The UK’s replacement short-selling regime has operated since 13 July 2026, and brokers and position holders now have a second systems milestone: bulk submissions become available on 30 November. The new channel will let firms submit multiple positions together under the reporting rules already in force.[1][5]
The FCA receives position-holder information but publishes anonymous aggregate net short positions by company, combining reported positions at or above 0.2%. The public series therefore provides a company-level view of reportable shorts. It leaves the detailed holder information with the supervisor.[1][3]
Reports are due by 23:59 on the next working day, T+1. Firms use the Reportable Shares List and must calculate the correct holder’s position against the relevant share denominator. The 0.2% boundary defines the reported population entering the aggregate, rather than limiting how much an investor can sell short.[1][3]
Covering and exemptions have their own operating requirements
Other material changes
| Area | Current rule | Practical consequence |
|---|---|---|
| Reportable shares | Use the FCA’s new Reportable Shares List. | The list replaces the former exempt-shares list and identifies the main class where issuers have several classes.Source 1Source 3 |
| UK sovereign CDS | Outside ordinary position-reporting and covering requirements. | The FCA retains powers to prohibit, restrict or add requirements in exceptional market conditions.Source 1 |
| Share covering | Short seller must have borrowed, agreed to borrow or made equivalent arrangements for settlement. | Evidence of the arrangement must be retained for five years.Source 1Source 5 |
| Market-maker exemption | Notification becomes activity-based rather than instrument-by-instrument. | Eligible firms make fewer updates but must provide an annual attestation.Source 1Source 4 |
| Transition for old exemptions | Existing notifications are temporarily carried forward. | A new notification is needed by 15 January 2027 to continue beyond the transition.Source 4 |
The market-maker notification is now based on activity. It reduces instrument-by-instrument administration while keeping the qualifying activity, annual attestation and other conditions attached to the exemption. Stabilisation and other specified arrangements have separate tests.[4]
The remaining implementation dates
Implementation sequence
| Date | Milestone | What changed |
|---|---|---|
| 13 July 2026 | Phase 1 live | Rules, reportable-shares list, ANSP disclosure and revised exemptions began.Source 1 |
| 30 November 2026 | Phase 2 live | Reporting system accepts multiple positions in a bulk submission.Source 1 |
| 15 January 2027 | Market-maker renotification deadline | Existing exemptions must be replaced with a notification under the new regime.Source 4 |
| 29 January 2027 | Transitional exemption ends | Only firms with the required new notification can continue relying on the exemption.Source 4 |
A useful preparation exercise is to reconcile a bulk file to the holder’s individual position records, identify any rejected submissions and establish who repairs them before the reporting deadline. That tests the actual hand-off between calculation and filing. The five-year record requirement for share-covering arrangements remains a separate evidence obligation.[1][3]
Sources & further reading
- PS26/5: Changes to the UK Short Selling Regime Financial Conduct Authority · 16 Apr 2026 · Accessed 16 Oct 2026
- FCA introduces clearer and simpler short-selling rules Financial Conduct Authority · 16 Apr 2026 · Accessed 16 Oct 2026
- Notification and disclosure of net short positions Financial Conduct Authority · 13 Jul 2026 · Accessed 16 Oct 2026
- Exemptions from short-selling requirements Financial Conduct Authority · 13 Jul 2026 · Accessed 16 Oct 2026
- UK short-selling regime overview Financial Conduct Authority · 13 Jul 2026 · Accessed 16 Oct 2026