The European Securities and Markets Authority (ESMA) has yesterday, March 16, 2020, issued a decision to temporarily lower the net short position notification threshold under the European Union Short Selling Regulation from 0.2 percent of the issued share capital of the relevant company to 0.1 percent of the issued share capital of the company concerned, and each 0.1 percent above that threshold. The decision has immediate effect. The threshold for the publication of the short selling notification remains unchanged at 0.5 percent for the time being, but ESMA is monitoring market activity and the public notification threshold may be subject to change in the future. We continue to monitor relevant regulatory developments.