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Commission Delegated Regulation (EU) No 918/2012Show full 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)

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  1. Introductory Text

  2. CHAPTER I GENERAL

    1. Article 1.Subject matter

    2. Article 2.Definitions

  3. CHAPTER II SUPPLEMENTARY SPECIFICATION OF DEFINITIONS PURSUANT TO ARTICLE 2(2) AND ARTICLE 3(7)(a)

    1. Article 3.Specification of the term ‘ownership’ and defining a short sale

    2. Article 4.Holding

  4. CHAPTER III NET SHORT POSITIONS PURSUANT TO ARTICLE 3(7)(b)

    1. Article 5.Net short positions in shares — long positions

    2. Article 6.Net short positions in shares — short positions

    3. Article 7.Net short positions in shares — general

    4. Article 8.Net short position in sovereign debt — long positions

    5. Article 9.Net short positions in sovereign debt — short positions

    6. Article 10.Method of calculation of net short positions in relation to shares

    7. Article 11.Calculation of net short positions for sovereign debt

  5. CHAPTER IV NET SHORT POSITIONS IN FUNDS OR GROUPS PURSUANT TO ARTICLE 3(7)(c)

    1. Article 12.Method of calculating positions for management activities related to several funds or managed portfolios

    2. Article 13.Method of calculating positions for legal entities within a group that have long or short positions in relation to a particular issuer

  6. CHAPTER V COVERED SOVEREIGN CREDIT DEFAULT SWAPS PURSUANT TO ARTICLE 4(2)

    1. Article 14.Cases which are not uncovered sovereign credit default swap positions

    2. Article 15.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

    3. Article 16.Justification of uncovered sovereign credit default swap positions

    4. Article 17.Hedged assets and liabilities

    5. Article 18.Correlation tests

    6. Article 19.Proportionality

    7. Article 20.Method of calculation of an uncovered sovereign credit default swap position

  7. CHAPTER VI NOTIFICATION THRESHOLDS FOR NET SHORT POSITIONS IN SOVEREIGN DEBT PURSUANT TO ARTICLE 7(3)

    1. Article 21.Notification thresholds for net short positions relating to the issued sovereign debt

  8. CHAPTER VII PARAMETERS AND METHODS FOR CALCULATING LIQUIDITY THRESHOLD FOR SUSPENDING RESTRICTIONS ON SHORT SALES OF SOVEREIGN DEBT PURSUANT TO ARTICLE 13(4)

    1. Article 22.Methods for calculating and determining the threshold of liquidity for suspending restrictions on short sales in sovereign debt

  9. CHAPTER VIII SIGNIFICANT FALL IN VALUE FOR FINANCIAL INSTRUMENTS OTHER THAN LIQUID SHARES PURSUANT TO ARTICLE 23

    1. Article 23.Significant fall in value for financial instruments other than liquid shares

  10. CHAPTER IX ADVERSE EVENTS OR DEVELOPMENTS PURSUANT TO ARTICLE 30

    1. Article 24.Criteria and factors to be taken into account in determining when adverse events or developments and threats arise

    2. Article 25.Entry into force

  11. Signature

    1. ANNEX I

      1. PART 1

        1. Article 5 and 6

      2. PART 2

        1. Article 7

    2. ANNEX II

      1. PART 1 The delta-adjusted model for shares

        1. Article 10.(1) Any derivative and cash position shall be accounted for...

      2. PART 2 The delta-adjusted model for sovereign debt

        1. Article 11.(1) Any cash positions shall be taken into account using...

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