CHAPTER I - GENERAL PROVISIONS (Article 1-4)Article 1 - Scope Q&AArticle 2 - Definitions ITS/RTSQ&AArticle 3 - Short and long positions ITS/RTSQ&AArticle 4 - Uncovered position in a sovereign credit default swap ITS/RTSQ&A
CHAPTER II - TRANSPARENCY OF NET SHORT POSITIONS (Article 5-11)Article 5 - Notification to competent authorities of significant net short positions in shares Q&AArticle 6 - Public disclosure of significant net short positions in shares Q&AArticle 7 - Notification to competent authorities of significant net short positions in sovereign debt ITS/RTSArticle 8 - Notification to competent authorities of uncovered positions in sovereign credit default swaps Q&AArticle 9 - Method of notification and disclosure ITS/RTSQ&AArticle 10 - Application of notification and disclosure requirements Q&AArticle 11 - Information to be provided to ESMA ITS/RTS
CHAPTER III - UNCOVERED SHORT SALES (Article 12-15)Article 12 - Restrictions on uncovered short sales in shares Q&AArticle 13 - Restrictions on uncovered short sales in sovereign debt ITS/RTSQ&AArticle 14 - Restrictions on uncovered sovereign credit default swaps Article 15 - Buy-in procedures [repealed]
CHAPTER IV - EXEMPTIONS (Article 16-17)Article 16 - Exemption where the principal trading venue is in a third country ITS/RTSArticle 17 - Exemption for market making activities and primary market operations Q&AGL
CHAPTER V - POWERS OF INTERVENTION OF COMPETENT AUTHORITIES AND OF ESMA (Article 18-31)SECTION 1 - Powers of competent authorities (Article 18-26)Article 18 - Notification and disclosure in exceptional circumstances Article 19 - Notification by lenders in exceptional circumstances Article 20 - Restrictions on short selling and similar transactions in exceptional circumstances Article 21 - Restrictions on sovereign credit default swap transactions in exceptional circumstances Article 22 - Measures by other competent authorities Article 23 - Power to restrict short selling of financial instruments temporarily in the case of a significant fall in price ITS/RTSArticle 24 - Period of restrictions Article 25 - Notice of restrictions Article 26 - Notification to ESMA and other competent authorities SECTION 2 - Powers of ESMA (Article 27-31)Article 27 - Coordination by ESMA Article 28 - ESMA intervention powers in exceptional circumstances Article 29 - ESMA’s powers in emergency situations relating to sovereign debt Article 30 - Further specification of adverse events or developments ITS/RTSArticle 31 - Inquiries by ESMA
SECTION 1 - Powers of competent authorities (Article 18-26)Article 18 - Notification and disclosure in exceptional circumstances Article 19 - Notification by lenders in exceptional circumstances Article 20 - Restrictions on short selling and similar transactions in exceptional circumstances Article 21 - Restrictions on sovereign credit default swap transactions in exceptional circumstances Article 22 - Measures by other competent authorities Article 23 - Power to restrict short selling of financial instruments temporarily in the case of a significant fall in price ITS/RTSArticle 24 - Period of restrictions Article 25 - Notice of restrictions Article 26 - Notification to ESMA and other competent authorities
SECTION 2 - Powers of ESMA (Article 27-31)Article 27 - Coordination by ESMA Article 28 - ESMA intervention powers in exceptional circumstances Article 29 - ESMA’s powers in emergency situations relating to sovereign debt Article 30 - Further specification of adverse events or developments ITS/RTSArticle 31 - Inquiries by ESMA
CHAPTER VI - ROLE OF COMPETENT AUTHORITIES (Article 32-41)Article 32 - Competent authorities Article 33 - Powers of competent authorities Article 34 - Professional secrecy Article 35 - Obligation to cooperate Article 36 - Cooperation with ESMA Article 37 - Cooperation in case of request for on-site inspections or investigations Article 38 - Cooperation with third countries Article 39 - Transfer and retention of personal data Article 40 - Disclosure of information to third countries Article 41 - Penalties Q&A
CHAPTER VII - DELEGATED ACTS (Article 42-43)Article 42 - Exercise of the delegation Article 43 - Deadline for the adoption of delegated acts
CHAPTER IX - TRANSITIONAL AND FINAL PROVISIONS (Article 45-48)Article 45 - Review and report Article 46 - Transitional provision Q&AArticle 47 - Staff and resources of ESMA Article 48 - Entry into force