Find out about the UK short selling regime (SSR), aggregate net short positions (ANSP), and guidance on your obligations.
The SSR is set out in the Short Selling Regulations 2025[2] (SSR 2025) and the Short Selling Rules Sourcebook[3] within the FCA Handbook. These form the legal and regulatory framework for short selling in the UK.
The new SSR applies from 13 July 2026.
It replaces the assimilated EU Short Selling Regulation (Regulation (EU) No 236/2012). Our final rules, published in PS26/5[4], introduced targeted changes to improve efficiency and reduce burdens.
Your SSR obligations
If you carry out short selling activity in shares for trading on UK trading venues, you may need to:
- Decide whether a share is subject to SSR requirements using the Reportable Shares List (RSL) CSV[5] and XLSX[6].
- Report net short positions. When a share is subject to SSR requirements, you must calculate your net short position and notify the FCA when relevant thresholds are met, in line with applicable deadlines and reporting requirements, using the Electronic Submission System[7] (ESS).
- Comply with covering requirements.
More information on Notification and disclosure of net short positions[8].
Exemptions and waivers
The UK SSR covers:
- Exemptions for certain types of activity (stabilisation activity and market making), where specified conditions are met.
- Waivers which may be granted by the FCA in limited circumstances to modify or disapply rules, including in relation to position reporting due to a serious systems outage.
More information on Exemptions and waivers from short selling requirements[9].
Our intervention powers
Our statement of policy sets out our general approach to exercising our emergency powers, including when, and in what circumstances we may exercise our emergency powers, and how we may communicate and implement any measures.
Under the SSR 2025, we can:
- Impose restrictions or prohibitions (including temporary bans) on short selling – in exceptional circumstances or following a significant financial instrument price fall.
- Require additional information from market participants in exceptional circumstances.
We are primarily focused on maintaining open markets which operate with integrity. Given the benefits that short selling provides to the orderly and effective functioning of the UK market, we set a high bar for the use of, and application of any measures using, our emergency powers.
More information:
Aggregate net short positions (ANSP)
The FCA publishes daily current and historic ANSP reports. These show the aggregated net short positions in companies based on reported net short positions above the 0.2% threshold. Individual positions are anonymised and are not disclosed.
View current and historic ANSP reports:
More information on Notification and disclosure of net short positions[8].
