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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
31/10/2018 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
27.31 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.

26/09/2018 BoA D 2018 02 Decision in an Appeal by B. against a decision of the European Securities and Markets Authority Decision PDF
382.53 KB
05/09/2018 ESMA70-151-1719 Letter to VP Dombrovskis on opinion on SFTR Letter PDF
213.13 KB
05/09/2018 ESMA70-151-1651 Annex 1 Letter from European Commission on SFTR draft RTS Letter PDF
159.5 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
29/05/2018 ESMA70-145-408 Question and Answers (Q&A) on the Regulation on short selling and certain aspects of credit default swaps (SSR) Q&A PDF
536.17 KB
30/04/2018 BoA 2018-01 Decision in an appeal by A v ESMA , Decision PDF
392.62 KB
18/04/2018 ESMA71-99-969 Board of Appeal Appointments 2018 Press Release PDF
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27/03/2018 ESMA33-128-212 reply form Reply form- Consultation Paper TA Fees Securitisation Repositories Reference DOCX
766.76 KB
27/03/2018 ESMA33-128-109 reply form Reply form- Consultation Paper Securitisation Repositories Application Reference DOCX
767.02 KB
05/03/2018 ESMA70-145-386 Technical Advice on the evaluation of certain elements of the Short Selling Regulation Final Report PDF
1.72 MB
22/02/2018 ESMA70-145-441 ECON scrutiny session Short Selling Regulation Verena Ross Speech PDF
197.03 KB
27/10/2017 ESMA71-99-623 Press Release on 2017 Enforcement Priorities , , , Press Release PDF
172.2 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
26/07/2017 ESMA32-62-91 Comment letter to the IAASB on ISA 540 Auditing accounting estimates , Letter PDF
361.8 KB
20/07/2017 BoA 2017 01 FinancialCraft Analytics Sp. z o.o. vs ESMA BoA Decision , Decision PDF
693 KB
07/07/2017 ESMA70-145-127 Consultation paper on the evaluation of the short-selling regulation , Consultation Paper PDF
1.46 MB
12/06/2017 ESMA70-146-10 Opinion on CNMV emergency measure under the Short Selling Regulation Opinion PDF
181.85 KB
10/11/2016 2016-1564 ESMA prepares for new International Financial Reporting Standard 9 , , , Press Release PDF
132.26 KB
10/11/2016 2016-1563 Issues for consideration in implementing IFRS 9: Financial Instruments , , Statement PDF
256.22 KB