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18.9.2012 Official
Journal
of
the
European
Union L
251/1
II
(Non-legislative acts)
REGULATIONS
COMMISSION DELEGATED REGULATION (EU) No 826/2012
of 29 June 2012
supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council with
regard to regulatory technical standards on notification and disclosure requirements with regard to
net short positions, the details of the information to be provided to the European Securities and
Markets Authority in relation to net short positions and the method for calculating turnover to
determine exempted shares
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
(2) In
relation
to
the
notifications
of
net
short
positions
on
shares, sovereign debt and uncovered sovereign credit
default swaps and to the public disclosure of significant
net short positions on shares, uniform rules regarding the
Having regard to the Treaty on the Functioning of the European
details of the information including the common
Union,
standard to be used in the notification should be
specified to ensure consistency in the application of the
notification requirements across the Union, to foster effi
ciency in the reporting process and to provide
Having regard to Regulation (EU) No 236/2012 of the
comparable information to the public.
European Parliament and of the Council of 14 March 2012
on short selling and certain aspects of credit default swaps ( 1 ),
and in particular Articles 9(5), 11(3) and 16(3) thereof,
(3) To ensure the proper identification of the position
holders, notification should, where available, include a
code that can complement the name of the position
holder. Until a single, robust and publicly recognised
After consulting the European Data Protection Supervisor,
global legal entity identifier is available, it is necessary
to rely on existing codes that some position holders
may have, such as the Bank Identifier Code.
Whereas:
(4)
For the purpose of carrying out its duties under this
Regulation and under Regulation (EU) No 1095/2010
(1) This
Regulation
aims
to
establish
a
uniform
regime
for
of the European Parliament and of the Council of
the submission of notifications and information by
24 November 2010 establishing a European Supervisory
investors to national competent authorities or by those
Authority (European Securities and Markets Auth
competent authorities to the European Securities and
ority) ( 2 ), ESMA is to be provided with information by
Markets Authority (hereinafter ‘ESMA’). Since the
competent authorities on a quarterly basis in relation to
turnover calculation to determine exempted shares is
notification of net short positions on shares, sovereign
also closely linked to the giving of information
debt and uncovered sovereign credit default swaps, as
concerning shares where their principal trading venue is
well as with additional information on net short
in the Union, it should also be covered by this Regu
positions upon its request.
lation. To ensure coherence between such provisions,
which should enter into force at the same time, and to
facilitate a comprehensive view and compact access to
them by persons subject to those obligations it is
(5) In
order
to
efficiently
use
such
information,
in
particular
desirable to include all the regulatory technical
with respect to the objective of ensuring the orderly
standards required by Regulation (EU) No 236/2012 in
functioning and integrity of the financial markets and
a single Regulation.
the stability of the financial system in the Union, the
( 1 ) OJ L 86, 24.3.2012, p. 1.
( 2 ) OJ L 331, 15.12.2010, p. 84.

