CHAPTER IX

TRANSITIONAL AND FINAL PROVISIONS

Review and report
Article 45
By 30 June 2013, the Commission shall, in light of discussions with the competent authorities and ESMA, report to the European Parliament and the Council on:
1. the appropriateness of the notification and disclosure thresholds under Articles 5, 6, 7 and 8;
2. the impact of the individual disclosure requirements under Article 6, in particular with regard to the efficiency and volatility of financial markets;
3. the appropriateness of direct, centralised reporting to ESMA;
4. the operation of the restrictions and requirements in Chapters II and III;
5. the appropriateness of the restrictions on the uncovered sovereign credit default swaps and the appropriateness of any other restrictions or conditions on short selling or credit default swaps.

Transitional provision
Article 46
1
Existing measures falling within the scope of this Regulation, in force before 15 September 2010, may remain applicable until 1 July 2013 provided that they are notified to the Commission by 24 April 2012.
2
Credit default swap transactions resulting in an uncovered position in a sovereign credit default swap that have been concluded before 25 March 2012 or during a suspension of restrictions on uncovered sovereign credit default swaps in accordance with Article 14(2) may be held until the maturity date of the credit default swap contract.

Staff and resources of ESMA
Article 47
By 31 December 2012, ESMA shall assess its staffing and resources needs arising from the assumption of its powers and duties under this Regulation and submit a report to the European Parliament, the Council and the Commission.

Entry into force
Article 48
This Regulation shall enter into force on the day following its publication in the Official Journal of the European Union.
It shall apply from 1 November 2012.
However, Article 2(2), Article 3(7), Article 4(2), Article 7(3), Article 9(5), Article 11(3) and (4), Article 12(2), Article 13(4) and (5), Article 16(3) and (4), Article 17(2), Article 23(5), (7) and (8), and Articles 30, 42, 43 and 44 shall apply from 25 March 2012.