Notification of short positions
On 16 March 2020, the European Securities and Markets Authority (ESMA) decided to lower the reporting threshold for net short positions from 0.2% to 0.1% on a temporary basis. The ESMA decision will enter into force immediately upon its publication on the ESMA website. The decision will apply for three months from its date of entry into force.
Who must notify short net positions?
The obligation to notify net short positions applies to all investors and market participants, where net investment position reaches, exceeds or falls below a certain threshold.
A net short position in the issued share capital of a company whose shares are subject to trading on a regulated market must be disclosed when the position reaches, exceeds or falls below the threshold of 0.1% of the company’s issued share capital. A new notification must be submitted for each 0.1 percentage point rise once the threshold has been breached.
A net short position relating to issued sovereign debt must also be notified when such a position reaches, exceeds or falls below the notification threshold. As regards debt issued by the Finnish government, the notification obligation arises when a position reaches, exceeds or falls below the threshold of 0.5% and each 0.25% above that.
When and how to notify?
The FIN-FSA must be notified of net short positions in shares listed on the Helsinki Stock Exchange and Finnish government bonds not later than at 3:30 pm on the following trading day after the transaction day.
1. Download the notification form and complete it
- Notification form for net short positions (excel)
- Cancellation form for net short positions (excel)
- Instructions for notification of short positions (pdf)
- Examples of completed notification forms:
2. Send the notification form
- Send the completed notification form to shortselling(at)fiva.fi
- The notification should be sent by encrypted email.
- The notification forms are read by machine, and they must be sent to the FIN-FSA in Excel format.
- Please always download the necessary Excel files from this site when filing a notification. The files may have been updated after your previous notification, and the old versions may no longer work.
Publication of short net positions
European Securities Market Authority (ESMA)
- 16 March 2020: ESMA's press release: ESMA requires net short position holders to report positions of 0.1% and above, ESMA's decision
- ESMA website on short selling
- ESMA Questions and Answers website contains a Q&A document concerning the Short Selling Regulation, providing practical instructions on the calculation of net positions, among other things
Regulation in the EUR-Lex service
(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) (link)
(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 European Securities and Markets Authority in relation to net short positions and the method for calculating turnover to determine exempted shares) (link)
- (Commission Implementing Regulation (EU) No 827/2012 of 29 June 2012 laying down implementing technical standards with regard to the means for public disclosure of net position in shares, the format of the information to be provided to the European Securities and Markets Authority in relation to net short positions, the types of agreements, arrangements and measures to adequately ensure that shares or sovereign debt instruments are available for settlement and the dates and period for the determination of the principal venue for a share according to Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps) (link)
(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 liquid shares and other financial instruments) (link)
Mr Matti Tulkki, Market Supervisor
tel. +358 9 183 5277
Ms Laila Hietalahti, Market Supervisor
tel. +358 9 183 5244
Ms Riikka Kantola, Reporting Expert
tel. +358 9 183 5398
Ms Pia Ovaska, Legal Advisor
tel. +358 9 183 5296