short positions and long positions are then aggregated and netted to arrive at the group net short position.