A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall notify the F1FCA, in accordance with Article 9, where the position reaches or falls below a relevant notification threshold referred to in paragraph 2 of this Article.

A relevant notification threshold is a percentage that equals F20,2% of the issued share capital of the company concerned and each 0,1 % above that.

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The F4Treasury may by regulations modify the thresholds referred to in paragraph 2 of this Article, taking into account the developments in financial markets.

A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall disclose details of that position to the public, in accordance with Article 9, where the position reaches or falls below a relevant publication threshold referred to in paragraph 2 of this Article.

A relevant publication threshold is a percentage that equals 0,5 % of the issued share capital of the company concerned and each 0,1 % above that.

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The F6Treasury may by regulations modify the thresholds referred to in paragraph 2 of this Article, taking into account the developments in financial markets.

This Article is without prejudice to laws, regulations and administrative provisions adopted in relation to takeover bids, merger transactions and other transactions affecting the ownership or control of companies regulated by the F7Panel on Takeovers and Mergers that require disclosure of short positions beyond the requirements of this Article.

A natural or legal person who has a net short position relating to issued sovereign debt shall notify the F8FCA, in accordance with Article 9, where such a position reaches or falls below the relevant notification thresholds for the sovereign issuer F9....

The relevant notification thresholds shall consist of an initial amount and then additional incremental levels in relation to F10the sovereign issuer, as specified in the measures taken by the Commission in accordance with paragraph 3 F11before IP completion day, or in regulations made by the Treasury in accordance with that paragraph as amended. F12The FCA shall publish on its website the notification thresholds for the United Kingdom.

Any notification or disclosure under Article 5, 6, 7 or 8 shall set out details of the identity of the natural or legal person who holds the relevant position, the size of the relevant position, the issuer in relation to which the relevant position is held and the date on which the relevant position was created, changed or ceased to be held.

For the purposes of Articles 5, 6, 7 and 8, natural and legal persons that hold significant net short positions shall keep, for a period of 5 years, records of the gross positions which make a significant net short position.

The relevant time for calculation of a net short position shall be at midnight at the end of the trading day on which the natural or legal person holds the relevant position. That time shall apply to all transactions irrespective of the means of trading used, including transactions executed through manual or automated trading, and irrespective of whether the transactions have taken place during normal trading hours. The notification or disclosure shall be made not later than at 15.30 on the following trading day. The times specified in this paragraph shall be calculated according to the time in the F20United Kingdom.

The notification of information to F21the FCA shall ensure the confidentiality of the information and incorporate mechanisms for authenticating the source of the notification.

The public disclosure of information set out in Article 6 shall be made in a manner ensuring fast access to information on a non-discriminatory basis. That information shall be posted on a central website operated or supervised by the F22FCA. F23...

The FCA may make technical standards specifying the details of the information to be provided for the purposes of paragraph 1.

For the purposes of paragraph 4, the FCA may make technical standards specifying the means by which information may be disclosed to the public.