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

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.

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.

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.

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 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.

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 ; (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.

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.