On 13 January 2022, the FCA issued a new web page stating that it is putting in place temporary measures for the reporting of the short selling indicator in transaction reports while it considers changes to the UK transaction reporting regime.
Transaction reports submitted to the FCA under UK MiFIR must contain a designation to identify a short sale. This information is contained in the short selling indicator (RTS 22, field 62). The FCA reports that it has received questions from firms regarding the requirement in Article 26(7) of UK MiFIR to correct errors and omissions in the short selling indicator field and resubmit affected transaction reports. Until the future of the short selling indicator field (for the purposes of the UK MiFIR transaction reporting regime) has been determined, the FCA states that it will not take action against firms who do not meet these requirements. The FCA does not expect firms to notify it about issues affecting the short selling indicator field through an errors and omissions notification form. The FCA will keep this position under review.