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.

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 selected topics and will not cover all details of the relevant legislation.

Accounts

How do I create user accounts to report net short positions?

First, register yourself as a natural person by creating a private user account. If you are reporting on behalf of a firm, 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. If the position holder is already registered, an existing reporting person for the company can add you as a new reporting person.

Can multiple accounts register positions on behalf of the same firm?

Yes. If you have registered the position holder company with LEI code, you can add other reporting persons to the same position holder. Doing so results in multiple reporting persons having access to all positions for the position holder.

Select under the section "My settings" the menu item "Companies you represent" and "Edit" on the position holder you want to add a reporting person to. Select "Add reporting persons" (on the bottom of the page) by using the "+Invite reporting person" function. All added reporting person to the company (position holder) will have access to all historical reported positions, have access to edit, close and report positions on behalf of the position holder. All reporting persons will also have access to remove other reporting persons on behalf of the company.

Reporting

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. 0.3%, 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.

To determine if the financial instrument has Finanstilsynet as RCA, you can utilize the MiFID database. Note that certain shares may be exempted from SSR reporting.

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.

How do I handle positions that are not subjecting to reporting?

You may choose to either close the position or edit the position below the reporting threshold. If you choose "edit" the position and the position is 0 you must register 0,001 (The system will "read" all position below the reportable threshold as "closed")

How do I handle positions that change "passively" due to corporate actions?

If corporate actions in the issuer change your position to a new reportable position (passing new threshold), the new position must be reported.

How do I report if the issuer changes its ISIN or no longer have Norway as its RCA?

If the issuer changes its ISIN, you must close your position on old ISIN and report the position on the new ISIN. If Norway is no longer the RCA, you must close your position next change in position.

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%.

About positions

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 0.1 % 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

Contact Info

Phone: +47 22 93 98 74
Email: ssr@finanstilsynet.no