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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/06/2022 SSR sanctions Administrative measures and sanctions applicable in Member States to infringements of the Short Selling Regulation (SSR) Reference PDF
372.64 KB
01/07/2021 Newsletter ESMA Newsletter June 2021 Reference PDF
8.14 MB
02/08/2021 Newsletter ESMA Newsletter July 2021 Reference PDF
5.04 MB
05/10/2021 Newsletter ESMA Newsletter September 2021 Reference PDF
3.82 MB
04/11/2021 Newsletter ESMA Newsletter October 2021 Reference PDF
6.29 MB
03/12/2021 Newsletter ESMA Newsletter November 2021 Reference PDF
11.2 MB
04/02/2022 Newsletter ESMA Newsletter December 2021 & January 2022 Reference PDF
11.29 MB
03/03/2022 Newsletter ESMA Newsletter February 2022 Reference PDF
8.71 MB
04/04/2022 Newsletter ESMA Newsletter March 2022 Reference PDF
7.07 MB
05/05/2022 Newsletter ESMA Newsletter April 2022 Reference PDF
11.82 MB
07/06/2022 Newsletter ESMA Newsletter May 2022 Reference PDF
8.52 MB
13/05/2022 Net short thresholds Net short position notification thresholds for sovereign issuers 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.

19/05/2022 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS 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 Reference PDF
449.2 KB
07/04/2016 JC/2016/21 PR Joint Press Release draft RTS on PRIIPs , , Press Release PDF
207.66 KB
09/09/2015 JC/2015/2 Press release- ESAs see continued risks in EU financial markets and call for rigorous action on assets and liabilities , Press Release PDF
125.07 KB
04/12/2015 JC/2015/087 ESAs issue discussion paper on automation in financial advice , Press Release PDF
95.61 KB
11/11/2015 JC/2015/078 ESAs consult on PRIIPs key information for retail investors , , Press Release PDF
120.45 KB
21/10/2015 JC/2015/071 Press release- JC AML CP Final , Press Release PDF
107.76 KB
12/05/2015 JC/2015/03 Press Release- Joint Committee of ESAs publishes its recommendations on securitisation , Press Release PDF
78.23 KB
The Joint Committee of the three European Supervisory Authorities (ESAs) has published a report detailing its findings and recommendations regarding the disclosure requirements and obligations relating to due diligence, supervisory reporting and retention rules in existing EU law on Structured Finance Instruments (SFIs). In this Report, the Joint Committee is making a series of recommendations which should be considered in light of further work on the transparency requirements of SFIs, and the European Commission public consultation on securitisation. The Report states that these recommendations should not be introduced in isolation and should take into account the already existing requirements for disclosure, due diligence and reporting for comparable instruments.The main recommendations of the report are: - due diligence requirements should be harmonised within the EU;- standardised investor reports should reflect the dynamics of SFIs and be stored in a centralised public space;- all type of investors should be empowered to effectively conduct their own stress tests; and- a harmonised due diligence and disclosure framework should be complemented with  a comprehensive regime for supervision and enforcement. Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA) and current Chairman of the Joint Committee, said: “The proper functioning of the market for securitisations would benefit from the proposed measures aimed at ensuring consistency regarding disclosure and due diligence requirements across existing EU legislation on Structured Finance Instruments. Implementation of these measures, supported by an appropriate supervision and enforcement framework, will contribute to restoring investor confidence in this sector while increasing its efficiency”. Main RecommendationsFollowing a thorough analysis, the Joint Committee is of the opinion that the due diligence requirements should be harmonised across EU sectorial legislation with the common view that, irrespective of the type of investors, due diligence should be seen as a dynamic process which starts with the investment decision and ends when the SFI matures or is divested. In particular, the Joint Committee recommends that investors’ due diligence requirements are reflected in the SFI disclosure requirements.  In addition, the report recommends that investor reports should be standardised and stored in a centralised public space. Measures should be implemented to help investors in conducting effective stress tests on all types of SFIs. An adequate level of transparency should be ensured irrespective of the place where the issuer, originator and sponsor are established and the nature of the SFIs. In order to avoid discrepancies, the Joint Committee also advises to review the use of different definitions and key terms across the relevant sectorial legislation. Finally, the report highlights the necessity of complementing a harmonised due diligence and disclosure framework with a comprehensive framework for supervision and enforcement regarding SFIs.

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