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Alternative Market Briefing

Other Voices: EU shorting threshold lowered to 0.1% from 31 January 2022

Thursday, January 13, 2022

Authored by Anna Maleva-Otto and David Soerensen, from law firm Schulte Roth & Zabel.

From 31 January 2022 (Implementation Date), the initial threshold for notification of significant net short positions in EU-traded stocks will be lowered from 0.2% to 0.1% of a company's issued share capital. Asset managers with net short positions will need to adjust their procedures and systems to comply with the new requirements.

The Implementation Date follows the publication of a Delegated Regulation1 in the European Union's Official Journal on 11 January 2022 amending the Short Selling Regulation.

Any holder of a net short position (whether established before, on or after the Implementation Date) in a company admitted to trading on an EU "trading venue" must notify the relevant competent authority if the net short position amounts to 0.1% or more of a company's issued share capital. This brings the EU's initial reporting threshold in line with the current UK threshold, which already stands at 0.1%.

The Delegated Regulation does not alter any other requirements of the Short Selling Regulation; incremental notification thresholds remain the same. These will be triggered for each 0.1% above or below the initial threshold. For asset managers with positions across different funds and portfolios, net short positions must be cal......................

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