CESR has recommended to the Commission a pan-European disclosure regime for net short positions in shares. It has proposed a two-tier model, with a lower threshold of 0.2% to trigger the disclosure requirement. After this, every step of 0.1% would need disclosure, in each case to the competent authority. Once a holding reached 0.5% the disclosure (and disclosure of each further 0.1% step) would need to be disclosed to the market as a whole as well.