Database on German and European Economic Law

 Regulation (EU) No 236/2012

I. Description

At the height of the financial crisis in September 2008, competent authorities in several Member States and supervisory authorities in third countries such as the United States of America and Japan adopted emergency measures to restrict or ban short selling in some or all securities. They acted due to concerns that at a time of considerable financial instability, short selling could aggravate the downward spiral in the prices of shares, notably in financial institutions, in a way which could ultimately threaten their viability and create systemic risks. The measures adopted by Member States were divergent as the Union lacks a specific common regulatory framework for dealing with short selling issues.

II. General Information

Title

Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps

Status
Existing
Regulation
(EU) No 236/2012
Source
O.J. EU No L (Legislation), Edition 86, Year 2012, p.1
Adoption
03/14/2012
Promulgation
03/24/2012
Character
Lamfalussy Framework Act
Implementation
Legal Basis
Art. 114 AEUV
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text SSR:
Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps

  (EU) No 236/2012

Beschluss:
03/14/2012 (A)
Verkuendung:
03/24/2012 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
03/03/2011
Opinion of the European Central Bank
O.J. 2011/C 91/1
01/21/2011
Opinion of the European Economic and Social Committee
O.J. 2011/C 84/34
09/15/2010
Proposal
COM(2010) 482 final

2. CESR Level 2

Delegierter Rechtsakt für Leerverkäufe VO 918/2012 (zu VO 236/2012)
CESR/

V. CESR / ESMA Announcements (Level 3)

4/2013
Ausnahme für Market - Making - Tätigkeiten und Primärmarkttätigkeiten gemäß der Verordnung (EU) Nr. 236/2012 des Europäischen Parlaments und des Rates über Leerverkäufe und bestimmte Aspekte von Credit Default Swaps
ESMA/2013/74

VI. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

Legend

Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
IV. Implementing / Legislative Act (Level 2)
1. Implementation
2. CESR Level 2
V. CESR / ESMA Announcements (Level 3)
VI. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany