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Short sale: Decision by the EFTA Surveillance Authority (ESA) and the European Securities and Markets Authority (ESMA)

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EEA-wide decision to temporarily lowering the threshold for reporting net short positions to Finanstilsynet (The Financial Supervisory Authority of Norway) to 0.1 % – is further prolonged.

Due to the current outbreak of the COVID-19 pandemic and the prevailing market situation, the EFTA 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, on March 16th 2020, to temporarily lower the threshold for notifying the relevant competent authorities of net short positions. On 10 June 2020 it was decided to prolong the decision up to and including 17 September 2020. The measure was further prolonged up to and including 18 December 2020 by ESA’s decision of 17 September 2020.

More information:

On 17 December 2020 ESA decided, in accordance with ESMA. to prolong the duration of the measure temporarily reducing the treshold for notifying the relevant competent authorities of net short positions (until 0,1%) with another 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 19 December 2020).

For further information and details please review the following information from ESA and ESMA:

Please note:
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.

This news item was originally published by the Financial Supervisory Authority of Norway (FSA NO). For more information, see the Source Link.

Regulator Information

Abbreviation: FSA
Jurisdiction: Norway

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