FCA Handbook - SSR 6.2 Calculation of an aggregated net short position

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SSR 6.2 Calculation of an aggregated net short position

(1) Under regulation 7(2) of the Short Selling Regulations 2025, the aggregate net short position in relation to the issued share capital of a company is the sum of the net short positions in the issued share capital of the company notified to the FCA and held on the relevant working day, expressed as a percentage of the company’s issued share capital.
(2) Under regulation 7(3) of the Short Selling Regulations 2025, a net short position is held on the relevant working day if:
1. (a) it is notified to the FCA by a person (‘P’) as being held on that day; or
2. (b) in a case where P has not notified the FCA of a net short position held on that working day, it is P’s most recent notification of its net short position held on a prior working day.
(3) Regulation 7(3)(b) of the Short Selling Regulations 2025 means, for example, that where a person notified a net short position to the FCA a week prior and has not sent a subsequent notification, the FCA will continue to treat that last net short position notified as the person’s position for the purpose of calculating the aggregate net short position.

The process of aggregation

(1) Under regulation 7(8) of the Short Selling Regulations 2025, a net short position is ‘notified to the FCA’ if it is notified pursuant to rules made under regulation 6 (such rules are in SSR 2) or a requirement imposed under regulation 13(1).
(2) As such, aggregate net short positions comprise:
1. (a) net short positions notified under SSR 2; and
2. (b) net short positions notified under any requirement imposed by the FCA under regulation 13(1) of the Short Selling Regulations 2025.

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:

(1) 0.2% of the issued share capital of the company pursuant to regulation 6(2) of the Short Selling Regulations 2025; or
(2) the specified threshold in cases where the FCA exercises powers under regulation 13(1) of the Short Selling Regulations 2025.

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:

(1) a net short position notified to it in a case where the FCA is carrying out work to verify the reliability of that notified position; and
(2) information received after the working day prior to publication (which includes a net short position notified to it after the deadline provided for in SSR 2.7.1R).

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.