The European Securities and Markets Authority published on November 14, 2018 an updated version of its Questions and Answers on the Regulation on Short Selling and Certain Aspects of Credit Default Swaps, in order to promote common supervisory approaches and practices in the application of the regulation.

The new version of the Q&A updates question 4.10 regarding determination of the relevant competent authority for the financial instruments mentioned in point v) of Article 2(1)(j) of the regulation (in particular for shares) following the entry into force of MiFID II and MiFIR. This is no longer governed by Commission Regulation 1287/2006 but Commission Delegated Regulation (EU) 2017/590 on the reporting of transactions to competent authorities.

ESMA also clarifies in the Q&A that it is not the intention of Regulatory Technical Standard 8 (Commission Delegated Regulation (EU) 2017/578 specifying the requirements on market-making agreements and schemes) to prevent market-makers that comply with the requirement to post live two-way quotes of comparable size from adding further liquidity on either side of the order book on a voluntary basis.

The updated Q&A on the Short-Selling Regulation is available in English at