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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
29/03/2021 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
117.25 KB
15/01/2021 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
166.56 KB
04/01/2021 SSR sanctions Administrative measures and sanctions applicable in Member States to infringements of the Short Selling Regulation (SSR) Reference PDF
371.24 KB
21/12/2020 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Reference XLSX
40.79 KB
21/12/2020 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Reference PDF
456.01 KB
18/11/2020 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
27.56 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.

17/06/2020 ESMA63-46-710 Policy on the reimbursement for external persons , Reference PDF
265.73 KB
17/06/2020 ESMA63-46-716 Policy on the reimbursement of candidates and trainees , Reference PDF
237.6 KB
13/01/2020 ESMA63-43-1444 ESMA Budget 2020 , , Reference PDF
128.99 KB
01/10/2019 ESMA20-95-1132 2020 Work Programme , , , Reference PDF
543.97 KB
14/03/2019 ESMA63-43-1131 ESMA Budget Amendment n.1 for 2018 , , Reference PDF
292.13 KB
07/02/2019 ESMA63-43-1190 ESMA Budget 2019 , , Reference ZIP
455.34 KB
05/02/2019 ESMA40-133-716 Implementing rules on data protection Reference PDF
511.99 KB
26/04/2018 ESMA63-43-964 ESMA Budget Amendment n.1 for 2017 , , Reference PDF
204.31 KB
07/02/2018 ESMA20-95-823 2018 Regulatory Work Programme , , , Reference PDF
251.91 KB
19/01/2018 ESMA63-43-874 ESMA Budget 2018 , , Reference PDF
194.52 KB
22/12/2017 ESMA50-164-677 FAQs on MiFID II- Transitional Transparency Calculations , Reference PDF
303.58 KB
06/12/2017 ESMA71-99-669 ESMA MIFID and MAR Data Systems , , , Reference PDF
208.06 KB
30/01/2017 ESMA22-247440098-63 Summary of Conclusions Management Board 11/01/2017 Reference PDF
173.3 KB
30/01/2017 ESMA22-247440098-61 Summary of Conclusions Management Board 13/12/2016 Reference PDF
218.27 KB