ESMA Publishes List of Shares Exempt from Short Selling Regulation (with Lofchie Comment)

The European Securities and Markets Association has published a list of shares which will be exempt from requirements under the EU regulation on short selling and credit default swaps in relation to (i) transparency of net short positions, (ii) public disclosure of significant net short positions, (iii) restrictions on uncovered short sales and (iv) buy-in procedures. Queries regarding the content of the list should be directed to the relevant competent national authority for the applicable share. The list will be published on a bi-annual basis, subject to more frequent updates on a case-by-case basis by the national competent authorities.

Lofchie Comment: For persons located in, or trading in, the United States, the big question is what is the extraterritorial scope of these rules. See related news item.