The Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (SSR) applies to people undertaking short selling of shares, sovereign debt, sovereign CDS and related instruments that are admitted to trading or traded on an EEA trading venue (unless they are primarily traded on a third country venue).
The SSR requires holders of net short positions in shares or sovereign debt to make notifications once certain thresholds have been breached.
CSSF Short Selling Platform
The CSSF Short Selling Platform allows the notification of significant net short or uncovered positions (where the CSSF is the relevant competent authority) as well as the publication and the consultation of details on certain significant net short positions in accordance with the SSR.
Documentation
Laws, regulations and directives
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30 July 2020
European Securities and Markets Authority Decision (EU) 2020/1123 of 10 June 2020
renewing the temporary requirement to natural or legal persons who have net short positions to temporarily lower the notification thresholds of net short positions in relation to the issued share capital of companies whose shares are admitted to trading on…
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15 April 2020
European Securities and Markets Authority Decision (EU) 2020/525 of 16 March 2020
to require natural or legal persons who have net short positions to temporarily lower the notification thresholds of net short positions in relation to the issued shares capital of companies whose shares are admitted to trading on a regulated market…
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12 July 2013
Law of 12 July 2013
on short selling of financial instruments
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12 July 2012
Commission Delegated Regulation (EU) No 919/2012 of 5 July 2012
supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to regulatory technical standards for the method of calculation of the fall in value for…
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05 July 2012
Commission Delegated Regulation (EU) No 918/2012 of 5 July 2012
supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds,…
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29 June 2012
Commission Delegated Regulation (EU) No 826/2012 of 29 June 2012
supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council with regard to regulatory technical standards on notification and disclosure requirements with regard to net short positions, the details of the information to be provided to the…
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29 June 2012
Commission Implementing Regulation (EU) No 827/ 2012 of 29 June 2012
définissant des normes techniques d’exécution concernant les modalités de publication des positions courtes nettes sur actions, le format des informations à fournir à l’Agence européenne des marchés financiers sur les positions courtes nettes, les types d’accords, d’arrangements et de mesures…
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14 March 2012
Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012
on short selling and certain aspects of credit default swaps
Other reference texts
Guidance
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22 April 2020
CSSF User Manual on the Short Selling Platform
Publications
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Updated on 12 March 2012 List of issuers of shares and issuers of sovereign debtFor which the CSSF is the relevant competent authority under Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swapsList
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16 March 2020 ESMA requires net short position holders to report positions of 0.1% and aboveCommuniqué