The EFTA Surveillance Authority renews decision requiring disclosure of net short positions of 0.1% and above during the COVID-19 pandemic

ESA renews decision requiring disclosure of net short positions of 0.1% and above*

The EFTA Surveillance Authority (ESA) has renewed its decision to temporarily require holders of net short positions in shares traded on a regulated market of the EEA EFTA States to notify the relevant national competent authority (NCA) if the position exceeds 0.1% of the issued share capital.

On 16 March 2020, ESA and the European Securities and Markets Authority (ESMA) took parallel decisions to lower the notification threshold for net short positions to 0.1 % of issued share capital of companies whose shares are traded on regulated markets in the EEA EFTA States. The decision aims to maintain the ability of NCAs to deal with threats to market integrity and enable the orderly functioning of markets and financial stability at an early stage.

The measure was extended on 11 June 2020, for a period of three months. In view of the adverse effect the COVID-19 pandemic continues to have on the EEA financial markets, ESA has today decided to extend the duration for another three months.

Today’s decision by ESA, in parallel with a decision by ESMA, extends the validity of the measures adopted by the March and June decisions. The new decisions will apply from 18 September 2020, for a period of three months.

*This is the original title of the press release. The title above has been amended in order to match the e-Competitions format. Individual authors are welcome to provide original independent commentaries on the case law. Articles are subject to approval by the Board of e-Competitions Bulletin before publication based on the Editorial Policy (click here).

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EFTA Surveillance Authority, The EFTA Surveillance Authority renews decision requiring disclosure of net short positions of 0.1% and above during the COVID-19 pandemic, 17 September 2020, e-Competitions Interim measures, Art. N° 96821

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