Notification

Notification to competent authorities of significant net short positions in shares  

According to the Article 5 paragraph 1 of the Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (hereinafter reffered as „Regulation") a natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall notify the relevant competent authority, in accordance with Article 9, where the position reaches or falls below a relevant notification threshold referred to in paragraph 2 of this Article.

Under paragraph 2 of Article 5 of the Regulation a relevant notification threshold is a percentage that equals 0,2 % of the issued share capital of the company concerned and each 0,1 % above that.

Notification to competent authorities of significant net short positions in sovereign debt

natural or legal person who has a net short position relating to issued sovereign debt shall notify the relevant competent authority, in accordance with Article 9, where such a position reaches or falls below the relevant notification thresholds for the sovereign issuer concerned.

The relevant notification thresholds shall consist of an initial amount and the additional incremental levels in relation to each sovereign issuer. The way these notification thresholds are defined is further specified in the Commission Delegated Regulation (EU) No 918/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events.

Delegated Regulation (EU) No 918/2012 of 5 July 2012 specifies that initial threshold categories shall be stated as follows:

  1. an initial threshold of 0,1 % applicable where the total amount of the outstanding issued sovereign debt is between 0 and 500 billion euro;
  2. a threshold of 0,5 % applicable where the total amount of the outstanding issued sovereign debt is above 500 billion euro or where there is a liquid futures market for the particular sovereign debt.

The additional incremental levels shall be set at 50 % of the initial thresholds. The reporting thresholds shall be monetary amounts fixed by applying the percentage thresholds to the outstanding sovereign debt of the sovereign issuer. They will be revised and updated quarterly to reflect changes in the total amount of outstanding sovereign debt of each sovereign issuer.

Notification to competent authorities of uncovered positions in sovereign credit default swaps

Where a competent authority suspends restrictions in accordance with Article 14 paragraph 2 of the Regulation, a natural or legal person who has an uncovered position in a sovereign credit default swap shall notify the relevant competent authority where such a position reaches or falls below the relevant notification thresholds for sovereign issuer, as specified in accordance with Article 7 of the Regulation.

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In accordance with Articles 5, 7 and/or 8 of the Regulation, a relevant natural or legal person shall notify the relevant competent authority, i. e. the National Bank of Slovakia, to the following e-mail address shortselling[at]nbs.sk using the below mentioned notification forms. The notification shall be made no later than at 15:30 on the following day. The method of notification and disclosure is further defined in Article 9 of the Regulation.