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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/11/2021 ESMA70-156-4673 Annual Report on MAR administrative and criminal sanctions 2021 Annual Report PDF
338.34 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.

29/10/2021 ESMA81-459-11 Minutes of the euro risk-free rates WG meeting 29/09/2021 Reference PDF
219.45 KB
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
09/09/2021 ESACD 2021 Programme for the joint ESA Consumer Day 2021 , , Reference PDF
159.66 KB
01/09/2021 ESMA31-67-535 Practical Guide on notifications of major holdings under the Transparency Directive , , Reference PDF
1 MB
18/08/2021 ESMA81-391-72 Minutes of the euro risk-free rates WG Meeting 01/07/2021 Reference PDF
148.4 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
26/07/2021 ESMA81-391-73 Recommendations from the Working Group on Euro Risk-Free Rates on the switch to risk free rates in the interdealer market Reference PDF
141.6 KB
15/07/2021 ESMA70-156-4731 Response form for the Consultation Paper on MAR Guidelines Reference DOCX
753.44 KB
12/07/2021 ESMA81-391-70 Call for expression of interest Working Group on Euro Risk-Free Rates Reference PDF
134.47 KB
25/05/2021 ESMA-50-164-4518 response form Call for evidence on digital finance- response form Reference DOCX
749.6 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
25/02/2021 ESMA81-393-96 Response form- Guidelines on methodology in excpetional circumstances Reference DOCX
753.15 KB
12/01/2021 ESMA WP-2021-02 ESMA working paper on equity funds and derivatives , Reference PDF
673.7 KB
11/01/2021 ESMA WP-2021-01 ESMA working paper on funds and single-name CDS: Hedging or Trading? Reference PDF
591.74 KB
04/01/2021 ESMA70-145-1020 List of national competent authorities that have increased the thresholds for the notification of transactions of persons discharging managerial responsibilities and closely associated persons Reference PDF
211.7 KB

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