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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 Reference XLSX
28.52 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.

29/07/2022 ESMA22-106-4089 Application form for Securities and Markets Stakeholder Group 2022 Reference DOCX
64.61 KB
29/07/2022 ESMA22-106-3964 Call for Expression of Interest Securities and Markets Stakeholder Group (reserve list) Reference PDF
134.79 KB
29/07/2022 ESMA70-449-672 Call for Evidence on pre-hedging , Reference PDF
245.25 KB
29/07/2022 ESMA70-449-674 Response form call for evidence pre-hedging , Reference DOCX
752.93 KB
20/07/2022 SSR sanctions Administrative measures and sanctions applicable in Member States to infringements of the Short Selling Regulation (SSR) 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 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 Reference PDF
443.4 KB
23/06/2022 ESMA70-145-111 Q&A on the Market Abuse Regulation , 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.

01/06/2022 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
97.14 KB
09/03/2022 ESMA90-1-163 Multilateral Memorandum of Understanding on Cooperation for Information Sharing Regarding Participants in a Clearing or Settlement System , Reference PDF
630.61 KB
09/02/2022 ESMA65-8-5014 FIRDS- Instructions on access and download of full and delta reference data files Reference PDF
166.09 KB
24/09/2021 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
158.57 KB
24/09/2021 ESMA70-156-3914 Response form- Consultation Paper on the review of certain aspects of the SSR Reference DOCX
751.38 KB
21/05/2021 ESMA22-106-3378 SMSG response to the European Commission’s targeted consultation on supervisory convergence and the single rulebook , Reference PDF
171.54 KB
13/04/2021 ESMA70-145-1398 IT_templates , Reference XLSX
170.32 KB
13/04/2021 ESMA70-145-1395 DATA_templates TRs , Reference XLSX
53.23 KB
13/04/2021 ESMA70-145-1397 TRs IC_templates , Reference XLSX
30.4 KB
13/04/2021 ESMA70-145-1396 GOV_BUS_FIN_FEE_templates , Reference XLSX
52.82 KB
22/02/2021 ESMA65-11-243 TERMS OF REFERENCE- ITMG Reference PDF
100.84 KB

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