Member

The noble Baroness, Lady Kramer, asked about the Government’s view on uncovered short selling. The ability to settle is an essential aspect of any financial transaction. The Government are of the view that restrictions on uncovered short selling must continue to be a core part of the regulation of short selling; they also form part of international standards for short selling. This statutory instrument gives the FCA a broad rule-making power in relation to this; this includes the ability to maintain the current prohibition on uncovered short selling. On the noble Baroness’s question on designated activities, I will write to her with more detail on the authorisation of specific people.