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Regulation (EU) No 918/2012


I. General Information

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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

Status: Existing

This Delegated Act sets out important technical rules needed to ensure the uniform application and enforcement of the Short Selling Regulation. In particular, the delegated act specifies the cases in which sovereign credit default swaps are considered covered, and therefore not banned in accordance with the Regulation. Investors can demonstrate that the sovereign credit default swap contracts they have entered into are covered by demonstrating either a quantitative or a qualitative correlation between the hedged assets and liabilities and the sovereign credit default swap. Other issues addressed in the Act include technical rules relating to the reporting of short positions in shares and sovereign debt, and the thresholds which can trigger a short term suspension of short selling in illiquid shares and other financial instruments.

The delegated act is part of a package of four implementing measures adopted by the Commission to specify technical aspects of the Short Selling Regulation.


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Regulation (EU) No 918/2012
Source O.J. EU No L (Legislation), Edition 274, Year 2012, p.1
Adoption 07/05/2012
Promulgation 10/09/2012
Character Lamfalussy Implementing Act