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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
24/09/2021 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
158.57 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
24/09/2021 ESMA70-156-3914 Response form- Consultation Paper on the review of certain aspects of the SSR Reference DOCX
751.38 KB
13/09/2021 ESMA41-140-79 Technical standards , Reference XLSX
134.57 KB
01/09/2021 ESMA31-67-535 Practical Guide on notifications of major holdings under the Transparency Directive , , Reference PDF
1 MB
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
04/08/2021 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
26.08 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.

27/07/2021 ESMA31-62-1258 Q&As on the Prospectus Regulation Q&A PDF
814.87 KB
15/07/2021 ESMA32-384-5209 ESMA Public Statement SPACs , Statement PDF
151.59 KB
02/07/2021 ESMA42-110-812 Notifications of Compliance with Guidelines – Overview Table Reference XLSX
99.08 KB
02/07/2021 ESMA42-646012687-331 ESMA Guidelines , Reference XLSX
59.63 KB
29/03/2021 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
117.25 KB
02/03/2021 ESMA32-60-709 ESMA's response to EC targeted consultation on ESAP Reference PDF
272.76 KB
28/01/2021 ESMA32-384-5080 Languages accepted for scrutiny of the Prospectus and translation requirements for Summaries Reference PDF
171.3 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
09/11/2020 ESMA31-67-127 Question and answers on Transparency Directive (TD) , , , , Q&A PDF
352.79 KB
03/11/2020 ESMA71-99-1423 QA Fast Track Peer Review- Wirecard , , Q&A PDF
248.14 KB
23/10/2020 ESMA31-62-1193 List of prospectus thresholds , , Reference PDF
220.58 KB
30/09/2020 ESMA31-62-1491 Public statement QA update Prospectus Statement PDF
93.84 KB
15/07/2020 ESMA71-99-1364 ESMA Statement on Assessment of German Financial Reporting Regime , , , Statement PDF
88.5 KB