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You are viewing SSR 1 Introduction as of . SSR 1 Introduction was last updated on 13/07/2026.

SSR 1.1 Application and general provisions

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Each chapter of SSR has its own application provision which sets out how the rules and guidance in each chapter apply.

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GEN does not apply in respect of the rules and guidance in SSR, except as provided for in SSR 1.1.3R. 

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For the purposes of SSR, the rules and guidance in GEN 1.2.2AR, GEN 1.3, GEN 2.1, GEN 2.2.1R to GEN 2.2.16G and GEN 2.2.18R to GEN 2.2.25G apply to persons subject to SSR as they apply to authorised persons, insofar as they do not already apply.

SSR 1.2 Purpose

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  1. (1) The Short Selling Regulations 2025 set out a framework to replace the UK version of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps, which is part of UK law by virtue of the EUWA and which was repealed on 13 July 2026, the day these rules came into force.
  2. (2) The Short Selling Regulations 2025 confer new powers on the FCA to make designated activity rules governing short selling, including in relation to position reporting and covering obligations. It also enables the FCA to create, in rules, a framework for short selling activities in relation to the carrying out of a stabilisation and market making activities.
  3. (3) The Short Selling Regulations 2025 also confer on the FCA new functions such as establishing and maintaining the reportable shares list and the aggregate net short position report.
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As such, the purpose of SSR is to set out:

  1. (1) relevant rules and guidance in relation to short selling activity under the framework set out in the Short Selling Regulations 2025; and

  2. (2) guidance on the FCA’s functions under the Short Selling Regulations 2025.

     

     

     

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In accordance with SSR 1.2.2G, SSR should be read together with the Short Selling Regulations 2025.

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A separate statement of policy provides further information on how and when the FCA may choose to exercise the emergency intervention powers set out under Part 4 of the Short Selling Regulations 2025.

SSR 1.3 Structure

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SSR is structured as follows:

  1. (1) SSR 1 sets out the purpose and structure of SSR.
  2. (2) SSR 2 sets out rules and guidance regarding the notification of net short positions.
  3. (3) SSR 3 sets out rules and guidance regarding covering short sales of certain admitted shares.
  4. (4) SSR 4 sets out rules and guidance regarding:
    1. (a) the circumstances in which the FCA may determine that requirements do not apply in relation to an admitted share or a description of such an admitted share; and
    2. (b) the FCA’s publication of the reportable shares list.
  5. (5) SSR 5 sets out rules and guidance regarding:
    1. (a) the market maker exemption; and
    2. (b) the stabilisation exemption.
  6. (6) SSR 6 sets out guidance on the FCA’s calculation and publication of aggregate net short positions.
  7. (7) SSR 7 sets out rules and guidance regarding the waiver and modification of rules in SSR 2.
  8. (8) SSR TP1 sets out transitional rules relating to position reporting.
  9. (9) SSR TP2 sets out transitional rules and guidance relating to the market maker exemption.