6 Amendments of Othmar KARAS related to 2010/0251(COD)
Amendment 169 #
Proposal for a regulation
Recital 12
Recital 12
(12) In addition to the transparency regime for the disclosure of net short positions in shares, ESA (ESMA) should investigate the benefits and costs of establishing a requirement for the marking of sell orders that are executed on trading venues as short orders should be introduced to provide supplementary information about the volume of short sales of shares executed on trading venues. Information about short orders should be collated by the trading venue and published in summary form at least daily in order to also help competent authorities and market participants to monitor levels of short sellingand whether the objective is better achieved by the transparency regime for the disclosure of net short positions in shares.
Amendment 181 #
Proposal for a regulation
Recital 16
Recital 16
(16) Uncovered short selling of shares and sovereign debt is sometimes viewed as increasing the potential risk of settlement failure and volatility. To reduce such risks it is appropriate to place proportionate restrictions on uncovered short selling. The detailed restrictions should take into account the different arrangements currently used for covered short selling. It is also appropriate to include requirements on trading venues relating to buy-in procedures and fines for failed settlement of transactions in those instruments. The buy-in procedures and late settlement requirements should set basic standards relating to settlement disciplinemay be one of multiple other operational causes of settlement failure and volatility. Measures to reduce such risks and also establish appropriate buy-in procedures and fines for failed settlement of transactions should be developed in the upcoming Commission proposals relating to settlement discipline and consider the work of the Commission sub-group, the Harmonisation of Settlement Cycles Working Group.
Amendment 278 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
A trading venue that has shares admitted to trading shall establish procedures that ensure that natural or legal persons executing orders and trading on their own account on the trading venue mark sell orders as short orders if the seller is entering into a short sale of the share. The trading venue shall publish at least daily a summary of the volume of orders marked as short orders.
Amendment 318 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The relevant time for calculation of a net short position shall be at 12.00 pmthe end of the trading day on which the natural or legal person has the relevant position. The notification or disclosure shall be made not later than 3.30 pm on the next trading day.
Amendment 336 #
Proposal for a regulation
Article 12 – paragraph 1 – introductory part
Article 12 – paragraph 1 – introductory part
1. A natural or legal person may only enter into a short sale of a share admitted to trading on a trading venue or a short sale of a sovereign debt instrument where one of the following conditions is fulfilled by the end of the trading day concerned:
Amendment 478 #
Proposal for a regulation
Article 19 – paragraph 4 – subparagraph 1
Article 19 – paragraph 4 – subparagraph 1
4. The fall in value shall be 10% or more in the case of a share and for other classes of financial instrumentelaborated by ESA (ESMA) considering that there are significant differences ain amount to be specified by the Commissionvolatility.