Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport końcowy - ocena pewnych aspektów regulacji dot. krótkiej sprzedaży (short selling)

22 March 2022

ESMA70-448-10

Final Report

Review of certain aspects of the Short Selling Regulation

1 Executive Summary

Reasons for publication

In this Final Report ESMA undertakes a systematic review of some of the SSR provisions and proposes targeted changes. During the COVID-19 crisis, RCAs adopted a number of emergency measures, consisting both of short-term and long-term bans. Evidence from the crisis proved how widespread emergency situations might unfold very quickly requiring immediate responses. In such instance, the measures adopted by RCAs were not only more numerous, but also differed in scope with respect to most emergency measures previously taken by RCAs under SSR. ESMA has analysed the impact of such measures and, after gathering feedback from stakeholders, proposes in this Final Report targeted amendments to the SSR, which aim, among others, at facilitating the operation of the SSR in any future emergency circumstances.

Additionally, ESMA in light of the episodes of high...