MFA and AIMA Submit Letter to ESMA on Short Selling Measures

MFA and AIMA jointly submitted a comment letter to ESMA regarding the emergency short selling bans adopted by Member States. In the letter, MFA and AIMA note that that despite the fact that we disagree with the bans as such, we respect the competence of EU Member States to resort to this policy tool, and we wish to offer what we believe are useful suggestions that would facilitate the efficacy of, and investor compliance with, such bans. The letter further explains that communication could be improved to the benefit of all parties with regards to the scope of the emergency measures, making use – wherever possible – of concepts, definitions, and guidance already agreed and harmonized under the Short Selling Regulation, and providing additional time for market participants to prepare ahead of the imposition of emergency measures.