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ESMA requires short position holders to report positions of 0,1% and above
18 March 2020

ESMA requires short position holders to report positions of 0,1% and above

Considering the context of the Covid 19 outbreak, ESMA published on its website its decision dealing with reporting on short selling.

According to the ESMA’s decision, short position holders in shares traded on an European Union regulated market are required to notify the relevant national competent authority (NCA) if the position reaches or exceeds 0.1% of the issued share capital after the entry into force of the decision. Short positions held before the into force of the ESMA decision are not concerned as far as a new threshold is not exceeded.

ESMA considers that lowering the reporting threshold is a precautionary action that, under the exceptional circumstances linked to the ongoing COVID-19 pandemic, is essential for authorities to monitor developments in markets. The measure can support more stringent action if required to ensure the orderly functioning of EU markets, financial stability and investor protection. ESMA considers that the current circumstances constitute a serious threat to market confidence in the EU, and that the proposed measure is appropriate and proportionate to address the current threat level to EU financial markets.