Article 10 | Delegated Regulation 918/2012

Article 10 - Method of calculation of net short positions in relation to shares

Article 10

Method of calculation of net short positions in relation to shares

For the purposes of calculating the net short position in shares pursuant to Article 3(4) of Regulation (EU) No 236/2012, the delta-adjusted model for shares set out in Annex II shall be used.

Any calculations by a natural or legal person of a long and short position in relation to the same shares shall use the same methods.

The calculation of net short positions shall take into account transactions in all financial instruments, whether on or outside a trading venue, that confer a financial advantage in the event of a change in price or value of the share.

Recitals

CHAPTER I - GENERAL (Article 1-2)

CHAPTER II - SUPPLEMENTARY SPECIFICATION OF DEFINITIONS PURSUANT TO ARTICLE 2(2) AND ARTICLE 3(7)(a) (Article 3-4)

CHAPTER III - NET SHORT POSITIONS PURSUANT TO ARTICLE 3(7)(b) (Article 5-11)Article 5 - Net short positions in shares — long positions Q&A Article 6 - Net short positions in shares — short positions Q&A Article 7 - Net short positions in shares — general Q&A Article 8 - Net short position in sovereign debt — long positions Q&A Article 9 - Net short positions in sovereign debt — short positions Q&A Article 10 - Method of calculation of net short positions in relation to shares Q&A Article 11 - Calculation of net short positions for sovereign debt Q&A

CHAPTER IV - NET SHORT POSITIONS IN FUNDS OR GROUPS PURSUANT TO ARTICLE 3(7)(c) (Article 12-13)

CHAPTER V - COVERED SOVEREIGN CREDIT DEFAULT SWAPS PURSUANT TO ARTICLE 4(2) (Article 14-20)

CHAPTER VI - NOTIFICATION THRESHOLDS FOR NET SHORT POSITIONS IN SOVEREIGN DEBT PURSUANT TO ARTICLE 7(3) (Article 21)

CHAPTER VII - PARAMETERS AND METHODS FOR CALCULATING LIQUIDITY THRESHOLD FOR SUSPENDING RESTRICTIONS ON SHORT SALES OF SOVEREIGN DEBT PURSUANT TO ARTICLE 13(4) (Article 22)

CHAPTER VIII - SIGNIFICANT FALL IN VALUE FOR FINANCIAL INSTRUMENTS OTHER THAN LIQUID SHARES PURSUANT TO ARTICLE 23 (Article 23)

CHAPTER IX - ADVERSE EVENTS OR DEVELOPMENTS PURSUANT TO ARTICLE 30 (Article 24-25)

ANNEX I Q&A ANNEX II Q&A

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Article 10 - Method of calculation of net short positions in relation to shares

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