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EU Short Selling Regulations: Difference between revisions
EU Short Selling Regulations (view source)
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What is a [[naked short]]? | {{a|gmsla|}}What is a [[naked short]]? | ||
===Press Release=== | |||
The [[European Commission]] has today set out the detailed rules aimed at reducing the risk of settlement failures linked to naked [[short selling]], as well as the means by which market participants should disclose significant short positions to the market. The technical standards adopted today by the Commission are based on the work of the [[European Securities and Markets Authority]] ('''{{tag|ESMA}}'''). They notably specify the details of the so-called “'''[[locate]] rule'''” which ensures that short sales do not result in a failure to deliver. | The [[European Commission]] has today set out the detailed rules aimed at reducing the risk of settlement failures linked to naked [[short selling]], as well as the means by which market participants should disclose significant short positions to the market. The technical standards adopted today by the Commission are based on the work of the [[European Securities and Markets Authority]] ('''{{tag|ESMA}}'''). They notably specify the details of the so-called “'''[[locate]] rule'''” which ensures that short sales do not result in a failure to deliver. | ||
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Internal Market and Services Commissioner Michel Barnier said: “The new rules give public authorities and market participants legal certainty on the detailed requirements which short sellers must comply with to adequately ensure the settlement of shares or sovereign debt when this is due. The technical requirements on how to disclose significant short positions are also set out, so that market participants can prepare to apply the Short Selling Regulation as of 1 November 2012." | Internal Market and Services Commissioner Michel Barnier said: “The new rules give public authorities and market participants legal certainty on the detailed requirements which short sellers must comply with to adequately ensure the settlement of shares or sovereign debt when this is due. The technical requirements on how to disclose significant short positions are also set out, so that market participants can prepare to apply the Short Selling Regulation as of 1 November 2012." | ||
===Background=== | |||
The Implementing Regulation details technical rules on the following issues to ensure the consistent application of the Short Selling Regulation: | The Implementing Regulation details technical rules on the following issues to ensure the consistent application of the Short Selling Regulation: | ||