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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
24/08/2007 VDP VDP response Reference PDF
129.3 KB
04/01/2021 SSR sanctions Administrative measures and sanctions applicable in Member States to infringements of the Short Selling Regulation (SSR) Reference PDF
371.24 KB
24/08/2007 SP S&P response Reference PDF
587 KB
23/03/2001 ResolutionStockholm Stockholm Resolution Reference PDF
18.53 KB
Resolution of the European Council on more effective securities market regulation in the European Union Stockholm, 23 March 2001
24/08/2007 NVB-CRA NVB response Reference PDF
35.34 KB
08/11/2021 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
27.43 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.

24/08/2007 MIS Moody's response Reference PDF
322.82 KB
13/04/2010 MARKT G3/SH/cr Ares (2009) Commission request for additional information from CESR in relation to the review of MiFID Reference PDF
79.6 KB
24/09/2021 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Reference XLSX
39.23 KB
11/08/2021 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Reference PDF
484.04 KB
24/08/2007 M&G-CRA M&G response Reference PDF
49.36 KB
15/02/2001 Lamfalussy Report Lamfalussy Report Reference PDF
398.94 KB
The final report by the Committee of Wise Men establishing CESR
24/08/2007 JP MORGAN-CRA JP MORGAN response Reference PDF
746.57 KB
26/03/2021 JC 2021 19 Joint Committee Q&As relating to the Securitisation Regulation Q&A PDF
279.8 KB
23/05/2018 JC 2018 14 reply form Reply form- Consultation Paper Securitisation/Emir clearing obligation , Reference DOCX
764.86 KB
07/02/2005 Japan Equivalence Japanese response to questionnaire on GAAP Equivalence Reference PDF
445.72 KB
07/02/2005 Japan Enforcement Japanese response to the questionnaire on GAAP Enforcement Reference PDF
721.03 KB
24/08/2007 FITCH Fitch Ratings: Response to questionnaire Reference PDF
134.67 KB
04/01/2021 EU-UKFCA MoU EU-UK FCA MoU on consultation, cooperation and exchange of information , Reference PDF
219.12 KB
27/05/2021 esma82-402-514 Response_form_CP_STS_RTS_ITS_SECR Reference DOCX
770.72 KB

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