The European Short Selling Regulation (“SSR”) will take effect on November 1, 2012. The SSR will have a potentially significant impact on many MFA members, whether those members are based in the U.S. or in the European Union (“EU”). MFA has closely monitored the SSR throughout its development from proposed legislation by the EU Council and Parliament, to final implementing regulations issued by the European Commission and the European Securities and Markets Authority (“ESMA”). For your convenience, we have assembled below the key legislative and regulatory materials that have been issued by EU policy makers in connection with the SSR. In addition to these materials are links to the audio recording and presentation slides from MFA’s recent Members Only webinar covering the SSR.
In broad terms, there are three primary categories of regulation within the SSR that will have an impact on MFA members:
If you have any questions about the SSR, please contact MFA at (202) 730-2600. Please check back regularly, as this page will be updated when additional materials are published.
European Commission Short Selling Website (includes all of the links below)
Estonia (Estonian only)
Slovenia (Slovenian only)
ESMA: Short Selling Q&A (updated January 30, 2013)
ESMA: List of Exempted Shares (updated January 3, 2013)
ESMA: List of Net Short Position Notification Thresholds for Sovereign Debt (Figures are approximations; definitive thresholds to be published by November 1, 2012)
ESMA: List of Websites Where Net Short Positions in Shares are Disclosed (updated November 22, 2012)
ESMA: List of Websites with Information on the Process for Notification of Net Short Positions and Reporting Forms (updated November 22, 2012)
Germany: BaFIN Short Selling FAQ (updated January 31, 2013)
France: AMF User’s Guide (released October 31, 2012)