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Regulation (EU) No 236/2012 of the European Parliament and of the CouncilShow full title
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 (Text with EEA relevance)
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- Revised 17/09/20140.83 MB
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Changes over time for: Article 14
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Regulation (EU) No 236/2012 of the European Parliament and of the Council, Article 14 is up to date with all changes known to be in force on or before 25 December 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Article 14:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1
Article 14U.K.Restrictions on uncovered sovereign credit default swaps
1.A natural or legal person may enter into sovereign credit default swap transactions only where that transaction does not lead to an uncovered position in a sovereign credit default swap as referred to in Article 4.
2.[F1The FCA] may temporarily suspend restrictions referred to in paragraph 1, where it has objective grounds for believing that its sovereign debt market is not functioning properly and that such restrictions might have a negative impact on the sovereign credit default swap market, especially by increasing the cost of borrowing for [F2the sovereign issuer] or affecting the sovereign [F3issuer's ability] to issue new debt. Those grounds shall be based on the following indicators:
(a)a high or rising interest rate on the sovereign debt;
(b)a widening of interest rate spreads on the sovereign debt compared to the sovereign debt of other sovereign issuers;
(c)a widening of the sovereign credit default swap spreads compared to the own curve and compared to other sovereign issuers;
(d)the timeliness of the return of the price of the sovereign debt to its original equilibrium after a large trade;
(e)the amounts of sovereign debt that can be traded.
The [F4FCA] may also use indicators other than those set out in points (a) to (e) of the first subparagraph.
F5...
A suspension shall be valid for an initial period not exceeding 12 months from the date of its publication on the website of the [F6FCA]. The suspension may be renewed for periods not exceeding 6 months if the grounds for the suspension continue to apply. If the suspension is not renewed by the end of the initial period or of any subsequent renewal period, it shall automatically expire.
F5...
Textual Amendments
F1Words in Art. 14(2) substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 9(3)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 14(2) substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 9(3)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in Art. 14(2) substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 9(3)(a)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Word in Art. 14(2) substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 9(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in Art. 14(2) omitted (31.12.2020) by virtue of The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 9(3)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6Word in Art. 14(2) substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 9(3)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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