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Regulation (EU) No 236/2012

 

I. 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
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.

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   Regulation (EU) Nr. 2015/97
  Regulation (EU) Nr. 919/2012
  Regulation (EU) Nr. 918/2012
  Regulation (EU) Nr. 827/2012
  Regulation (EU) Nr. 826/2012
Legal Basis Art. 114 AEUV
Legislative Procedure Codecision procedure
 

II. Rahmenrechtsakt (Level 1)

 

1. Versions

  (EU) No 909/2014
    07/23/2014 (A)
    08/28/2014 (P)
Regulation (EU) Nr. 236/2012 amended by

CSD Regulation ( Details)

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  (EU) No 236/2012
    03/14/2012 (A)
    03/24/2012 (P)

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

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(A) Adoption | (P) Promulgation
 

2. Legislative History

03/14/2012 Signature by EP and Council O.J. L/2012 86/1
02/21/2012 Council decision Europäischer Rat, 6572/12 Deutsch
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11/15/2011 Report of the European Parliament - 1st reading O.J. C E/2013 153/176 Deutsch
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07/05/2011 Report of the European Parliament - 1st reading O.J. C E/2013 33/298 Deutsch
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03/03/2011 Opinion of the European Central Bank O.J. 2011/C 91/1 Deutsch
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01/21/2011 Opinion of the European Economic and Social Committee O.J. 2011/C 84/34 Deutsch
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09/15/2010 Proposal COM(2010) 482 final Deutsch
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III. Implementing / Legislative Act (Level 2)

 

1. Implementation

  (EU) No 2015/97
    10/17/2014 (A)
    01/23/2015 (P)

Commission Delegated Regulation (EU) 2015/97 of 17 October 2014 correcting Delegated Regulation  (EU) No 918/2012 as regards the notification of significant net short positions in sovereign debt Text with EEA relevance

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  (EU) No 919/2012
    07/05/2012 (A)
    10/09/2012 (P)

Commission Delegated Regulation  (EU) No 919/2012 of 5 July 2012 supplementing Regulation  (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to regulatory technical standards for the method of calculation of the fall in value for liquid shares and other financial instruments

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  (EU) No 918/2012
    07/05/2012 (A)
    10/09/2012 (P)

Commission Delegated Regulation supplementing Regulation  (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events

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  (EU) No 827/2012
    06/29/2012 (A)
    09/18/2012 (P)

Commission Implementing Regulation  (EU) No 827/2012 of 29 June 2012 laying down implementing technical standards with regard to the means for public disclosure of net position in shares, the format of the information to be provided to the European Securities and Markets Authority in relation to net short positions, the types of agreements, arrangements and measures to adequately ensure that shares or sovereign debt instruments are available for settlement and the dates and period for the determination of the principal venue for a share according to Regulation  (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps

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  (EU) No 826/2012
    06/29/2012 (A)
    09/18/2012 (P)

Commission adopts delegated Regulation supplementing Regulation  (EU) No 236/2012 of the European Parliament and of the Council with regard to regulatory technical standards on notification and disclosure requirements with regard net short positions, the details of the information to be provided to the European Securities and Markets Authority in relation to net short positions and the method for calculating turnover to determine exempted shares

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IV. CESR / ESMA Announcements (Level 3)

04/2013

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  
05/2018

Q&A On the Regulation on short selling and certain aspects of credit default swaps (SSR)

ESMA/70-145-408  
 

V. Umsetzung in den Mitgliedstaaten

 

1. Implementation in Germany

11/06/2012 (A)
11/15/2012 (P)

 Entwurf eines Gesetzes zur Ausführung der Verordnung (EU) Nr. 236/2012 des Europäischen Parlaments und des Rates vom 14. März 2012 über Leerverkäufe und bestimmte Aspekte von Credit Default Swaps

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(A) Adoption | (P) Promulgation
 

VI. Other

 

1. ESMA Report

European Securities and Markets Authority (ESMA)
04/19/2012

ESMA's technical advice on possible Delegated Acts concerning the regulation on short selling and certain aspects of credit default swaps ((EC) No 236/2012)

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Chinese Chinesisch

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Vorhaben Vorhaben
Inkraft Inkraft
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Overview

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

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