European Short Selling (EU SSR):
Introduced in 2012, ESMAβs regulation on short selling aims to increase the transparency of short positions held by EU Member States.
In response to the COVID-19 pandemic, the disclosure threshold was lowered to 0.1%. Although this reverted back to 0.2% in March 2021, EU member states recently adopted a delegated regulation amending the threshold for the notification of net short position in shares under the EU Short Selling Regulation from 0.2% to 0.1%.
Any short positions above 0.5% will be made public.
Hong Kong Short Selling:
In Hong Kong, the reportable short position threshold is the lower of HK$30 million or 0.02% of the value of the total number of designated securities issued by the corporation concerned. For collective investment schemes, only the threshold of HK$30 million is applicable.
Short positions need to be reported to the Securities and Futures Commission (SFC).
Singapore Short Selling:
All short sell orders must be submitted to the Singapore Exchange (SGX). If they cross a threshold, investors also need to report their short positions to the Monetary Authority of Singapore (MAS). This threshold is currently defined as the lower of 0.2% of the total issued shares/units in the relevant class, or SG2 million in aggregated value (closing price on position day).
The position day is the last day of each calendar week on which the SGX-ST is open for trading in the relevant class of specified capital markets product.
Japan Short Selling:
In Japan, there are two thresholds that trigger short selling reporting: 1. A net short sale position of 0.2% (and more than 50 short selling units) must be reported to the exchange 2. A net short sale position 0.5% (and more than 50 short selling units) must be reported to the exchange will trigger the public disclosure requirement fulfilled by the exchange.
These thresholds apply to covered short-selling only – naked short-selling is prohibited.
South Korea Short Selling:
Short position reporting in South Korea is required where positions (i) exceed market value of KRW 1 billion or more or (ii) the net short position is 0.01% or more of the number of shares of a company listed on the KRX and which has a market value of more than KRW 100 million. Each share class and type requires its own calculation.
Short positions of 0.5% or more of the number of shares (of each type and class) listed on the KRX will be made public.
Australian Short Selling:
A covered short position must be disclosed to ASIC on each day that the position is held, unless a position is valued at less than or equal to $100,000 and is of a size less than or equal to 0.01% of the product’s total quoted securities. Each product type is subject to its own calculation by product and class.