2012R0236 - Summary
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 (Text with EEA relevance)
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🇫🇷 French Version: 2012R0236_FR.0. Open the PDF. Direct link to EUR-LEX.
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
Article 11a - Accessibility of information on the European single access point
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