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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/07/2022 SSR sanctions Administrative measures and sanctions applicable in Member States to infringements of the Short Selling Regulation (SSR) Reference PDF
372.65 KB
04/08/2022 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
26.41 KB

According to Article 7(2) of the Short Selling Regulation, ESMA has to publish a list of the thresholds applicable to the sovereign issuers for the purpose of the notification to competent authorities of significant net short position in sovereign debt.

The way these notification thresholds are defined is further specified in the Commission Delegated Regulation No 918/2012 (the “DR”). The DR specifies that initial threshold categories shall be:
1.0.1% applicable where the total amount of outstanding issued sovereign debt is between 0 and 500 billion euros;
2.0.5% applicable where the total amount of outstanding issued sovereign debt is above 500 billion euros or where there is a liquid futures market for the particular sovereign debt.

The additional incremental levels shall be set at 50% of the initial thresholds. The reporting thresholds shall be monetary amounts fixed by applying the percentage thresholds to the outstanding sovereign debt of the sovereign issuer. They will be revised and updated quarterly to reflect changes in the total amount of outstanding sovereign debt of each sovereign issuer.

In addition, the DR states that the amount of outstanding debt should be calculated using a duration adjusted approach. ESMA has published a Q&A document on how to proceed for the duration adjustment.

The table of thresholds contains the name of the sovereign issuer, the amount of outstanding debt duration adjusted, the initial threshold amount and the relevant percentage, the incremental threshold amount and the relevant percentage.

Please note that the figures of the amount of outstanding debt are duration adjusted (not nominal amounts) and are approximations provided by competent authorities.

19/07/2012 MOU SFC ESMA MOU on the supervision of CRAs- ESMA and SFC Hong Kong , Reference PDF
497.63 KB
19/07/2012 MOU SEC ESMA MOU on the supervision of CRAs- ESMA and SEC , Reference PDF
306.87 KB
30/06/2016 MOU FSB ESMA MoU on the supervision of CRAs- ESMA and FSB South Africa , Reference PDF
504.28 KB
18/02/2013 MOU ESMA/DFSA MOU on the supervision of CRAs- ESMA and Dubai FSA , Reference PDF
181.09 KB
19/07/2012 MOU CNV ESMA MOU on the supervision of CRAs- ESMA and CNV Argentina , Reference PDF
169.13 KB
19/07/2012 MOU Canada ESMA MOU on the supervision of CRAs- ESMA and Canadian authorities , Reference PDF
139.68 KB
16/08/2022 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Reference XLSX
40.76 KB
26/09/2022 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Reference PDF
448.7 KB
04/01/2022 JC 2021 58 Mandate of the European Supervisory Authorities’ Joint Committee Securitisation Committee (JCSC) , Reference PDF
73.63 KB
23/05/2018 JC 2018 14 reply form Reply form- Consultation Paper Securitisation/Emir clearing obligation , Reference DOCX
764.86 KB
04/01/2021 EU-UKFCA MoU EU-UK FCA MoU on consultation, cooperation and exchange of information , Reference PDF
219.12 KB
09/03/2022 ESMA90-1-163 Multilateral Memorandum of Understanding on Cooperation for Information Sharing Regarding Participants in a Clearing or Settlement System , Reference PDF
630.61 KB
02/05/2022 ESMA82-402-859 Response form for the Joint Consultation Paper concerning sustainable disclosures for STS securitisations Reference DOCX
504.18 KB
27/05/2021 esma82-402-514 Response_form_CP_STS_RTS_ITS_SECR Reference DOCX
770.72 KB
09/03/2020 ESMA80-199-332 ESMA Supervision- Annual Report 2019 and Work Programme 2020 , , , , Annual Report PDF
825.72 KB
19/02/2019 ESMA80-199-273 ESMA supervision 2019 work plan and annual report 2018 Annual Report PDF
622.46 KB
08/02/2018 ESMA80-199-153 ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third country central counterparties- 2017 Annual Report and 2018 Work Programme Annual Report PDF
1.03 MB
02/12/2019 ESMA80-191-932 Guidance on registering securitisation repositories Reference PDF
147.3 KB

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