Commission Delegated Regulation (EU) 2015/97 of 17 October 2014 correcting Delegated Regulation (EU) No 918/2012 as regards the notification of significant net short positions in sovereign debt Text with EEA relevance
Commission Delegated Regulation (EU) 2015/97of 17 October 2014correcting Delegated Regulation (EU) No 918/2012 as regards the notification of significant net short positions in sovereign debt(Text with EEA relevance)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 swapsOJ L 86, 24.3.2012, p. 1., and in particular Article 3(7) thereof,Whereas:(1)Article 13 of Commission Delegated Regulation (EU) No 918/2012Commission Delegated Regulation (EU) No 918/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events (OJ L 274, 9.10.2012, p. 1). 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: