MFA and AIMA Submit Joint Letter to ESMA in Response to Call for Evidence on Short Selling Regulation

March 15, 2013

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Topics: AIFMD AIMA, Alternative Investment Management Association, assets under management, AUM, BaFin, Belgium, bid-ask spreads, bond, Bundesanstalt fur Finanzdienstleistungsaufsicht, capital, CDS, CESR, Commissione Nazionale per le Societa e la Borsa, Committee of European Securities Regulators, competent authorities, compliance, corporate issuer, Council of the European Union, credit default swap, delta, depositary receipts, derivative instrument, derivatives, duration, efficiency, EMIR, equity, ESMA, EU Member State, Europe, European Commission, European Parliament, European Securities and Markets Authority, eurozone, extraterritoriality, Finland, France, futures, futures market, Germany, harmonization, hedge funds, hedging, index, index derivatives, interpretive guidance, issued share capital, Italy, Latvia, Lehman Brothers, liquidity, locate, London Stock Exchange, mark-to-market, market disruption, market distortions, market participants, MiFID, net short position, Netherlands, non-EU investment firms, operational challenges, price discovery, price efficiency, price formation, prime broker, PRNewswire, public disclosure, reasonable expectation, reporting obligation, reporting requirements, reverse engineer, risk, securities, settlement, share capital, short positions, short selling, short selling bans, short selling regulation, short squeeze, single-name CDS, sovereign bonds, sovereign debt, sovereign issuer, Spain, Steven Maijoor, stock, Stock Exchange Daily Official List, T+1 reporting, T+2, technical standards, third party managers, trading volume, uncovered sovereign CDS, United Kingdom, volatility,
From: MFA, Stuart Kaswell; AIMA, Jiří Krόl

To:

ESMA

MFA and AIMA jointly submitted a comment letter to ESMA responding to its Call for Evidence regarding its evaluation of the effect of the Short Selling Regulation. In the letter, MFA and AIMA recommend that ESMA: (i) work with competent authorities to establish a single reporting platform for all net short position disclosures for distribution to the relevant authority by establishing a single website for pan-European notifications, (ii) provide additional information and interpretive guidance clarifying the short sale reporting and transparency requirements, and (iii) develop standard guidance for any emergency measures imposed by national authorities under the Short Selling Regulation, announce bans via a single, European channel, and ensure that authorities provide at least 24 hours advance notice to market participants prior to the imposition of any emergency measures.

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