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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
24/01/2019 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
80.26 KB
31/10/2018 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
25.88 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.

28/09/2018 RPMMF Response form for consultation on MMF stress testing guidelines Reference DOCX
770.87 KB
23/08/2018 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
227 KB
23/05/2018 ESMA34-47-210 IMSC Terms of Reference Reference PDF
130.07 KB
18/12/2017 ESMA65-8-5306 Benchmarks attributes Reference PDF
229.87 KB
29/11/2017 ECB/ESMA/FSMA Risk Free Rate Working Group Application Form Reference DOCX
25.87 KB
06/11/2017 ESMA50-165-422 The impact of charges on mutual fund returns- correction , , Reference PDF
590.09 KB

ERRATUM - In the original version of this document published on 19 October 2017 in table V.3 on page 4, the values in the last four rows of column five were accidentally misreported. For this reason, ESMA now provides a corrected version, including the corrected values and a footnote pointing to the initial mistake.

ESMA carried out a first analysis on fund performance measures, developing initial metrics to analyse the impact of ongoing fees, one-off charges and inflation on the returns of mutual funds. Key preliminary results for the EU fund industry show: Substantial reduction in net returns available to investors, especially in the retail sector and weakly cost- or price-sensitive investment decisions by retail investors

On average ongoing fees and one-off charges and inflation-reduced returns available to investors by 29% of gross returns between 2013 and 2015. These reductions apply to all market segments, while varying across jurisdictions, asset classes and client types. Relative return reductions range from 11% for passive equity fund shares to 44% for retail fund shares in bond mutual funds. Relative and absolute return reductions for actively managed and retail fund shares tend to exceed those of passively managed and institutional fund shares. Despite the impact of fees and charges on the net outcome to investors, these do not seem to be reflected in investor choices.

19/10/2017 Ares(2017)5008790 European Commission request to ESAs to issue recurrent reports- CMU action , Reference PDF
294.97 KB
16/10/2017 ESMA65-8-5046 FIRDS- Instructions on access and download of full and delta reference data files , , , Reference PDF
291.36 KB
29/09/2017 ESMA70-145-253 Response form for the Consultation Paper on Guidelines for non-significant benchmarks Reference DOCX
768.13 KB
01/02/2017 ESMA34-47-86 IMSC CWG Call for Candidates Feb 2017 Reference PDF
270.61 KB
01/02/2017 IMSC CWG Application Form Feb 2017 IMSC CWG Application Form Feb 2017 Reference PDF
198.5 KB
30/09/2016 2016/1414 Methodological Framework- Model Written Arrangements for Benchmark Colleges Reference PDF
272.57 KB

Article 46 of the Regulation (EU) No 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Regulation) provides that the competent authority of an administrator of a critical benchmark that is referred to in points (a) and (c) of Article 20(1) of the Regulation shall establish a college.

ESMA will be a member of every college and according to Article 46(7) of the Regulation may give advice concerning the written arrangements. To promote the convergent operation of benchmark colleges, ESMA has developed model written arrangements that may be used by administrators of critical benchmarks according to Article 46(6) of the Regulation.

29/09/2016 2016/1406 reply form Reply form to the Consultation paper on Benchmarks Reference DOCX
757.37 KB
15/07/2016 2016/1137 reply form Reply form to the Consultation paper on Asset Segregation Reference DOCX
879.64 KB
03/06/2016 2016/723 RF Reply form for the Consultation Paper on ESMA technical advice on Benchmarks Regulation , Reference DOCX
784.51 KB
06/04/2016 2016/570 RF Reply Form DP SC Reference DOCX
786.46 KB
04/04/2016 2016/226 ToR ITMG Reference PDF
116.21 KB
04/04/2016 2016/224 ToR OWG IMSC Reference PDF
113.23 KB