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ARTICLE · 24 DECEMBER 2020

ESMA And The FCA Extend The Temporary 0.1% Net Short Position Reporting Threshold

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In response to the unprecedented circumstances caused by the COVID-19 pandemic, the EU and the UK temporarily lowered the reporting threshold under the EU Short Selling Regulation...

European UnionFinance and Banking
Ezra Zahabi
Ezra Zahabi
Helen Marshall
Helen Marshall
Tim Pearce
Tim Pearce
Ian Meade
Ian Meade
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Background

In response to the unprecedented circumstances caused by the COVID-19 pandemic, the EU and the UK temporarily lowered the reporting threshold under the EU Short Selling Regulation1 ("EU SSR") for net short positions in shares of companies admitted to trading on an EU/UK regulated market earlier this year.

The European Securities and Markets Authority (ESMA) lowered the reporting threshold from 0.2 per cent to 0.1 per cent in March 20202 as a precautionary measure, to permit regulators to "deal with any threats to market integrity, orderly functioning of markets and financial stability at an early stage, allowing them and ESMA to timely address such threats in case of signs of market stress."3 The temporary lower reporting threshold has been extended twice4 since its introduction and the present extension applies the lower threshold until 19 March 2021.

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