In its first enforcement action for a breach of the Short Selling Regulation (SSR), the UK Financial Conduct Authority (FCA) has imposed a fine of £873,118 on Asia Research and Capital Management Ltd (ARCM). The fine relates to ARCM’s failure to notify the FCA and to disclose to the public its net short position in Premier Oil plc, as required under the SSR. In our latest briefing, we explore the nature of ARCM’s breaches leading to the enforcement action, and discuss key learning points for firms going forward.