CHAPTER VPOWERS OF INTERVENTION OF COMPETENT AUTHORITIES ...

SECTION 1 Powers of competent authorities

Article 18Notification and disclosure in exceptional circumstances

1.

F1... F2The FCA may require natural or legal persons who have net short positions in relation to a specific financial instrument or class of financial instruments to notify it or to disclose to the public details of the position where the position reaches or falls below a notification threshold fixed by the F3FCA and where:

(a)

there are adverse events or developments which constitute a serious threat to financial stability or to market confidence in the F4United Kingdom F5...; and

(b)

the measure is necessary to address the threat and will not have a detrimental effect on the efficiency of financial markets which is disproportionate to its benefits.

2.

Paragraph 1 of this Article shall not apply to financial instruments in respect of which transparency is already required under Articles 5 to 8. A measure under paragraph 1 may apply in circumstances or be subject to exceptions specified by the F6FCA. Exceptions may in particular be specified to apply to market making activities and primary market activities.