Eight years after the E.U. adopted a regulation requiring companies to disclose their short positions when those positions exceed specified thresholds, the U.K. Financial Conduct Authority (FCA) has resolved its first enforcement action arising out an alleged violation of that regulation. The FCA Final Notice, which imposes a significant penalty on the subject asset manager, alleges that the manager failed to make requisite notifications and disclosures of its short positions in a single U.K.‑listed issuer on more than 150 occasions over several years. This article discusses the short selling regulation, the manager’s alleged violations and the terms of the Final Notice. See “A Fund Manager’s Guide to Calculating and Reporting Short Sales Under European Regulations” (Jan. 5, 2017); and “How Fund Managers Can Navigate and Avoid the Pitfalls of European Short Sale Reporting Obligations” (Dec. 1, 2016).