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
CHAPTER I — GENERAL PROVISIONS
Subject matter
This Regulation lays down regulatory technical standards specifying the following:
(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) of Regulation (EU) No 236/2012;
(b)
the details of the information to be provided to the European Securities and Markets Authority (hereinafter ‘ESMA’) by the competent authority pursuant to Article 11(3) of Regulation (EU) No 236/2012;
(c)
the method for calculation of turnover to determine the principal venue for the trading of a share pursuant to Article 16(3) of Regulation (EU) No 236/2012.
CHAPTER II — DETAILS OF THE INFORMATION ON NET SHORT POSITIONS TO BE NOTIFIED AND DISCLOSED
Notification of net short positions in shares, sovereign debt and uncovered sovereign credit default swaps to competent authorities
1. A notification made under Article 5(1), Article 7(1) or Article 8 of Regulation (EU) No 236/2012 shall contain the information specified in Table 1 of Annex I to this Regulation.
The notification shall be made using a form issued by the relevant competent authority which shall take the format set out in Annex II.
2. Where the competent authority has secure systems in place that allow it to fully identify the person filing the notification and the position holder, including all the information 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.
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 competent authority.
The cancellation shall be made using a form issued by that competent authority which shall take the format set out in Annex III.
The natural or legal person concerned shall submit a new notification in accordance with paragraphs 1 and 2 if necessary.
Public disclosure of information on net short positions in shares
Any public disclosure of a net short position in shares that reaches, or upon having reached, subsequently falls below, a relevant publication threshold in accordance with Article 6(1) of Regulation (EU) No 236/2012 shall contain the information specified in Table 2 of Annex I to this Regulation.
CHAPTER III — DETAILS OF THE INFORMATION TO BE PROVIDED TO ESMA IN RELATION TO NET SHORT POSITIONS
Periodic information
Pursuant to Article 11(1) of Regulation (EU) No 236/2012, competent authorities shall provide ESMA with the following information on a quarterly basis:
(a)
the daily aggregated net short position on each individual share in the main national equity index as identified by the relevant competent authority;
(b)
the end of quarter aggregated net short position for each individual share which is not in the index referred to in point (a);
(c)
the daily aggregated net short position on each individual sovereign issuer;
(d)
where applicable, daily aggregated uncovered positions on credit default swaps of a sovereign issuer.
Information upon request
Information to be provided by a relevant competent authority on an ad hoc basis pursuant to Article 11(2) of Regulation (EU) No 236/2012 shall include all requested information specified by ESMA that has not previously been submitted by the competent authority in accordance with Article 4 of this Regulation.
CHAPTER IV — METHOD OF CALCULATION OF TURNOVER TO DETERMINE THE PRINCIPAL TRADING VENUE FOR A SHARE
Turnover calculation to determine the principal venue for the trading of a share
1. When calculating turnover pursuant to Article 16 of Regulation (EU) No 236/2012, a relevant competent authority shall use the best available information, which may include:
(a)
publicly available information;
(b)
transaction data obtained under Article 25(3) of Directive 2004/39/EC of the European Parliament and of the Council ( 3 ) ;
(c)
information from trading venues where the relevant share is traded;
(d)
information provided by another competent authority, including a competent authority of a third country;
(e)
information provided by the issuer of the relevant share;
(f)
information from other third parties, including data providers.
2. In determining what constitutes the best available information, a relevant competent authority shall ensure so far as reasonably possible that:
(a)
it uses publicly available information in preference to other sources of information;
(b)
the information covers all trading sessions during the relevant period, irrespective of whether the share traded during all of the sessions;
(c)
transactions received and included in the calculations are counted only once;
(d)
transactions reported through a trading venue but executed 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 trading on that trading venue even if the share was admitted to trading on the trading venue during the relevant calculation period.
CHAPTER V — FINAL PROVISIONS
Entry into force
This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union .
It shall apply from 1 November 2012, except for Article 6 which shall apply from the date referred to in the first paragraph.
Supplementary provisions
ANNEX ISupplementary provisions
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 holder
Telephone number, fax number (if available), e-mail address
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 person
Telephone number, fax number (if available), e-mail address, when different 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 percentage
For shares only: percentage (rounded to 2 decimal places) of the issued share capital, expressed in absolute terms, with no ‘+’ or ‘–’ signs
14.
Net short position equivalent amount
For shares: total number of equivalent shares
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
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 notification 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
Percentage (rounded to 2 decimal places) of the issued share capital
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)
ANNEX IISupplementary provisions
ANNEX II
Format of notification form for net short positions (Article 2)
POSITION HOLDER
First name
LAST NAME
Full company name
BIC code
(if the holder has one)
Country
Address
Contact person
First name
Last name
Phone number
Fax number
E-mail address
REPORTING PERSON
(if different)
First name
LAST NAME
Full company name
Country
Address
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)
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
ANNEX IIISupplementary provisions
ANNEX III
Format of cancellation form for erroneous notifications (Article 2)
POSITION HOLDER
First name
LAST NAME
Full company name
BIC code
(if the holder has one)
Country
Address
Contact person
First name
Last name
Phone number
Fax number
E-mail address
REPORTING PERSON
(if different)
First name
LAST NAME
Full company name
Country
Address
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
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
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
