Short sale: Decision by EFTA Surveillance Authority (ESA) and the European Markets Authority (ESMA)
Published: 11 June 2020
EEA-wide decision to temporarily lowering the threshold for reporting net short positions to Finanstilsynet (The Financial Supervisory Authority of Norway) to 0.1 % (of March16th 2020) is prolonged.
On March 16th 2020 EFTA's surveillance Authority (ESA) decided, in accordance with the decision by the European Securities and Markets Authority (ESMA) of the same day and the EEA agreement Annex 29, no. 29f cf. the EU Short Sale Regulation 236/2012 (SSR) article 28 (1) litra a, to temporarily lower the threshold for notifying the relevant competent authorities of net short positions. The decision was made due to the current outbreak of the COVID-19 and the prevailing market situation. More information:
ESA has on June 11th 2020 decided to prolong the duration of the emergency measure regarding temporarily reducing the threshold for notifying the relevant competent authorities of net short positions with three months ("the Decision").
In accordance with the Decision:
- A natural or legal person who has a net short position in relation to the issued share capital of a company that has its shares admitted to trading on a regulated market shall notify the relevant competent authority where the position reaches or falls below a percentage that equals 0.1% of the issued share capital of the company concerned and each 0.1% above that threshold.
- Please note that the same notification requirement applies for equity certificates cf. the Norwegian Securities Trading Act section 3-14 (3).
- The Decision is valid for three months (from 17.06.2020).
For further information and details please review the following information from ESA and ESMA:
- EFTA Surveillance Authority's press release of the Decision of 11.06.2020
- ESMA press release with link to ESMA's decision of 10.06.2020
In the event of conflict, the above information and the information in the decisions, will prevail other information on Finanstilsynet's webpages regarding the threshold under SSR article 5.
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