# 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) (revoked) EU Regulation No 236/2012 · adopted 14 March 2012 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) ## Introductory text 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) (revoked) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter I: GENERAL PROVISIONS ## 1 Scope . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 Short and long positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 Uncovered position in a sovereign credit default swap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter II: TRANSPARENCY OF NET SHORT POSITIONS ## 5 Notification to competent authorities of significant net short positions in shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 Public disclosure of significant net short positions in shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 Notification to competent authorities of significant net short positions in sovereign debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 Notification to competent authorities of uncovered positions in sovereign credit default swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 Method of notification and disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 Application of notification and disclosure requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 Information to be provided to ESMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter III: UNCOVERED SHORT SALES ## 12 Restrictions on uncovered short sales in shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 Restrictions on uncovered short sales in sovereign debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 Restrictions on uncovered sovereign credit default swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15 Buy-in procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter IV: EXEMPTIONS ## 16 Exemption where the principal trading venue is in a third country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 17 Exemption for market making activities and primary market operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter V: POWERS OF INTERVENTION OF COMPETENT AUTHORITIES ... ### Section 1: Powers of competent authorities ## 18 Notification and disclosure in exceptional circumstances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 19 Notification by lenders in exceptional circumstances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 20 Restrictions on short selling and similar transactions in exceptional circumstances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 21 Restrictions on sovereign credit default swap transactions in exceptional circumstances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 22 Measures by other competent authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 23 Power to restrict short selling of financial instruments temporarily in the case of a significant fall in price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 24 Period of restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 25 Notice of restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 26 Notification to ESMA and other competent authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Section 2: Powers of the Treasury ## 27 Coordination by ESMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 28 ESMA intervention powers in exceptional circumstances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 29 ESMA’s powers in emergency situations relating to sovereign debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 30 Further specification of adverse events or developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 31 Inquiries by ESMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter VI: ROLE OF COMPETENT AUTHORITIES ## 32 Competent authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 33 Powers of competent authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 34 Professional secrecy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 35 Obligation to cooperate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 36 Cooperation with ESMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 37 Cooperation in case of request for on-site inspections or investigations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 38 Cooperation with third countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 39 Transfer and retention of personal data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 40 Disclosure of information to third countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 41 Penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter VII: REGULATIONS ## 42 Regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 43 Deadline for the adoption of delegated acts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter VIII: IMPLEMENTING ACTS ## 44 Committee procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Chapter IX: TRANSITIONAL AND FINAL PROVISIONS ## 45 Review and report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 46 Transitional provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 47 Staff and resources of ESMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 48 Entry into force . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --- Source: https://www.legislation.gov.uk/eur/2012/236 (the official version) Page: https://openlegislation.uk/eu-regulation-2012-236 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.