CHAPTER III UNCOVERED SHORT SALES

1. Overview

Summary	Regulation
Article 12 Restrictions on uncovered short sales in shares
Article 13 Restrictions on uncovered short sales in sovereign debt
Article 14 Restrictions on uncovered sovereign credit default swaps
Article 15 Buy-in procedures	Article 15 Buy-in procedures A central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place which comply with all of the following requirements: (a) where a natural or legal person who sells shares is not able to deliver the shares for settlement within four business days of the day on which settlement is due, procedures are automatically triggered for the buy-in of the shares to ensure delivery for settlement; (b) where the buy-in of the shares for delivery is not possible, an amount is paid to the buyer based on the value of the shares to be delivered at the delivery date plus an amount for losses incurred by the buyer as a result of the settlement failure; (c) the natural or legal person who fails to settle reimburses all amounts paid pursuant to points (a) and (b).

Requirements
Source	Requirement

Standards
Source	Requirement

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