Legal frameworks short selling - CONSOB AND ITS ACTIVITIES
Legal framework on short selling
- 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 swaps
- 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
- Commission Implementing Regulation (EU) No 827/2012 of 29 June 2012 laying down implementing technical standards with regard to the means for public disclosure of net position in shares, the format of the information to be provided to the European Securities and Markets Authority in relation to net short positions, the types of agreements, arrangements and measures to adequately ensure that shares or sovereign debt instruments are available for settlement and the dates and period for the determination of the principal venue for a share according to Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps
- Commission 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
- Commission Delegated Regulation (EU) No 919/2012 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 regulatory technical standards for the method of calculation of the fall in value for liquid shares and other financial instruments Text with EEA relevance
- Q&A on Implementation of the Regulation on short selling and certain aspects of credit default swaps (2nd update) - Published by Esma on January 30th, 2013
- Guidelines published by Esma on February 1th, 2013 on the exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps
- Net short position notification thresholds for sovereign issuers published by Esma on October 11th, 2012
- List of exempted shares according to the short selling regulation published by Esma on October 4th, 2012
- Consob Communication no. 12083249 of October 19th, 2012 - Exemption regime for Italian market makers in shares
- Comunication of Banca d'Italia of October 19th, 2012 - Exemption regime on sovereign debt and sovereign credit default swap
- Lists of links to national websites relating to the notification and disclosure of net short position published by Esma on October 19th, 2012
- Memorandum of Understanding of April 12th 2013 between Consob, Ministry of Finance and Banca d'Italia pursuant to article 4-ter, paragraph 6, of D.Lgs. no. 58/1998
- Joint Bank of Italy/Consob Communication of June 5th 2013 on ESMA Guidelines on market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps
SEE ALSO
Registration to the Consob net short position notification system
Collection of FAQs relating to the ban on short selling adopted with CONSOB resolution no. 21303/2020
Consob net short position notification system
User manual
Legal framework on short selling
Exemption for market maker activities in shares
Fiscal exemption from the Italian financial transaction tax for market makers