Commission Delegated Regulation (EU) No 918/2012 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 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 (Text with EEA relevance) (revoked)
EU Regulation No 918/2012 · Adopted 5 July 2012 · Extends to United Kingdom
Commission Delegated Regulation (EU) No 918/2012
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 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
(Text with EEA relevance) (revoked)
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Annotations to the whole text
Textual amendments
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Regulation revoked (13.7.2026) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pts. 1, 3 (with s. 1(4)); S.I. 2026/587, reg. 2(d)(iii)
Contents
- Chapter I: GENERAL Repealed
- 1Subject matter Repealed
- 2Definitions Repealed
- Chapter II: SUPPLEMENTARY SPECIFICATION OF DEFINITIONS PURSUANT TO ARTICLE 2(2) AND ARTICLE 3(7)(a) Repealed
- 3Specification of the term ‘ownership’ and defining a short sale Repealed
- 4Holding Repealed
- Chapter III: NET SHORT POSITIONS PURSUANT TO ARTICLE 3(7)(b) Repealed
- 5Net short positions in shares — long positions Repealed
- 6Net short positions in shares — short positions Repealed
- 7Net short positions in shares — general Repealed
- 8Net short position in sovereign debt — long positions Repealed
- 9Net short positions in sovereign debt — short positions Repealed
- 10Method of calculation of net short positions in relation to shares Repealed
- 11Calculation of net short positions for sovereign debt Repealed
- Chapter IV: NET SHORT POSITIONS IN FUNDS OR GROUPS PURSUANT TO ARTICLE 3(7)(c) Repealed
- 12Method of calculating positions for management activities related to several funds or managed portfolios Repealed
- 13Method of calculating positions for legal entities within a group that have long or short positions in relation to a particular issuer Repealed
- Chapter V: COVERED SOVEREIGN CREDIT DEFAULT SWAPS PURSUANT TO ARTICLE 4(2) Repealed
- 14Cases which are not uncovered sovereign credit default swap positions Repealed
- 15Cases which are not uncovered sovereign credit default swap positions where the obligor is established or the asset or liability is located in the United Kingdom and a third country Repealed
- 16Justification of uncovered sovereign credit default swap positions Repealed
- 17Hedged assets and liabilities Repealed
- 18Correlation tests Repealed
- 19Proportionality Repealed
- 20Method of calculation of an uncovered sovereign credit default swap position Repealed
- Chapter VI: NOTIFICATION THRESHOLDS FOR NET SHORT POSITIONS IN SOVEREIGN DEBT PURSUANT TO ARTICLE 7(3) Repealed
- 21Notification thresholds for net short positions relating to the issued sovereign debt Repealed
- Chapter VII: PARAMETERS AND METHODS FOR CALCULATING LIQUIDITY THRESHOLD FOR SUSPENDING RESTRICTIONS ON SHORT SALES OF SOVEREIGN DEBT PURSUANT TO ARTICLE 13(4) Repealed
- 22Methods for calculating and determining the threshold of liquidity for suspending restrictions on short sales in sovereign debt Repealed
- Chapter VIII: SIGNIFICANT FALL IN VALUE FOR FINANCIAL INSTRUMENTS OTHER THAN LIQUID SHARES PURSUANT TO ARTICLE 23 Repealed
- 23Significant fall in value for financial instruments other than liquid shares Repealed
- Chapter IX: ADVERSE EVENTS OR DEVELOPMENTS PURSUANT TO ARTICLE 30 Repealed
- 24Criteria and factors to be taken into account in determining when adverse events or developments and threats arise Repealed
- 25Entry into force Repealed
- Signature
- Annex I Repealed
- Part 1 Repealed
- Article 5 and 6 Repealed
- Part 2 Repealed
- Article 7 Repealed
- Annex II Repealed
- Part 1: The delta-adjusted model for shares Repealed
- 10Article 10 Repealed
- Part 2: The delta-adjusted model for sovereign debt Repealed
- 11Article 11 Repealed
1Subject matterF1
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2DefinitionsF1
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3Specification of the term ‘ownership’ and defining a short saleF1
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4HoldingF1
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5Net short positions in shares — long positionsF1
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6Net short positions in shares — short positionsF1
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7Net short positions in shares — generalF1
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8Net short position in sovereign debt — long positionsF1
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9Net short positions in sovereign debt — short positionsF1
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10Method of calculation of net short positions in relation to sharesF1
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11Calculation of net short positions for sovereign debtF1
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12Method of calculating positions for management activities related to several funds or managed portfoliosF1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13Method of calculating positions for legal entities within a group that have long or short positions in relation to a particular issuerF1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14Cases which are not uncovered sovereign credit default swap positionsF1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15Cases which are not uncovered sovereign credit default swap positions where the obligor is established or the asset or liability is located in the United Kingdom and a third countryF1
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16Justification of uncovered sovereign credit default swap positionsF1
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17Hedged assets and liabilitiesF1
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18Correlation testsF1
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19ProportionalityF1
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20Method of calculation of an uncovered sovereign credit default swap positionF1
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21Notification thresholds for net short positions relating to the issued sovereign debtF1
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22Methods for calculating and determining the threshold of liquidity for suspending restrictions on short sales in sovereign debtF1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23Significant fall in value for financial instruments other than liquid sharesF1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24Criteria and factors to be taken into account in determining when adverse events or developments and threats ariseF1
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25Entry into forceF1
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Signature
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Article 5 and 6F1
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Article 7F1
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10F1
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11F1
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