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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
13/03/2019 ESMA22-106-1675 SoC ESMA Management Board January 2019 Summary of Conclusions PDF
167.33 KB
15/02/2019 ESMA71-99-1115 ESMA IOSCO Statement on EDPB Opinion , Press Release PDF
83.19 KB
07/02/2019 ESMA63-43-1190 ESMA Budget 2019 , , Reference ZIP
455.34 KB
05/02/2019 ESMA40-133-716 Implementing rules on data protection Reference PDF
511.99 KB
24/01/2019 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
80.26 KB
22/01/2019 ESMA22-106-1604 Summary of Conclusions Management Board meeting 17 December 2018 Summary of Conclusions PDF
139.16 KB
06/12/2018 ESMA22-106-1391 Summary of Conclusions Management Board meeting 6 November 2018 Summary of Conclusions PDF
149.09 KB
07/11/2018 ESMA22-106-1339 Summary of Conclusions Management Board meeting 25 September 2018 Summary of Conclusions PDF
235.38 KB
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.

27/09/2018 ESMA22-106-1079 Summary of Conclusions Management Board meeting 10 July 2018 Summary of Conclusions PDF
246.68 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
16/07/2018 ESMA22-106-1021 Summary of Conclusions Management Board meeting 23 May 2018 Summary of Conclusions PDF
179.28 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
24/05/2018 ESMA71-99-981 Anneli Tuominen VC reappointment , Press Release PDF
208.13 KB
23/05/2018 ESMA71-99-980 ESMA appoints new member to its Management Board Press Release PDF
144.6 KB
02/05/2018 ESMA22-106-931 Summary of Conclusions Management Board meeting 22 March 2018 Summary of Conclusions PDF
175.38 KB
27/04/2018 ESMA22-103-753 Multilateral MoU on cooperation, information exchange and consultation , Statement PDF
731.24 KB
26/04/2018 ESMA63-43-964 ESMA Budget Amendment n.1 for 2017 , , Reference PDF
204.31 KB