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L 251/2
EN
Official Journal of the European Union
18.9.2012
quarterly information should be standardised, stable over
HAS ADOPTED THIS REGULATION:
time and of sufficient granularity, in the form of some
daily aggregated data, to allow ESMA to process it and to
conduct research and analyses.
CHAPTER I
GENERAL PROVISIONS
(6) ESMA
is
not
in
a
position
to
determine
beforehand
the
Article 1
specific information it may require from a competent
authority, as that information may only be determined
Subject matter
on a case-by-case basis and may include input as diverse
This Regulation lays down regulatory technical standards spec
as individual or aggregated data on the net short
ifying the following:
positions or uncovered positions in credit default
swaps. Nonetheless, it is important to establish the
general information to be provided in this respect.
(a) the details of the information on net short positions to be
provided to the competent authorities and disclosed to the
public by a natural or legal person pursuant to Article 9(5)
(7) For
the
purposes
of
calculating
turnover,
both
in
the
of Regulation (EU) No 236/2012;
Union and in trading venues outside the Union, to
determine the principal trading venue of a share, each
relevant competent authority needs to determine the
(b) the details of the information to be provided to the
relevant sources of information to identify and measure
European Securities and Markets Authority (hereinafter
the trading on a specific share. There are currently
‘ESMA’) by the competent authority pursuant to
neither harmonised transaction reporting requirements
Article 11(3) of Regulation (EU) No 236/2012;
in the Union for shares admitted only on multilateral
trading facilities nor international standards with regard
(c) the method for calculation of turnover to determine the
to trading statistics on individual shares on trading
principal venue for the trading of a share pursuant to
venues, which may show relevant variations. Thus, it is
Article 16(3) of Regulation (EU) No 236/2012.
necessary to allow some flexibility to competent auth
orities to carry out that calculation.
CHAPTER II
(8) In
order
to
ensure
consistency,
the
date
of
application
of DETAILS OF THE INFORMATION ON NET SHORT POSITIONS
this Regulation should be the same as that of Regulation
TO BE NOTIFIED AND DISCLOSED
(EU) No 236/2012. However, in order to allow sufficient
(ARTICLE 9 OF REGULATION (EU) No 236/2012)
time for natural and legal persons to process the list of
shares exempted pursuant to Article 16 of Regulation
Article 2
(EU) No 236/2012, the preparation of that list and its
subsequent publication on the ESMA website should take
Notification of net short positions in shares, sovereign debt
place sufficiently in advance before the application date
and uncovered sovereign credit default swaps to
of Regulation (EU) No 236/2012. Therefore, the method
competent authorities
set out for turnover calculation to determine the
1. A notification made under Article 5(1), Article 7(1) or
principal venue for the trading of a share should apply
Article 8 of Regulation (EU) No 236/2012 shall contain the
from the date of entry into force of this Regulation.
information specified in Table 1 of Annex I to this Regulation.
(9) Since
Regulation
(EU)
No
236/2012
recognised
that The notification shall be made using a form issued by the
binding technical standards should be adopted before
relevant competent authority which shall take the format set
that Regulation can be usefully applied, and as it is
out in Annex II.
essential to specify before 1 November 2012 the
required non-essential elements to facilitate compliance
by market participants with that Regulation and
2. Where
the
competent
authority
has
secure
systems
in
enforcement by competent authorities, it is necessary
place that allow it to fully identify the person filing the notifi
that this Regulation should enter into force on the day
cation and the position holder, including all the information
following that of its publication.
contained in fields 1 to 7 of Table 1 of Annex I, the
corresponding fields in the form may be left blank in the
notification format.
(10) This Regulation is based on the draft regulatory technical
standards submitted by ESMA to the Commission.
3.
A natural or legal person who has submitted a notification
referred to in paragraph 1 which contains an error shall send,
on becoming aware of the error, a cancellation to the relevant
(11) ESMA
has
conducted
open
public
consultations
on
the
competent authority.
draft regulatory technical standards on which this Regu
lation is based, analysed the potential related costs and
benefits and requested the opinion of the Securities and
The cancellation shall be made using a form issued by that
Markets Stakeholder Group established in accordance
competent authority which shall take the format set out in
with Article 37 of Regulation (EU) No 1095/2010,
Annex III.

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EN
18.9.2012 Official
Journal
of
the
European
Union L
251/3
The natural or legal person concerned shall submit a new notifi
CHAPTER IV
cation in accordance with paragraphs 1 and 2 if necessary.
METHOD OF CALCULATION OF TURNOVER TO DETERMINE
THE PRINCIPAL TRADING VENUE FOR A SHARE
(ARTICLE 16 OF REGULATION (EU) No 236/2012)
Article 3
Article 6
Public disclosure of information on net short positions in
Turnover calculation to determine the principal venue for
shares
the trading of a share
Any public disclosure of a net short position in shares that
1. When
calculating
turnover
pursuant
to
Article
16
of
reaches, or upon having reached, subsequently falls below, a
Regulation (EU) No 236/2012, a relevant competent authority
relevant publication threshold in accordance with Article 6(1)
shall use the best available information, which may include:
of Regulation (EU) No 236/2012 shall contain the information
specified in Table 2 of Annex I to this Regulation.
(a) publicly available information;
(b) transaction data obtained under Article 25(3) of Directive
2004/39/EC of the European Parliament and of the Coun
CHAPTER III
cil ( 1 );
DETAILS OF THE INFORMATION TO BE PROVIDED TO ESMA
IN RELATION TO NET SHORT POSITIONS
(c) information from trading venues where the relevant share is
traded;
(ARTICLE 11 OF REGULATION (EU) No 236/2012)
Article 4
(d) information provided by another competent authority,
including a competent authority of a third country;
Periodic information
Pursuant to Article 11(1) of Regulation (EU) No 236/2012,
(e) information provided by the issuer of the relevant share;
competent authorities shall provide ESMA with the following
information on a quarterly basis:
(f) information from other third parties, including data
providers.
2. In determining what constitutes the best available
(a) the daily aggregated net short position on each individual
information, a relevant competent authority shall ensure so
share in the main national equity index as identified by the
far as reasonably possible that:
relevant competent authority;
(a) it uses publicly available information in preference to other
sources of information;
(b) the information covers all trading sessions during the
(b) the end of quarter aggregated net short position for each
relevant period, irrespective of whether the share traded
individual share which is not in the index referred to in
during all of the sessions;
point (a);
(c) transactions received and included in the calculations are
counted only once;
(c) the daily aggregated net short position on each individual
(d) transactions reported through a trading venue but executed
sovereign issuer;
outside it are not counted.
3. The
turnover
of
a
share
on
a
trading
venue
shall
be
deemed to be zero where the share is no longer admitted to
(d) where applicable, daily aggregated uncovered positions on
trading on that trading venue even if the share was admitted to
credit default swaps of a sovereign issuer.
trading on the trading venue during the relevant calculation
period.
CHAPTER V
Article 5
FINAL PROVISIONS
Information upon request
Article 7
Information to be provided by a relevant competent authority
Entry into force
on an ad hoc basis pursuant to Article 11(2) of Regulation (EU)
No 236/2012 shall include all requested information specified
This Regulation shall enter into force on the day following that
by ESMA that has not previously been submitted by the
of its publication in the Official Journal of the European Union.
competent authority in accordance with Article 4 of this Regu
lation.
( 1 ) OJ L 145, 30.4.2004, p. 1.

