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

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

3. The Treasury may by regulations specify the amounts and incremental levels referred to in paragraph 2 of this Article.

The Treasury shall:

(a) ensure that the thresholds are not set at such a level as to require notification of positions which are of minimal value;

(b) take into account the total amount of outstanding issued sovereign debt for the sovereign issuer, and the average size of positions held by market participants relating to the sovereign debt of the sovereign issuer; and

(c) take into account the liquidity of the sovereign bond market.