Overview
FundApps is preparing for the upcoming changes to the UK Short Selling Regime (SSR), which commence on Monday, 13 July 2026. We are currently assessing the necessary updates to ensure a smooth transition for all our clients.
This article outlines our current thinking, and we welcome any comments and feedback.
Full details will be available once we have completed our analysis and published the new rule versions.
Summary of Key FundApps Actions
FundApps is taking the following steps to ensure a smooth transition to the new regime:
Regulatory Analysis: We are reviewing the latest memo and the FCA's Policy Statement.
Data Integration: FundApps will scrape the new Reportable Shares List directly from the FCA.
Rule Updates: We will release at least two new versions of the main UK SSR Equity rule to handle transitional provisions.
Associated Rules: We may release new versions of related rules, such as the New Exemptions rule.
Sovereign Debt: The UK SSR Bonds rules will stop running on 13 July 2026.
Key Transitional Details
Please note the following logic changes and timing requirements during the transition period:
10 July 2026 (Friday) NavDate: This date will use the current exempted shares list logic. The disclosure deadline will be 23:59 on Monday, 13 July 2026, and is a change from the earlier 15:30 deadline.
13 July 2026 (Monday) NavDate: You may see disclosure alerts caused by positions falling out of scope of the UK SSR. FundApps will highlight these alerts to clarify the likely reason for the change.
ISIN Changes: If an ISIN change occurs on the commencement date, an issuer may appear to have dropped out of scope temporarily.
Data Requirements: FundApps does not envisage requiring additional data beyond the specific ETF and share properties mentioned below.
Exchange Traded Funds (ETFs)
The FCA has set out certain requirements regarding when to look through to the underlying components when holding positions in the units of funds managed on a discretionary/active basis [see E.6.1(e) of the aosphere memo].
Current Assumption: FundApps assumes that clients do not provide components for units of actively managed funds because publicly available data is limited.
Client Action: If this assumption is not correct, please let us know, and we will work with you to update the rule accordingly.
In-Scope Shares Not Admitted to UK Markets
The Reportable Shares List will include only shares admitted to trading on UK markets. In the Policy Statement, the FCA states: “a large majority of the companies that we include on the list will have every class of share admitted to trading on a UK trading venue.” But the FCA also notes that exceptions may exist.
Property Population: FundApps will preserve the ability to mark specific securities as in scope by populating a relevant property, similar to the way IsGBCountryOfRCARegulatedMarkets and IsGBCountryOfRCAMTFs work.
Timeline: We will communicate which specific property to populate well in advance of the 13 July 2026 deadline.