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L 251/4
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Official Journal of the European Union
18.9.2012
It shall apply from 1 November 2012, except for Article 6 which shall apply from the date referred to in
the first paragraph.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 29 June 2012.
For the Commission
The President
José Manuel BARROSO

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EN
18.9.2012 Official
Journal
of
the
European
Union L
251/5
ANNEX I
TABLE 1
List of fields for notification purpose (Article 2)
Field identifier Description
1. Position holder
For natural persons: the first name and the last name
For legal persons: full name including legal form as provided for in the register
where it is incorporated, if applicable
2. Legal person identification code Bank
Identifier
Code,
if
available
3. Address of the position holder Full
address
(e.g.
street,
street
number,
postal
code,
city,
state/province)
and
country
4. Contact details of the position Telephone number, fax number (if available), e-mail address
holder
5. Reporting person
For natural persons: the first name and the last name
For legal persons: full name including legal form as provided for in the register
where it is incorporated, if applicable
6. Address of the reporting person Full
address
(e.g.
street,
street
number,
postal
code,
city,
state/province)
and
country, when different from the position holder
7. Contact details of the reporting Telephone number, fax number (if available), e-mail address, when different
person
from the position holder
8. Reporting date
Date on which the notification is submitted in accordance with ISO standard
8601:2004 (yyyy-mm-dd)
9. Issuer identification For
shares:
full
name
of
the
company
that
has
shares
admitted
to
trading
on
a
trading venue
For sovereign debt: full name of the issuer
For uncovered sovereign credit default swaps: full name of the underlying
sovereign issuer
10. ISIN
For shares only: ISIN of the main class of ordinary shares of the issuer. If there
are no ordinary shares admitted to trading, the ISIN of the class of preference
shares (or of the main class of preference shares admitted to trading if there are
several classes of such shares)
11. Country code Two
letter
code
for
the
sovereign
issuer
country
in
accordance
with
ISO
standard 3166-1
12. Position date Date
on
which
the
position
was
created,
changed
or
ceased
to
be
held.
Format
in accordance with ISO standard 8601:2004 (yyyy-mm-dd)
13. Net short position size in For shares only: percentage (rounded to 2 decimal places) of the issued share
percentage
capital, expressed in absolute terms, with no ‘+’ or ‘–’ signs
14. Net short position equivalent For shares: total number of equivalent shares
amount
For sovereign debt: equivalent nominal amount in euro
For uncovered sovereign credit default swaps: equivalent nominal amount in
euro
Figures expressed in absolute terms, with no ‘+’ or ‘–’ signs and the currency
expressed in accordance with ISO standard 4217

