Short Sale Register
About the register
This site implements the register of Regulation (EU) No 236/2012 ("Short Selling Regulation / SSR") with regards to shares, sovereign bonds, and credit default swaps, for which The Financial Supervisory Authority of Norway ("Finanstilsynet") is the Relevant Competent Authority ("RCA").
The Short Selling Regulation / SSR is implemented through the Securities Trading Act Section 3.14 and became effective in Norway as of 1. January 2017: Press release (Norwegian only).
Decisions regarding violation penalties are published at Finanstilsynet.no
For legal reference, please refer to: Regulation (EU) No 236/2012, Regulation (EU) No 236/2012 (Norwegian), Commission Delegated Regulation (EU) No 826/2012, 827/2012, 918/2012, 919/2012, Guideline ESMA/2013/74, Q&A ESMA , and ESMA's portal for SSR.
Frequently Asked Questions
IMPORTANT: The following questions and answers are no substitute for the full legal texts referred to above. The FAQ seeks to provide short answers on complex topics and will not cover all details of the relevant legislation.
I report on behalf of a firm. How do I report?
First, register yourself as a natural person. If you are reporting on behalf of a firm, you have to add the firm under "Business you represent" in the "My settings menu". After doing this, you can register positions and choose the firm as the position holder. You can register more than one firm.
I have power of attorney for a client. How do I report?
Follow the same procedure as above, but register the client under "Persons you represent", and choose that person when you register a position.
Can multiple accounts register positions on behalf of the same firm?
Any two accounts are always completely separate accounts, and share no information. Even if account A creates a firm "F", and account B also creates a firm with the same name "F", there is no information exchange, consolidation; neither can any of the accounts edit the other accounts positions despite sharing the same registered firm name. If you need multiple persons to report on behalf of one firm, please see the next question for possible solutions.
How do I share an account with another person?; Do I have to use 2FA SMS authentication?
Authentication by SMS serves two purposes. It increases the security of the account by preventing password leakage from compromising the account. It also partially verifies the authenticity of account creator. First time an account is established, you will need to verify by SMS. However, we recognize that some position holders use multiple reporting persons to administer the positions, and therefore need access to the same account. In these cases, you may contact Finanstilsynet at email@example.com and request us to disable SMS.
What triggers reporting to the Financial Supervisory Authority of Norway?
- Net short positions larger than or equal to 0.1% for shares, and any change in 0.1% increments thereafter (i.e. 0.2%, 0.3%, 0.4%, etc), where the instrument has Finanstilsynet as relevant competent authority (RCA).
- Net short positions larger than 0.1% for Norwegian sovereign bonds, and any change in 0.05% increments thereafter. Nominal value duration adjusted in EURO, cf Q&A ESMA.
When do I need to report?
It is the positions that exist at 23:59, that should be reported the next day before 15:30 CET the succeeding trading day. Due to processing and verification time on our side, we strongly suggest that you report minimum one hour prior to this.
Are the data public?
Positions reported that are larger than or equal to 0.5% are made public at 15:30 CET the trading day after the transaction. If the position is larger than or equal to 0.1%, but smaller than 0.5%, it will be reportable to Finanstilsynet, but not made public. A position fallen below 0.5% will correspondingly be removed from the public register and it will be displayed with "< 0.5%" as "Short Percent" under "Historical Positions" the next trading day at 15:30 CET. The "Position Date" will display the actual date the position fell below 0.5%.
What is a net short position?
"Net" implies that you need to take into consideration any long positions you might have. For instance, if you have a long position of 1 % at one broker and a short position of 0.2 % at another broker, you are not obliged to report since the sum of the positions is long.
What is delta-adjustment?
Delta-adjustment becomes relevant if you have derivatives of the shares that are subject to reporting. If you have a put-option of 100,000 underlying shares, you need to perform a "delta-adjustment" prior to calculating the short position. The delta-adjustment can be considered a conversion factor that converts derivatives to "equity equivalents". If the delta-adjustment factor is 0.5, the investor has (100,000*0.5=) 50,000 share equivalents.
Is it possible to get the SSR-positions at a specific historical date?
Historical position are available from our API and the JSON export linked from the front page. For more information see the API-documentation
Phone: +47 22 93 98 74
- Anne Simonine Egeland
- Tord Steffensen Sortland
- Madeleine Marie Melgård