EU Short Selling Reporting Threshold

March 16th | 2020

The European Securities and Markets Authority (ESMA) has lowered the initial disclosure threshold for reporting of net short positions under the EU Short Selling Regulation to 0.1% (from 0.2%). This measure is effective today, March 16, 2020, and impacts net short positions in shares admitted to trading on a trading venue in the European Union (other than shares whose principal trading venue is outside the European Union).

The SSR reporting obligations cover net short positions held via futures, options, swaps, depositary receipts, indices or baskets, and other instruments that have the same economic effect as a cash short. Note that only the threshold is changing; holders of short positions are still expected to notify the relevant national competent authority (NCA), in the same manner as before, if the position reaches or exceeds the new 0.1% threshold.

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