Opalesque Industry Update - The UK Financial Conduct Authority ("FCA") has opened a new portal for reporting net short positions, the Electronic Submission System ("ESS"), with immediate effect. Position holders should note that the FCA no longer accepts notifications by email and should apply to create a new user account with ESS without delay.
When Should a Net Short Position Be Reported? Under the SSR, the requirement to make a private disclosure (to the regulator), in respect of equity positions, applies when a net short position reaches 0.2% of the issued share capital of the company, for each 0.1% increase or decrease thereafter; a final notification must be submitted when the position falls below 0.2%. The public disclosure requirements start at 0.5%. The reporting obligations apply with respect to any shares admitted to trading on a UK or EU trading venue, except shares on the Exempted Shares List maintained by the European Securities and Markets Authority ("ESMA"). The reporting thresholds for sovereign debt are available on ESMA's website.
What Has Changed?
1. The position holder (the firm) should first register using the ESS Login Page to create a firm ESS account. Detailed instructions can be found in the newly published ESS User Guide. The following documents will be required for each person:
• Authorisation letter on company letterhead stating that the relevant individual(s) are authorised to submit notifications on behalf of the firm; and
Bg
Related article: |
Industry Updates
UK FCA opens new portal for reporting net short positions
Tuesday, February 25, 2020
|
|