Home FCA Handbook SSR SSR 2 SSR 2.13 What constitutes a long position
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SSR 2.13 What constitutes a long position

When a person is considered to hold a share

13/07/2026R

A person is considered to hold a share in the following circumstances: 

  1. (1) the person owns the share in accordance with SSR 2.12.2R; or 

  2. (2) the person has an enforceable claim to be transferred ownership of the share in accordance with the law applicable to the relevant transaction, including where the share is held by a nominee. 

     

Instruments giving claims to shares not yet issued (subscription rights, convertible bonds etc)

13/07/2026R

Financial instruments, transactions or agreements that give a claim to shares that are not yet issued, such as subscription rights, convertible bonds, placings and other comparable instruments or transactions, must not be taken into account as long positions when calculating a net short position.

Shares received under a bonus share issue, share dividend distribution or lending agreement

13/07/2026R
  1. (1) Shares received as a consequence of a bonus share issue or share dividend distribution must be taken into account as long positions when calculating a net short position.

  2. (2) Shares received as a consequence of a share dividend distribution that a borrower is obligated to return to a lender under the terms of a stock lending agreement must not be included by the borrower when calculating their net short position. 

     

Other transactions that may count towards long positions

13/07/2026R

The reference to transactions which confer a financial advantage in the event of an increase in the price of a share in a long position in SSR 2.8.1G(3)(b) means any exposure to that share capital through any one or more of the instruments listed at SSR 2.14.1R.