Further Updated 17 December 2020
On 17 December 2020, ESMA announced the further renewal of its decision to reduce the net short reporting threshold from 0.2% to 0.1%. The new measure applies from 19 December 2020 for a period of three months (unless the decision is renewed again at that point). It should be noted that the UK will no longer be subject to the EU Short Selling Regulation from 11 pm UK time on 31 December 2021 and instead will have its own UK Short Selling Regulation, which will have a net short reporting threshold of 0.2%. However, on 15 December 2020 the FCA updated its webpage on Notification and disclosure of net short positions, noting that in January 2021, the UK Treasury intend to lay a Statutory Instrument (SI) to amend the notification threshold under Article 5(2) of the UK Short Selling Regulation from 0.2% to 0.1% of the issued share capital of an issuer. This change will come into force on 1 February 2021. This means that from 1 February 2021 the notification threshold for issued share capital of a company that has shares admitted to trading on a UK trading venue (UK Regulated Market and UK MTF) will be 0.1%.
Updated 17 September 2020
On 17 September 2020, ESMA announced the further renewal of its decision to reduce the net short reporting threshold from 0.2% to 0.1%. The new measure applies from 18 September 2020 for a period of three months. Accordingly, the lower 0.1% threshold described in this Update will continue to apply until 18 December 2020 (unless the decision is renewed again at that point).
Originally published 16 March 2020
On 16 March 2020, the European Securities and Markets Authority (ESMA) issued a decision under which the minimum threshold for the net short reporting obligation for shares, under Article 5 of the Short Selling Regulation (Regulation (EU) no. 236/2012) (the SSR), to relevant European Union (EU) (and UK) competent authorities (RCA), has been reduced from 0.2% to 0.1% (and each 0.1% above that) (the ESMA Decision).
Sidley Austin LLPはクライアントおよびその他関係者へのサービスの一環として本情報を教育上の目的に限定して提供します。本情報をリーガルアドバイスとして解釈または依拠したり、弁護士・顧客間の関係を結ぶために使用することはできません。
弁護士広告 - ニューヨーク州弁護士会規則の遵守のための当法律事務所の本店所在地は、Sidley Austin LLP ニューヨーク：787 Seventh Avenue, New York, NY 10019 (+212 839 5300)、シカゴ：One South Dearborn, Chicago, IL 60603、(+312 853 7000)、ワシントン：1501 K Street, N.W., Washington, D.C. 20005 (+202 736 8000)です。