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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/08/2022 Net short thresholds Net short position notification thresholds for sovereign issuers Short Selling 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.
20/07/2022 SSR sanctions Administrative measures and sanctions applicable in Member States to infringements of the Short Selling Regulation (SSR) Short Selling Reference PDF
372.65 KB
08/07/2022 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Short Selling Reference XLSX
41.05 KB
08/07/2022 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Short Selling Reference PDF
443.4 KB
05/07/2022 ESMA34-46-101 Register of authorised European long-term investment funds (ELTIFs) Fund Management Reference XLSX
57.87 KB
01/07/2022 ESMA31-67-535 Practical Guide on notifications of major holdings under the Transparency Directive Corporate Disclosure, Corporate Information, Transparency Reference PDF
1 MB
29/06/2022 ESMA34-45-1576 Cross-border distribution of investment funds Fund Management Reference PDF
991.03 KB
23/06/2022 ESMA34-32-418 AIFMD MoUs signed by the EU authorities Fund Management, International cooperation Reference XLSX
49.99 KB
01/06/2022 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Short Selling Reference PDF
97.14 KB
31/05/2022 ESMA34-45-1427 Supervisory briefing- Sustainability risks and disclosures in the area of investment management Fund Management, Sustainable finance Reference PDF
312.39 KB
23/05/2022 ESMA50-165-2146 The drivers of the costs and performance of ESG funds Fund Management, Sustainable finance Reference PDF
532.34 KB
17/05/2022 ESMA34-45-1663 Response Form to the Consultation Paper on technical standards on the notifications for cross-border marketing and cross-border management of AIFs and UCITS Fund Management Reference DOCX
759.83 KB
31/03/2022 ESMA42-111-6889 Follow-up to GLEFI Peer Review Report Corporate Disclosure, IFRS Supervisory Convergence Reference PDF
429.7 KB
28/03/2022 ESMA 50-165-2078 Fund performance during market stress – The Corona experience Fund Management, Innovation and Products Reference PDF
387.61 KB
18/02/2022 ESMA50-164-5623 Alternative Investment Funds (AIFs) exposures to commercial real estate- 2020 Fund Management, Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
109.33 KB
14/12/2021 ESMA32-380-143 National thresholds for shareholder identification under the revised SRD Corporate Finance, Corporate Governance Reference PDF
130.51 KB
24/09/2021 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Short Selling Reference PDF
158.57 KB
24/09/2021 ESMA70-156-3914 Response form- Consultation Paper on the review of certain aspects of the SSR Short Selling Reference DOCX
751.38 KB
02/08/2021 CFA PRIIPS 27/07/2021 Call for advice to the Joint Committee of the European Supervisory Authorities regarding the PRIIPs Regulation Fund Management, Joint Committee Reference PDF
258.73 KB
03/06/2021 ESMA32-65-324 Call for interest ESMA ECL Workshop Corporate Disclosure, IFRS Supervisory Convergence Reference PDF
39.11 KB

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