# The Short Selling (Amendment) (EU Exit) Regulations 2018, Regulation 9: Uncovered short sales


(1) In Article 12(2)—
(a) in the first sub-paragraph—
(i) in the first sentence, for the words from the beginning to “develop draft” substitute “For the purposes of paragraph 1, the FCA may make”;
(ii) in the second sentence, for “ESMA” substitute “the FCA”;
(b) omit the second and third sub-paragraphs.
(2) In Article 13—
(a) in paragraph 3—
(i) in the first sub-paragraph—
(aa) after “referred to in”, the first time it occurs, insert “Commission Delegated Regulation (EU) No 918/2012 or in regulations made by the Treasury under”;
(bb) for “relevant competent authority” substitute “FCA”;
(cc) omit the final sentence;
(ii) in the second sub-paragraph, for “relevant competent authority” substitute “FCA”;
(iii) omit the third sub-paragraph;
(b) in paragraph 4—
(i) in the first sub-paragraph, for “Commission shall adopt delegated acts in accordance with Article 42 specifying” substitute “Treasury may by regulations specify”;
(ii) in the second sub-paragraph, omit “for Member States”;
(iii) in the third sub-paragraph, for “each sovereign” substitute “the sovereign”;
(c) in paragraph 5—
(i) in the first sub-paragraph—
(aa) in the first sentence, for the words from the beginning to “develop draft” substitute “For the purposes of paragraph 1, the FCA may make”;
(bb) in the second sentence, for “ESMA”, substitute “The FCA”;
(ii) omit the second and third sub-paragraphs.
(3) In Article 14, in paragraph 2—
(a) in the first sub-paragraph—
(i) for “A competent authority” substitute “The FCA”;
(ii) for “sovereign issuers” substitute “the sovereign issuer”;
(iii) for “issuers’ ability” substitute “issuer’s ability”;
(b) in the second sub-paragraph, for “competent authority” substitute “FCA”;
(c) omit the third and fifth sub-paragraphs;
(d) in the fourth sub-paragraph, for “relevant competent authority” substitute “FCA”.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111173039/regulation/9 (the official version)
Page: https://openlegislation.uk/draft-short-selling-amendment-eu-exit-regulations-2018/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.