Home FCA Handbook SSR SSR 2 SSR 2.3 Notification of net short positions to the FCA
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SSR 2.3 Notification of net short positions to the FCA

When notifications are required

13/07/2026R

A person undertaking short selling activity must notify the FCA of a net short position in the issued share capital of a company with admitted shares in accordance with SSR 2.6.1R and SSR 2.7.1R in each of the following circumstances:

  1. (1) their net short position has reached or exceeded 0.2% of the issued share capital of a company with admitted shares;
  2. (2) their net short position has fallen below 0.2% of the issued share capital of a company with admitted shares; or

  3. (3) having reached or exceeded 0.2%, their net short position has reached, exceeded or fallen below an additional 0.1% increment.

     

13/07/2026R

SSR 2.3.1R has effect subject to SSR 2.15 and SSR 2.16 in its application to:

  1. (1) persons carrying on management activity, as provided for in SSR 2.15; and

  2. (2) persons in a group and persons reporting on behalf of a group, as provided for in SSR 2.16.

     

Outsourcing notification submissions

13/07/2026R
  1. (1) For the purposes of SSR 2.3.1R a notification of a person’s net short position may be made by a third party, including an investment firm acting on behalf of its clients. 

  2. (2) Where (1) above applies, the person holding the net short position remains responsible for compliance with the rules in SSR 2. 

     

13/07/2026G

If a person is relying on a third party to make notifications on their behalf, and the third party fails to do so in the manner or time required by SSR 2, the person holding the position, not the third party, is considered to have breached the rules.

Guidance on notification requirements when a company is removed from the reportable shares list

13/07/2026G

In circumstances where the FCA has determined to disapply the rules in SSR 2 in relation to admitted shares, SSR 2 will take effect from the date on which the FCA removes the shares from the reportable shares list (see SSR 4.1.5G). In terms of further notifications:   

  1. (1) if a person has previously notified a net short position under SSR 2.3.1R, that person is not required to submit any additional notifications under SSR 2 from the date on which the admitted share is removed from the reportable shares list; and

  2. (2) if a person is required under SSR 2.3.1R to notify a net short position but, the next working day, the admitted shares to which the notification relates are removed from the reportable shares list, the person would not be required to submit the notification.

     

Guidance on notification thresholds

13/07/2026G

In relation to SSR 2.3.1R(3):

  1. (1) a person would need to notify the FCA when their net short position reaches, exceeds or falls below a successive multiple of 0.1% above the base notification threshold, for example 0.3%, 0.4%, 0.5% or 0.6%; 

  2. (2) a change from 0.31% to 0.39% would not require notification as it does not reach, exceed or fall below a 0.1% increment, but a change from 0.39% to 0.41% would require notification, as the net short position exceeds an additional 0.1% increment.

     

13/07/2026G
  1. (1) In accordance with regulation 13(1) of the Short Selling Regulations 2025, the FCA may require net short positions to be notified at a different threshold to that specified in SSR 2.3.1R(1), for example, 0.1%.
  2. (2) The FCA’s statement of policy provides further information on the use of the power in regulation 13(1) of the Short Selling Regulations 2025.