On 28 November 2025, UK FCA issued PMB 60 re UK short selling regime changes.
- FCA issued Primary Market Bulletin 60 which entirely focuses on consultation CP25/29 on proposed changes to the UK short selling regime, published in October 2025.
- Follows UK FCA October 2025 consultation on new short selling regime.
Overview
- Consultation proposes changes to short selling regime as part of process to repeal and replace assimilated EU law, FCA proposes to create new Short Selling Sourcebook.
- To sit within FCA Handbook, contain rules and guidance on short selling activity.
- Paper implements changes made by UK Treasury in UK Short Selling Regulations.
- FCA intends to support growth via creation of more efficient, effective, coherent regulatory framework, does not intend to fundamentally change current regime.
- Instead wants to remove unnecessary and disproportionate requirements.
- Proposals affect: position reporting; covering; reportable shares list; market maker exemptions; aggregated net short position disclosures; and regulator proposes a Statement of Policy on when the FCA may exercise its emergency powers.
Supporting Materials
- FCA has issued a derivation and changes table detailing how it has transferred rules and guidance from various existing sources into the new Short Selling Sourcebook.
- Following discussions at an industry event on 6 November 2025, FCA has published some of the materials discussed there on updated consultation paper page.
Effectiveness
- FCA encourages readers of PMB 60 to respond to consultation by 16 December 2025.
