Certain shares are exempt from the notification and disclosure requirements in the EU SSR if their principal venue for trading is located outside the EU. For a list of these shares, please see the ESMA register of exempted shares.

To determine whether a position in shares should be notified to an EU competent authority, position holders will have to consult the EU FIRDS to see whether a particular share is admitted to trading in the EU. Subsequently, position holders will have to consult the EU list of exempted shares to see if that share is exempt.

If a share is not exempt, position holders should send their notification to the relevant EU competent authority.

The below steps outline how to determine if a position is notifiable in the EU. In the example, we use BNP PARIBAS SA (FR0000131104).

1.
2.

In the “Instrument identification code” box paste in the relevant ISIN

3.

Click “Search”

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This will return a number of entries

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Click on the “more info” icon

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This will display the relevant competent authority (RCA) for the instrument. Below we can see “FR” which means France is the relevant competent authority.

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Once the RCA has been established, you much check to whether the instrument is exempt under EU short selling.

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Paste in the ISIN and click search

10.

If this returns “no data found”, this means that the instrument is in scope for short selling notifications and a disclosure must be made to the AMF in France.

11.

Using another ISIN as an example (GB0004300496), once this is entered in the ISIN box and searched for you can see in returning an number of entries – this instrument is exempt from EU short selling.