ONTOLOGY EXPLORER
EU Regulation 236/2012
<https://spec.edmcouncil.org/fibo/ontology/SEC/Securities/EuropeanSecurities/EUSecuritiesRestrictions/EURegulation236-2012>
プロパティと値
| プロパティ | 値 |
|---|---|
| type | NamedIndividual |
| type | SecuritiesRegulation |
| type | TradingRestriction |
| label | "EU Regulation 236/2012" |
| definition | "securities regulation on short selling and certain aspects of credit default swaps" |
| adaptedFrom | "https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:086:0001:0024:en:PDF" |
| adaptedFrom | "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32012R0236" |
| adaptedFrom | "https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/short-selling" |
| explanatoryNote | "In the European Union, short selling regulations are primarily governed by the European Securities and Markets Authority (ESMA) under the EU Short Selling Regulation (SSR), which was implemented in 2012. The key aspects of short selling restrictions in the EU include: (1) Temporary Short Selling Bans: ESMA or national competent authorities (NCAs) can impose temporary short selling bans on specific stocks or all stocks in response to significant market declines or to prevent disorderly markets. These bans can last up to three months but can be renewed if necessary. (2) Restrictions During Market Stress: Similar to the SEC's alternative uptick rule, the EU SSR allows for restrictions when a significant price drop occurs. If a stock drops by 10% or more within a single day, NCAs can impose a temporary short selling ban on that stock for the remainder of the day. (3) Notification and Disclosure: Market participants are required to notify NCAs if their net short positions in a company reach or exceed 0.2% of the company's issued share capital. Additional disclosures are required at each 0.1% increment above the initial threshold. (4) Prohibition of Naked Short Selling: The regulation prohibits naked short selling, requiring that short sellers must have either borrowed the securities or have an arrangement in place to borrow them before the sale is executed. These regulations are designed to enhance market transparency, reduce risks associated with short selling, and prevent market abuse during periods of significant market stress. Specific details and updates can be found on the ESMA website or through the relevant NCA for each EU member state." |
| explanatoryNote | "Regulation (EU) No 236/2012, also known as the Short Selling Regulation, was adopted by the European Parliament and the Council on March 14, 2012. The EU Regulation on Short Selling and certain aspects of credit default swaps (SSR) aims to increase the transparency of short positions held by investors in certain EU securities, to reduce settlement risks and other risks linked with naked short selling, and to ensure that Member States have clear powers to intervene in exceptional situations to reduce systemic risks and risks to financial stability and market confidence." |
| synonym | "Short Selling Regulation" |
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