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L 251/6
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Official Journal of the European Union
18.9.2012
Field identifier Description
15. Date of the previous notification Date on which the last position reported by the position holder in relation to
the same issuer was notified. Format in accordance with ISO standard
8601:2004 (yyyy-mm-dd)
16. Cancellation date Date
on
which
a
cancellation
form
is
submitted
to
cancel
an
erroneous
notifi
cation previously submitted. Format in accordance with ISO standard
8601:2004 (yyyy-mm-dd)
17. Comments Free
text
—
optional
TABLE 2
List of fields for public disclosure purpose (Article 3)
Field identifier Description
1. Position holder
For natural persons: the first name and the last name
For legal persons: full name including legal form as provided for in the register
where it is incorporated, if applicable
2. Name of the issuer Full
name
of
the
company
that
has
shares
admitted
to
trading
on
a
trading
venue
3. ISIN
ISIN of the main class of ordinary shares of the issuer. If there are no ordinary
shares admitted to trading, the ISIN of the class of preference shares (or of the
main class of preference shares admitted to trading if there are several classes of
such shares)
4. Net short position size in Percentage (rounded to 2 decimal places) of the issued share capital
percentage
5. Position date Date
on
which
position
was
created,
changed
or
ceased
to
be
held
in
accordance
with ISO standard 8601:2004 (yyyy-mm-dd)

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of
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European
Union L
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ANNEX II
Format of notification form for net short positions (Article 2)
First name
LAST NAME
Full company name
BIC code
(if the holder has one)
Country
POSITION HOLDER
Address
Contact person First
name
Last name
Phone number
Fax number
E-mail address
First name
LAST NAME
Full company name
Country
REPORTING PERSON
Address
(if different)
Contact person First
name
Last name
Phone number
Fax number
E-mail address
NET SHORT POSITION IN SHARES
1. Reporting date
(yyyy-mm-dd)
2. Name of the issuer
2.1. ISIN code
2.2. Full name
3. Position date
(yyyy-mm-dd)

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L 251/8
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Official Journal of the European Union
18.9.2012
NET SHORT POSITION IN SHARES
4. Net short position after threshold crossing
4.1. Number of equivalent shares
4.2. % of issued share capital
5. Date of previous notification
(yyyy-mm-dd)
6. Comment
NET SHORT POSITION IN SOVEREIGN DEBT
1. Reporting date
(yyyy-mm-dd)
2. Name of the issuer
2.1. Country code
2.2. Full name
3. Position date
(yyyy-mm-dd)
4. Net short position after threshold crossing
Equivalent nominal amount
5. Date of previous notification
(yyyy-mm-dd)
6. Comment
POSITION IN UNCOVERED SOVEREIGN CREDIT DEFAULT SWAPS
1. Reporting date
(yyyy-mm-dd)
2. Name of the issuer
2.1. Country code
2.2. Full name
3. Position date
(yyyy-mm-dd)
4. Net short position after threshold crossing
Equivalent nominal amount
5. Date of previous notification
(yyyy-mm-dd)
6. Comment

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of
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European
Union L
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ANNEX III
Format of cancellation form for erroneous notifications (Article 2)
First name
LAST NAME
Full company name
BIC code
(if the holder has one)
Country
POSITION HOLDER
Address
Contact person First
name
Last name
Phone number
Fax number
E-mail address
First name
LAST NAME
Full company name
Country
Address
REPORTING PERSON
(if different)
Contact person First
name
Last name
Phone number
Fax number
E-mail address
CANCELLED NET SHORT POSITION IN SHARES
1. Cancellation date
(yyyy-mm-dd)
2. Name of the issuer
2.1. ISIN code
2.2. Full name
3. Position date of the notification being
cancelled
(yyyy-mm-dd)
4. Net short position after threshold crossing
contained at the notification being cancelled
4.1. Number of equivalent shares

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L 251/10
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Official Journal of the European Union
18.9.2012
CANCELLED NET SHORT POSITION IN SHARES
4.2. % of issued share capital
5. Reporting date of the notification being
cancelled
(yyyy-mm-dd)
6. Comment
CANCELLED NET SHORT POSITION IN SOVEREIGN DEBT
1. Cancellation date
(yyyy-mm-dd)
2. Name of the issuer
2.1. Country code
2.2. Full name
3. Position date of the notification being
cancelled
(yyyy-mm-dd)
4. Net short position after threshold crossing
contained at the notification being cancelled
Equivalent nominal amount
5. Reporting date of the notification being
cancelled
(yyyy-mm-dd)
6. Comment
CANCELLED POSITION IN UNCOVERED SOVEREIGN CREDIT DEFAULT SWAPS
1. Cancellation date
(yyyy-mm-dd)
2. Name of the issuer
2.1. Country code
2.2. Full name
3. Position date of the notification being
cancelled
(yyyy-mm-dd)
4. Net short position after threshold crossing
contained at the notification being cancelled
Equivalent nominal amount
5. Reporting date of the notification being
cancelled
(yyyy-mm-dd)
6. Comment

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Document Outline

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