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Reduction of the notification threshold to 3 percent and reporting gross short positions

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On 1 July 2013, a legislative amendment will enter into force that determines that the first threshold value for notifying shares and control is reduced to 3 percent. This value is currently still 5 percent. The obligation to notify gross short positions will also be introduced. The obligation to notify exists next to the obligation to notify net short positions pursuant to the Short Selling Regulation.

The legislative amendment follows in part from the recommendation of the Corporate Governance Code Monitoring Committee.

The Netherlands Authority for the Financial Markets (AFM) has consulted the market concerning the definition and calculation of a gross short position.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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