Article 5 | Delegated Regulation 918/2012

Article 5 - Net short positions in shares — long positions

Article 5

Net short positions in shares — long positions

The holding of a share through a long position in a basket of shares shall, in relation to that share, also be taken into account to the extent that that share is represented in that basket.

Any exposure through a financial instrument other than the share which confers a financial advantage in the event of an increase in the price of the share as set out in Article 3(2)(b) of Regulation (EU) No 236/2012 means any exposure to share capital through any one or more of the instruments listed in Annex I, Part 1.

The exposure referred to in the first subparagraph depends on the value of the share in respect of which a net short position has to be calculated, and which confers a financial advantage in the event of an increase in the 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 5 - Net short positions in shares — long positions

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