The Financial Services and Markets Authority (FSMA) is publishing on its website the first list of short positions in Belgian companies. This move comes in conjunction with the entry into force of the European Short Selling Regulation[1].
The European Short Selling Regulation has direct effect in all Member States of the EU as from 1 November 2012. Investors who have significant short positions in a company or in sovereign debt, and thus believe that the shares or debt instruments in question will decline in value, must from now on notify the competent financial supervisor of this.
In addition to notifying the supervisor, the Regulation also provides that short positions in companies must be disclosed where these positions have a value equal to or greater than 0.5% of the issued share capital. This disclosure threshold is supplemented by additional thresholds at 0.1% intervals.
The list of disclosed short positions is available on the FSMA website. Updates of this list will be processed daily on that site.
[1] 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. OJ. L. 86 of 24 March 2012, p. 1. See also http://ec.europa.eu/internal_market/securities/short_selling_en.htm.