The Committee of European Securities Regulators (CESR) has published a report it has sent to the European Commission on the technical details of a pan-European short selling disclosure regime.
The report complements CESR’s March 2010 report on a model for a pan-European short selling disclosure regime. The two reports should be read in conjunction with each other and, collectively, contain CESR’s proposal for such a regime.
In the report CESR recommends that the European Institutions introduce a pan-European short selling disclosure regime as soon as possible.
The report includes details on:
- The determination of economic exposure for the purposes of calculating a net short position.
- The calculation of changes in a net short position.
- The clarification at the level at which to net and aggregate short positions within an organizational structure.
- Further development on the mechanics of disclosure.
- More detailed information of the exemptions from disclosure obligations.