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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
19/11/2020 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Reference XLSX
44.29 KB
19/11/2020 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Reference PDF
502.23 KB
18/11/2020 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
27.35 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.

09/11/2020 ESMA22-106-2883 Summary of Conclusions Management Board meeting 17 September 2020 Summary of Conclusions PDF
124.02 KB
06/11/2020 ESMA32-65-293 Application form for CFSC CWG , Reference DOCX
35.57 KB
06/11/2020 ESMA32-65-292 Call for expression of interest CFSC CWG 2020 Reference PDF
132.09 KB
23/10/2020 ESMA31-62-1193 List of prospectus thresholds , , Reference PDF
220.58 KB
02/10/2020 ESMA71-99-1406 ESMA Work Programme 2021 , , , , Press Release PDF
88.38 KB
02/10/2020 ESMA20-95-1273 2021 Annual Work Programme , , , Report PDF
608.58 KB
29/09/2020 ESMA-22-328-402 Decision on Conflict of Interest Policy for Non-Staff Decision PDF
147.09 KB
29/09/2020 ESMA WP-2020-3 ESMA working paper on DVC mechanism and impact on EU equity markets , Report PDF
535.76 KB
17/09/2020 ESMA70-155-11072 ESMA Decision- renewal Article 28 SSR reporting threshold- September 2020 , , Decision PDF
396.47 KB
31/08/2020 ESMA32-380-143 National thresholds for shareholder identification under the revised SRD Reference PDF
135.18 KB
21/08/2020 ESMA22-106-2477 Summary of conclusions Management Board meeting- 7 July 2020 Summary of Conclusions PDF
164.93 KB
15/07/2020 ESMA22-106-2415 SoC Management Board- 27 May 2020 Summary of Conclusions PDF
178.96 KB
15/07/2020 ESMA70-155-10189 ESMA decision renewal of 10 June 2020 to lower the reporting thresholds of net short positions under Art.28 of the SSR Decision PDF
357.77 KB
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29/06/2020 ESMA50-164-3475 Coverletter- ESMA response to EC consultation on a new Digital Finance Strategy for Europe Letter PDF
87.97 KB
29/06/2020 ESMA50-164-3463 ESMA’s response to the European Commission’s Consultation on a New Digital Finance Strategy for Europe Report PDF
380.54 KB
24/06/2020 ESMA64-87-193 Management Board decision- Implementing rules on the middle management staff , Decision PDF
210.2 KB
17/06/2020 ESMA63-46-710 Policy on the reimbursement for external persons , Reference PDF
265.73 KB

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