FCA Handbook - SSR 4.1 Purpose

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SSR 4.1 Purpose

The purpose of this chapter is to:

(1) set out rules and guidance as to the circumstances in which the FCA may determine that the requirements imposed by the rules in SSR 2 and SSR 3 do not apply in relation to an admitted share or a description of such admitted shares further to regulation 8(1)(a) of the Short Selling Regulations 2025;
(2) set out rules and guidance relating to the FCA’s procedure for reviewing and updating these determinations; and
(3) provide guidance to market participants on how the FCA exercises its function under regulation 8(4) of the Short Selling Regulations 2025 to publish and keep updated a list of admitted shares in relation to which rules and guidance in SSR 2 and SSR 3 apply – namely, the reportable shares list.

The admitted shares in relation to which SSR 2 and SSR 3 apply will be included in the reportable shares list published by the FCA, in accordance with regulation 8(4) of the Short Selling Regulations 2025. The admitted shares for which the FCA has made a determination that the rules and guidance in SSR 2 and SSR 3 do not apply under this chapter will not be included on the reportable shares list.

The reportable shares list will include the ISIN of each class of admitted share issued by a company and denote which of these is the main class of ordinary share for the purpose of identifying the admitted shares in the notifications required under SSR 2.

(1) For the purposes of SSR 2, the reportable shares list can be relied upon to identify the companies in relation to which persons are required to calculate and notify their net short positions. The reportable shares list will identify the admitted shares of those companies.
(2) For the purposes of SSR 3, the reportable shares list can be relied upon to identify the admitted shares in relation to which the covering requirements apply.

(1) Where the FCA determines to disapply the rules under SSR 4.2 relating to an admitted share that is on the reportable shares list, that decision will be made to take effect on the day the relevant admitted share is removed from the reportable shares list.
(2) Where the FCA determines to a revoke a disapplication decision under SSR 4.2, that decision will be made to take effect on the working day the relevant admitted share is added to the reportable shares list.