In the second half of 2008 a significant number of European member states took emergency measures on short selling, which ranged from restricting short selling of shares issued by specified companies in some jurisdictions to restrictions on naked short selling. Various member states also introduced disclosure obligations.

In response to these measures, CESR has published a proposal on pan-European regulations for short selling. Briefly, when short positions reach a certain threshold they should be disclosed to the regulator and when they reach the next threshold they should be publicly disclosed. Responses to the proposal can be sent to CESR until 30 September 2009.