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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/11/2022 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
26.52 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.

03/11/2022 ESMA22-106-4184 Summary of conclusions TRACE DBP- 21 September 2022 , Summary of Conclusions PDF
83.58 KB
31/10/2022 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
159.53 KB
21/10/2022 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Reference XLSX
41.18 KB
21/10/2022 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Reference PDF
461.14 KB
12/09/2022 JC 2022 40 Joint ESA report on Risks and Vulnerabilities in the EU financial system No 2 2022 , Report PDF
570.49 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
19/07/2022 ESMA74-362-893 QAs on SFTR data reporting , , Q&A PDF
405.28 KB
01/06/2022 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
97.14 KB
20/04/2022 ESMA80-187-945 Verena Ross' speech at ECMI/CEPS Webinar, 20 April 2022 , , Speech PDF
178.1 KB

Verena Ross' speech at ECMI/CEPS Webinar, 20 April 2022: "ESMA – driving forward high-quality supervision and transparency in a single EU capital market"

04/04/2022 ESMA70-448-10 Final Report- Short Selling Regulation Review Final Report PDF
749.55 KB
25/03/2022 ESMA74-362-2351 Final report- Guidelines on transfer of data between Trade Repositories under EMIR and SFTR , , Final Report PDF
714.09 KB
24/03/2022 ESMA71-99-1913 Press_Release_Enforcement REGIS TR , , Press Release PDF
121.76 KB
24/03/2022 ESMA41-356-274 Public notice on REGIS TR, S.A. , Reference PDF
183.48 KB
24/03/2022 ESMA41-356-271 Decision of the Board of Supervisors to adopt supervisory measures and impose fines in respect of infringements committed by REGIS-TR, S.A , Decision PDF
1.17 MB
14/03/2022 ESMA71-99-1864 ESMA Statement on Ukraine , , , , , , , , , , , , Statement PDF
93.35 KB
28/02/2022 ESMA70-1861941480-52 Q&A on EMIR implementation , Q&A PDF
1.46 MB
26/01/2022 ESMA70-447-1885 Statement on new NSP notification threshold , Statement PDF
90.32 KB
24/11/2021 ESMA22-106-3734 SMSG advice to ESMA on its Consultation Paper on the review of certain aspects of the Short Selling Regulation , SMSG Advice PDF
167.66 KB
08/10/2021 ESMA74-362-2159 ESMA as a data driven regulator and supervisor- AFME 5th Annual European Compliance and Legal Virtual Conference , , , , , , , , , Speech PDF
167.18 KB

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