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THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to 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 swapsnote, and in particular Article 3(7) thereof,Whereas:
(1)Article 13 of Commission Delegated Regulation (EU) No 918/2012note specifies, according to the empowerment provided in Article 3(7)(c) of Regulation (EU) No 236/2012, the method of calculating positions for legal entities within a group that have long or short positions in relation to a particular issuer. Article 13 of Delegated Regulation (EU) No 918/2012 provides the method of calculating positions both for issued share capital and issued sovereign debt. However, Article 13(3) of Delegated Regulation (EU) No 918/2012 currently only refers to the notification threshold of Article 5 of Regulation (EU) No 236/2012, on significant net short positions in shares, while it should also refer to the notification threshold of Article 7 of Regulation (EU) No 236/2012 on significant net short positions in sovereign debt.
(2)To avoid legal uncertainty, Delegated Regulation (EU) No 918/2012 should therefore be corrected accordingly,
HAS ADOPTED THIS REGULATION:
Article 1#
In Article 13(3) of Delegated Regulation (EU) No 918/2012, the first sentence is replaced by the following:‘3.When a net short position reaches or crosses the notification threshold in accordance with Articles 5 and 7 or the disclosure threshold in accordance with Article 6 of Regulation (EU) No 236/2012, a legal entity within the group shall report and disclose in accordance with Articles 5 to 11 of Regulation (EU) No 236/2012 the net short position in a particular issuer calculated according to paragraph 1 provided that no net short position at group level calculated according to paragraph 2 reaches or crosses a notification or disclosure threshold.’
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