SSR 6 Aggregated net short position disclosures

This chapter provides guidance to market participants on how the FCA exercises its functions under regulation 7 of the Short Selling Regulations 2025, which includes a requirement for the FCA to calculate and publish the aggregate net short position in relation to the issued share capital of a company that has admitted shares for each working day.

A net short position received by the FCA will not be considered a notification for the purpose of calculating the aggregate net short position if it is below:  

In accordance with regulation 7(5) of the Short Selling Regulations 2025, when calculating the aggregate net short position in relation to a company, the FCA may exclude from its calculation:

A net short position notified under SSR 2.16.3R will be excluded when calculating the aggregate net short position for the relevant admitted share as that person’s net short position will have been superseded by, and reflected in, the net short position notified by the person’s group in accordance with SSR 2.16.2R.

With respect to regulation 7(5)(b) of the Short Selling Regulations 2025, where the FCA receives a notification after the reporting deadline specified in SSR 2.7.1R, but prior to the publication of the aggregate net short position for the day to which it relates as specified in SSR 6.3.4G(2), the FCA may, in exceptional circumstances, include the net short position in the calculation of the relevant aggregate net short position to ensure the disclosure is as accurate as possible for the relevant working day.

The fact that the FCA includes a late notification in the aggregate net short position calculation is without prejudice to any decision by the FCA to take further supervisory or enforcement action in relation to the fact that a notification was submitted after the time required by SSR 2.7.1R.

With respect to regulation 7(5)(a) of the Short Selling Regulations 2025, the FCA may exceptionally review notifications that contain net short positions significantly above the base notification threshold in SSR 2.3.1R and any notifications which significantly increase or decrease an individual net short position or aggregate net short position. 

If the FCA suspects a notification is inaccurate and that such a notification may create an inaccurate or misleading aggregate net short position, the FCA may exclude this notification from its calculation of the published aggregate net short position until it has been verified.

The aggregate net short position report published by the FCA will be available on the short selling section of the FCA website in a downloadable, machine-readable and structured format. The downloadable content will include:

The FCA relies on the robustness, timeliness and accuracy of notifications provided by persons reporting under SSR 2 for the purposes of the publication but, in exceptional circumstances, the FCA may review and engage with notifying persons to verify notifications (see SSR 6.2.8G). This is without prejudice to any other action the FCA may take if it finds that the data is not robust or accurate.

Under regulation 7(7) of the Short Selling Regulations 2025, the FCA is not required to publish the aggregate net short position in relation to a company for a working day on which the aggregate net short position, calculated in accordance with regulation 7(2) and (3) of the Short Selling Regulations 2025 and SSR 6.2.1G, is zero.

In practice, an aggregate net short position will not be published in respect of a company where data the FCA holds indicates that there are no net short positions over the base notification threshold or any reporting threshold set out in a requirement under regulation 13 of the Short Selling Regulations 2025.

Under regulation 7(6) of the Short Selling Regulations 2025, the FCA may amend or republish a previously published aggregate net short position in a company, including to take account of notifications received, verified or amended since publication.

Following the receipt of any late notifications or correction notifications, or having verified the reliability of a notified position that was previously excluded, the FCA will update a previously published aggregate net short position in a company to account for and include the notified position in the aggregate net short position as it was held on the relevant working day.

The historical aggregate net short position data will show the historical aggregate net short positions previously held in a company, including their position date, the day on which they were first assumed and the day on which they were superseded by new aggregate net short positions. For example, for a 0.6% historical aggregate net short position held between 3 February and 12 February, which then increased to 0.8% on 13 February, the historical report would identify the aggregated net short position as 0.6%, the position date as 3 February and the date the aggregated net short position became historical as 13 February. 

Persons can contact the FCA if they have queries in respect of the aggregate net short positions of a company published by the FCA. The contact point for such queries is specified on the short selling section of the FCA website. 

Disclosure template for aggregated net short positions
 

Disclosure template for historical aggregated net short positions