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Short Selling Regulation

Regulation (EU) No 236/2012 on short selling and certain aspects of credit default swaps
32012R0236 · official text on EUR-Lex

Articles

Chapter I GENERAL PROVISIONS

• Article 1 — Scope
• Article 2 — Definitions
• Article 3 — Short and long positions
• Article 4 — Uncovered position in a sovereign credit default swap

Chapter II TRANSPARENCY OF NET SHORT POSITIONS

• Article 5 — Notification to competent authorities of significant net short positions in shares
• Article 6 — Public disclosure of significant net short positions in shares
• Article 7 — Notification to competent authorities of significant net short positions in sovereign debt
• Article 8 — Notification to competent authorities of uncovered positions in sovereign credit default swaps
• Article 9 — Method of notification and disclosure
• Article 10 — Application of notification and disclosure requirements
• Article 11 — Information to be provided to ESMA

Chapter III UNCOVERED SHORT SALES

• Article 12 — Restrictions on uncovered short sales in shares
• Article 13 — Restrictions on uncovered short sales in sovereign debt
• Article 14 — Restrictions on uncovered sovereign credit default swaps
• Article 15 — Buy-in procedures

Chapter IV EXEMPTIONS

• Article 16 — Exemption where the principal trading venue is in a third country
• Article 17 — Exemption for market making activities and primary market operations

Chapter V POWERS OF INTERVENTION OF COMPETENT AUTHORITIES AND OF ESMA

Section 1 Powers of competent authorities

• Article 18 — Notification and disclosure in exceptional circumstances
• Article 19 — Notification by lenders in exceptional circumstances
• Article 20 — Restrictions on short selling and similar transactions in exceptional circumstances
• Article 21 — Restrictions on sovereign credit default swap transactions in exceptional circumstances
• Article 22 — Measures by other competent authorities
• Article 23 — Power to restrict short selling of financial instruments temporarily in the case of a significant fall in price
• Article 24 — Period of restrictions
• Article 25 — Notice of restrictions
• Article 26 — Notification to ESMA and other competent authorities

Section 2 Powers of ESMA

• Article 27 — Coordination by ESMA
• Article 28 — ESMA intervention powers in exceptional circumstances
• Article 29 — ESMA’s powers in emergency situations relating to sovereign debt
• Article 30 — Further specification of adverse events or developments
• Article 31 — Inquiries by ESMA

Chapter VI ROLE OF COMPETENT AUTHORITIES

• Article 32 — Competent authorities
• Article 33 — Powers of competent authorities
• Article 34 — Professional secrecy
• Article 35 — Obligation to cooperate
• Article 36 — Cooperation with ESMA
• Article 37 — Cooperation in case of request for on-site inspections or investigations
• Article 38 — Cooperation with third countries
• Article 39 — Transfer and retention of personal data
• Article 40 — Disclosure of information to third countries
• Article 41 — Penalties

Chapter VII DELEGATED ACTS

• Article 42 — Exercise of the delegation
• Article 43 — Deadline for the adoption of delegated acts

Chapter VIII IMPLEMENTING ACTS

• Article 44 — Committee procedure

Chapter IX TRANSITIONAL AND FINAL PROVISIONS

• Article 45 — Review and report
• Article 46 — Transitional provision
• Article 47 — Staff and resources of ESMA
• Article 48 — Entry into force