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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/02/2020 BOA/2012/005 Form of notice of appeal Reference PDF
125.97 KB

This form should be used for all appeals to the Board of Appeal

11/02/2020 BoA/2019/05 Guidelines on appeal proceedings Reference PDF
121.66 KB
11/02/2020 BoA/2019/04 Rules of Procedure for the Board of Appeal Reference PDF
409.64 KB
03/01/2020 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Reference PDF
583.21 KB
03/01/2020 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Reference XLSX
43.53 KB
04/12/2019 ESMA70-21038340-46 Compliance table for the Guidelines on market making activities under the Short Selling Regulation , , Compliance table PDF
273.01 KB
04/11/2019 esma22-105-1073 Annex_to_the_opening_statement_for_econ_hearing_4_november_2019 Speech PDF
389.38 KB
08/10/2019 boa-2019-d-05_decision BOA decision creditreform_rating_ag_vs_eba Decision PDF
922.78 KB
13/03/2019 BoA PR 01 Board of Appeal PR- Shadow Ratings Appeals Press Release PDF
399.67 KB
27/02/2019 BoA D 2019 01, 02, 03 and 04 Appeal by Svenska Handelsbanken AB, Skandinaviska Enskilda Banken AB, Swedbank A and Nordea Bank Abp against the European Securities and Markets Authority Decision PDF
829.04 KB
24/01/2019 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
80.26 KB
30/11/2018 boa30.18 BoA Decision SEB appeal 30 November 2018 Decision PDF
416.77 KB
31/10/2018 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
27.31 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.

26/09/2018 BoA D 2018 02 Decision in an Appeal by B. against a decision of the European Securities and Markets Authority Decision PDF
382.53 KB
23/08/2018 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
227 KB
29/05/2018 ESMA70-145-408 Question and Answers (Q&A) on the Regulation on short selling and certain aspects of credit default swaps (SSR) Q&A PDF
536.17 KB
30/04/2018 BoA 2018-01 Decision in an appeal by A v ESMA , Decision PDF
392.62 KB
18/04/2018 ESMA71-99-969 Board of Appeal Appointments 2018 Press Release PDF
292.64 KB
05/03/2018 ESMA70-145-386 Technical Advice on the evaluation of certain elements of the Short Selling Regulation Final Report PDF
1.72 MB
22/02/2018 ESMA70-145-441 ECON scrutiny session Short Selling Regulation Verena Ross Speech PDF
197.03 KB

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