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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/06/2022 ESMA70-145-111 Q&A on the Market Abuse Regulation Market Abuse, Market Integrity Q&A PDF
470.97 KB

The purpose of this document is to promote common supervisory approaches and practices in the application of MAR and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the MAR framework

The content of this document is aimed at competent authorities to ensure that in their supervisory activities and their actions are converging along the lines of the responses adopted by ESMA and at helping issuers, investors and other market participants by providing clarity on the content of the market abuse rules, rather than creating an extra layer of requirements.
07/06/2022 SSR sanctions Administrative measures and sanctions applicable in Member States to infringements of the Short Selling Regulation (SSR) Short Selling Reference PDF
372.64 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
19/05/2022 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Short Selling Reference XLSX
40.34 KB
19/05/2022 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Short Selling Reference PDF
449.2 KB
13/05/2022 Net short thresholds Net short position notification thresholds for sovereign issuers Short Selling Reference XLSX
26.5 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.
15/02/2022 ESMA32-384-5357 Annex- Response to EC targeted consultation on the Listing Act Market Abuse, MiFID - Investor Protection, Prospectus Reference PDF
836.77 KB
28/01/2022 ESMA74-362-893 QAs on SFTR data reporting Post Trading, Securities Financing Transactions, Trade Repositories Q&A PDF
398.17 KB
18/01/2022 ESMA70-156-4859 Report on the application of accepted market practices_2021 Market Integrity Report PDF
1.63 MB
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
15/07/2021 ESMA70-156-4731 Response form for the Consultation Paper on MAR Guidelines Market Abuse Reference DOCX
753.44 KB
28/05/2021 esma74-362-2009 Response_form_Response_form_-_Consultation Paper on the Guidelines on Transfer of Data Market data, Securities Financing Transactions, Trade Repositories Reference DOCX
776.32 KB
13/04/2021 ESMA70-145-1398 IT_templates Market Integrity, Post Trading Reference XLSX
170.32 KB
13/04/2021 ESMA70-145-1395 DATA_templates TRs Market Integrity, Post Trading Reference XLSX
53.23 KB
13/04/2021 ESMA70-145-1397 TRs IC_templates Market Integrity, Post Trading Reference XLSX
30.4 KB
13/04/2021 ESMA70-145-1396 GOV_BUS_FIN_FEE_templates Market Integrity, Post Trading Reference XLSX
52.82 KB
29/03/2021 ESMA74-362-1937 response form- Technical Advice on simplification TR fees under SFTR and EMIR Securities Financing Transactions, Trade Repositories Reference DOCX
757.95 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 Market Abuse Reference PDF
211.7 KB

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