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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
19/08/2021 ESMA22-106-3504 SMSG response to EC consultation on the EU strategy for retail investors SMSG Advice PDF
574.91 KB
11/08/2021 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Reference XLSX
41.38 KB
11/08/2021 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Reference PDF
484.04 KB
06/08/2021 ESMA70-145-111 Q&A on the Market Abuse Regulation , Q&A PDF
475.69 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.

04/08/2021 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
26.08 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.

03/08/2021 ESMA22-106-3473 SMSG advice to ESMA on Digital Finance SMSG Advice PDF
192.4 KB
15/07/2021 ESMA70-156-4731 Response form for the Consultation Paper on MAR Guidelines Reference DOCX
753.44 KB
15/07/2021 ESMA70-156-3934 Consultation Paper on MAR GLs on delay in the disclosure of inside information and interactions with prudential supervision Consultation Paper PDF
530.81 KB
30/06/2021 ESMA22-106-3439 SMSG response to the ESMA’s Consultation Report on “EU Money Market Fund Regulation – legislative review” SMSG Advice PDF
222.51 KB
22/06/2021 ESMA22-106-3342 Summary of conclusions SMSG- 24 March 2021 Summary of Conclusions PDF
97.07 KB
31/05/2021 ESMA70-155-11961 Opinion on AMF AMP , Opinion PDF
1.77 MB
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
21/05/2021 ESMA22-106-3341 SoC Board of Supervisors and the Securities and Markets Stakeholder Group- 24 March 2021 , Summary of Conclusions PDF
82.2 KB
20/05/2021 ESMA70-156-4262 Opinion for the adjustment of the threshold set out in Article 5(2) of SSR , , Opinion PDF
429.84 KB
17/05/2021 ESMA22-106-3375 SMSG advice to the ESA’s Joint Consultation Paper on Taxonomy-related sustainability disclosures , SMSG Advice PDF
227.92 KB
29/04/2021 ESMA22-106-3280 SMSG advice to ESMA on its Consultation Paper on “Guidelines on certain aspects of appropriateness and execution-only” SMSG Advice PDF
561.81 KB
29/03/2021 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
117.25 KB
25/03/2021 ESMA22-106-3216 Summary of conclusions SMSG- 9 February 2021 Summary of Conclusions PDF
108.05 KB
01/03/2021 ESMA22-106-3194 SMSG own initiative advice to ESMA on Wirecard case SMSG Advice PDF
519.92 KB
25/02/2021 ESMA70-155-11890 Statement CumEx CumCum scandal- Fabrizio Planta , , , Speech PDF
132.57 KB

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