{
  "url": "https://openlegislation.uk/eu-regulation-2012-918",
  "json_url": "https://openlegislation.uk/eu-regulation-2012-918.json",
  "id": "eur/2012/918",
  "title": "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)",
  "short_title": "Regulation (EU) No 918/2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the…",
  "long_title": "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)",
  "citation": "EU Regulation No 918/2012",
  "type": "eur",
  "year": "2012",
  "number": "918",
  "version": "current",
  "date": "2012-07-05",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/I",
      "kind": "chapter",
      "number": "I",
      "heading": "GENERAL",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": "Subject matter",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-1",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/I"
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-2",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/I"
    },
    {
      "path": "chapter/II",
      "kind": "chapter",
      "number": "II",
      "heading": "SUPPLEMENTARY SPECIFICATION OF DEFINITIONS PURSUANT TO ARTICLE 2(2) AND ARTICLE 3(7)(a)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Specification of the term ‘ownership’ and defining a short sale",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-3",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/II"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "Holding",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-4",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/II"
    },
    {
      "path": "chapter/III",
      "kind": "chapter",
      "number": "III",
      "heading": "NET SHORT POSITIONS PURSUANT TO ARTICLE 3(7)(b)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": "Net short positions in shares — long positions",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-5",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/III"
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "Net short positions in shares — short positions",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-6",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/III"
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": "Net short positions in shares — general",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-7",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/III"
    },
    {
      "path": "article/8",
      "kind": "article",
      "number": "8",
      "heading": "Net short position in sovereign debt — long positions",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-8",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/III"
    },
    {
      "path": "article/9",
      "kind": "article",
      "number": "9",
      "heading": "Net short positions in sovereign debt — short positions",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-9",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/III"
    },
    {
      "path": "article/10",
      "kind": "article",
      "number": "10",
      "heading": "Method of calculation of net short positions in relation to shares",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-10",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/III"
    },
    {
      "path": "article/11",
      "kind": "article",
      "number": "11",
      "heading": "Calculation of net short positions for sovereign debt",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-11",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/III"
    },
    {
      "path": "chapter/IV",
      "kind": "chapter",
      "number": "IV",
      "heading": "NET SHORT POSITIONS IN FUNDS OR GROUPS PURSUANT TO ARTICLE 3(7)(c)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/12",
      "kind": "article",
      "number": "12",
      "heading": "Method of calculating positions for management activities related to several funds or managed portfolios",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-12",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/IV"
    },
    {
      "path": "article/13",
      "kind": "article",
      "number": "13",
      "heading": "Method of calculating positions for legal entities within a group that have long or short positions in relation to a particular issuer",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-13",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/IV"
    },
    {
      "path": "chapter/V",
      "kind": "chapter",
      "number": "V",
      "heading": "COVERED SOVEREIGN CREDIT DEFAULT SWAPS PURSUANT TO ARTICLE 4(2)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/14",
      "kind": "article",
      "number": "14",
      "heading": "Cases which are not uncovered sovereign credit default swap positions",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-14",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/V"
    },
    {
      "path": "article/15",
      "kind": "article",
      "number": "15",
      "heading": "Cases 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",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-15",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/V"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "Justification of uncovered sovereign credit default swap positions",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-16",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/V"
    },
    {
      "path": "article/17",
      "kind": "article",
      "number": "17",
      "heading": "Hedged assets and liabilities",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-17",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/V"
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "Correlation tests",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-18",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/V"
    },
    {
      "path": "article/19",
      "kind": "article",
      "number": "19",
      "heading": "Proportionality",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-19",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/V"
    },
    {
      "path": "article/20",
      "kind": "article",
      "number": "20",
      "heading": "Method of calculation of an uncovered sovereign credit default swap position",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-20",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/V"
    },
    {
      "path": "chapter/VI",
      "kind": "chapter",
      "number": "VI",
      "heading": "NOTIFICATION THRESHOLDS FOR NET SHORT POSITIONS IN SOVEREIGN DEBT PURSUANT TO ARTICLE 7(3)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/21",
      "kind": "article",
      "number": "21",
      "heading": "Notification thresholds for net short positions relating to the issued sovereign debt",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-21",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/VI"
    },
    {
      "path": "chapter/VII",
      "kind": "chapter",
      "number": "VII",
      "heading": "PARAMETERS AND METHODS FOR CALCULATING LIQUIDITY THRESHOLD FOR SUSPENDING RESTRICTIONS ON SHORT SALES OF SOVEREIGN DEBT PURSUANT TO ARTICLE 13(4)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/22",
      "kind": "article",
      "number": "22",
      "heading": "Methods for calculating and determining the threshold of liquidity for suspending restrictions on short sales in sovereign debt",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-22",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/VII"
    },
    {
      "path": "chapter/VIII",
      "kind": "chapter",
      "number": "VIII",
      "heading": "SIGNIFICANT FALL IN VALUE FOR FINANCIAL INSTRUMENTS OTHER THAN LIQUID SHARES PURSUANT TO ARTICLE 23",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/23",
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      "number": "23",
      "heading": "Significant fall in value for financial instruments other than liquid shares",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-23",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/VIII"
    },
    {
      "path": "chapter/IX",
      "kind": "chapter",
      "number": "IX",
      "heading": "ADVERSE EVENTS OR DEVELOPMENTS PURSUANT TO ARTICLE 30",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "article/24",
      "kind": "article",
      "number": "24",
      "heading": "Criteria and factors to be taken into account in determining when adverse events or developments and threats arise",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-24",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/IX"
    },
    {
      "path": "article/25",
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      "number": "25",
      "heading": "Entry into force",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/article-25",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "chapter/IX"
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/I",
      "kind": "annex",
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      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
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      "url": null,
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    {
      "path": "annex/I/part/1/division/1",
      "kind": "division",
      "number": null,
      "heading": "Article 5 and 6",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/annex-I/part-1/division-1",
      "extent": "E+W+S+N.I.",
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      "parent": "annex/I/part/1"
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    },
    {
      "path": "annex/I/part/2/division/1",
      "kind": "division",
      "number": null,
      "heading": "Article 7",
      "url": "https://openlegislation.uk/eu-regulation-2012-918/annex-I/part-2/division-1",
      "extent": "E+W+S+N.I.",
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      "parent": "annex/I/part/2"
    },
    {
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      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": null
    },
    {
      "path": "annex/II/part/1",
      "kind": "part",
      "number": "1",
      "heading": "The delta-adjusted model for shares",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "annex/II"
    },
    {
      "path": "annex/II/article/10",
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      "number": "10",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-918/annex-II/article-10",
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      "status": "repealed",
      "parent": "annex/II/part/1"
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      "heading": "The delta-adjusted model for sovereign debt",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "annex/II"
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      "number": "11",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-918/annex-II/article-11",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "annex/II/part/2"
    }
  ],
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    "source_url": "https://www.legislation.gov.uk/eur/2012/918",
    "retrieved_at": "2026-11-01T14:49:10.529743+00:00"
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  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}