On November 14, the European Securities and Markets Authority (ESMA) published its updated questions and answers document (Q&As) on the implementation of the Short-Selling Regulation (SSR).

ESMA has added a new Q&A, 4.10, which clarifies that as a result of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), Commission Delegated Regulation (EU) 2017/590 should be followed for the reporting of transactions to competent authorities. Previously, identification of the relevant competent authority was made under Commission Implementing Regulation 1287//2006. Consequently, the relevant competent authority for SSR purposes coincides with the national competent authority of the most liquid market in terms of liquidity for transaction reporting purposes, as published by ESMA under the Financial Instrument Reference Data section of its website.

The purpose of the Q&As is to promote common, uniform and supervisory approaches and practices in the application of the SSR.

The updated Q&As on the SSR are available here.