ESMA_QA_1891
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1891
Regulatory Context
Regulation : SSR
Level 1 Regulation: Short Selling Regulation (SSR) Regulation (EU) No 236/2012
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Scope
Subject Matter: Shares of companies in scope
Question
Submission Date: 13 September 2012
Do shares of all companies traded on markets in the Union fall under the net short position notification and disclosure requirements under Articles 5 and 6, and the restriction on uncovered short sales of Article 12 of the regulation?
ESMA Answer
Answer Date: 13-09-2012
[ESMA70-145-408 SSR Q&A, Q&A 4.4] When determining whether the shares of an issuer fall under the regime, two cumulative conditions have to be taken into account:
the shares are admitted to trading/traded on a trading venue (i.e. regulated market or MTF) in the Union; the principal trading venue for the share is in the Union (and not in a third country in case of multiple trading).
For instance, shares of a company domiciled in the USA which are admitted to trading on a trading venue in Germany but whose principal trading venue is located in the USA are exempt from the notification/disclosure requirements (Articles 5 and 6 of the Regulation), the restrictions on uncovered short sales (Article 12) and from the buy-in procedures (Article 15 of the Regulation).
This document was automatically extracted from the ESMA EMIR Q&A database.