MNB - Information on EU Regulation No 236/2012 on short selling

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Information on EU Regulation No 236/2012 on short selling

2014.03.18.tuesday 14:03

We inform you that the registration needed for SSR reporting is at your service and available: https://www.kozzetetelek.hu/en/short_selling/bejelento

General information

Registration process

Reporting net short positions

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General information

The Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March on short selling and certain aspects of credit default swaps (the Regulation) was published in the Official Journal of the European Union on 24 March 2012 and is applicable from 1 November 2012.

The European Commission has adopted a package of four implementing measures adopted by the Commission to specify technical aspects of the Short Selling Regulation¹. This package of four Commission implementing measures adopted by the Commission sets out all the technical details which the Commission is empowered to adopt by the Short Selling Regulation. These important technical rules needed to ensure the uniform application and enforcement of the Short Selling Regulation. In particular, the delegated act specifies the cases in which sovereign credit default swaps are considered covered, how to calculate the significant short positions that must be disclosed to regulators or the market, how net short positions are to be calculated and reported by funds managing several funds and by different entities within a group company, and the levels at which short positions in sovereign debt must be notified to regulators.

The Regulation provides for exemption for market making activities and primary market operations. Provisions of the Regulation prescribe the notification of intent to make use of the exemption to be made to the home authority of the notifying entity, while the exempted activities might also take place in other jurisdictions outside the supervisory remit of the home authority.

Notifications will be received by MNB according to the Article 9 (4) of the Regulation through dedicated channels, while the disclosure should be published on www.kozzetetelek.hu. If you need any further information or help please read the user guide (published latter) on this page or send an e-mail to one of the following addresses:

· short.selling-business@mnb.hu: for legal and business questions or problems

· short.selling-IT@mnb.hu: for technical/IT assistance

· short.selling@mnb.hu: general questions for public /common interest

For the implementation of the requirements of the Regulation on the national level MNB has been named as the competent authority.

Learn more at http://www.esma.europa.eu/page/short-selling

Depending on the type of exemption (Authorised Primary Dealers or Market Making activities), the notifying entity should provide the following information via e-mal and postal mail to the following addresses:

short.selling-business@mnb.hu
MNB Piacfelügyeleti Igazgatóság
H-1013 Budapest, Krisztina krt. 39.
Hungary

Form for notification of intent to make use of exemption the under Article 17(3) of the Regulation (authorised primary dealer)

NOTIFYING PARTY	First name Last name Full company name
	BIC-code (if the holder has one)
	Country
	Address
	Contact person	First name Last name
		Phone number
		Fax
		E-mail address

IMPORTANT:

This notification form is only valid if submitted together with a copy of the agreement/recognition signed with a sovereign issuer or a person acting on its behalf

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Form for notification of intent to make use of exemption the under Article 17(1) of the Regulation (market making)

NOTIFYING PARTY	First name Last name Full company name
	BIC-code (if the holder has one)
	Country
	Address
	Contact person	First name Last name
		Phone number
		Fax
		E-mail address

STATUS
MARKET MEMBERSHIP
DESCRIPTION OF ACTIVITIES ACCOR-DIGN TO ARTICLE 2(1)(K)
FINANCIAL INSTRUMENT(S)
DESCRIPTION OF CONTRACTUAL AGREEMENT
CATEGORY OF RELATED INSTRUMENT
INDICATION OF ECPECTED ACTIVITIES

[2] Commission Delegated Regulation (EU) No 826/2012 of 29 June 2012, Commission implementing Regulation (EU) No 827/2012 of 29 June 2012 laying down implementing technical standards, Commission Delegated Regulation (EU) No 918/2012 of 5 July 2012, Commission Delegated Regulation (EU) No 919/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps.

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Registration process

The „Short Selling Reporting” application (SSR) is a web application operated by the Central Bank of Hungary (MNB). Reporting entities may report after a registration/activation process.

A natural person being not Hungarian citizen may register by giving his/her

· personal data

· valid e-mail address

· username and password by choice.

During the registration process you must upload a scanned personal identity document (i.e. identity card, passport) preferably in PDF format.

You will receive an e-mail with instructions for the activation of your account. After activating you can login into the SSR system.

You may change some of your personal data later, if needed (i.e. your address).

Registered users may send short selling position reports

on behalf of themselves if they are the position holder
on behalf of another natural person(s)
on behalf of one or more company

In either case you must fill in the data of the notifying party. In the latter two cases you must also attach an official document confirming that you are authorized to report on behalf of the third party. If you wish you may print and attach a document prepared by the application.

You will be allowed sending short selling position reports for the entities registered in the above step.

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Reporting net short positions

You may send the net short position by filling in a form. The format and the data of the form practically should be identical with the data described in the Short Selling Regulation.

If you are a registered user of the SSR system you may login with your username and password.

Your personal data in the reporting form will be filled in automatically. You may select one of your registered reporting entities. The selected position holder’s data will also be filled in automatically.

After giving all mandatory data you may send the form which will be processed by the system. If the short position has to be disclosed according to the Regulation the disclosure will be taken automatically.

The SSR system automatically sends a notification to your e-mail address about the status of your report. It also contains some reference data (i.e. report ID) of your report so it is recommended to save it. Later you can refer to your report using these data.

Disclaimer

2009.05.07.friday 16:08

The goal of the MNB’s homepage is to ease the public the access of certain regulated information disclosed by institutions and/or natural persons liable for publication defined by the Capital Market Act. Another aim of the homepage is to ensure a surface for the above-mentioned entities for its publications. Our goal is to publish exact information with great actuality. Nevertheless MNB does not accept any responsibility for the content of the documentation appeared at this website.

These information:

will appear at the homepage in the format and content sent by the natural person and/or the legal entity.

- the MNB’s website might provide links to other websites, buta s the MNB has no control over these websites, it takes no responsibility for these websites.

- do not constitute professional or legal advice.

For the content of the information disclosed at the website the publisher is liable. Nevertheless MNB endeavors to moderate the contents so, that only information according to the legislation appear at the website. The sent documents will be filtered.

If you access any part of the MNB’s website, you will be deemed to have accepted the foregoing.

Copyright

Subject to the exception below, users of the MNB's website may make free use of the information obtained directly from it subject to the following conditions:

1. To high accuracy must be paid attention during the dissemination.

2. If the information is transformed by the user (e.g. by seasonal adjustment of statistical data, calculation of growth rates) this must be stated explicitly.

3. When linking to the MNB's website from business sites or for promotional purposes, the MNB's website must be the sole element of the browser's window (i.e. must not appear within another website's frame).

Use of the MNB’s name and logo

The MNB also wishes to point out that it cannot be held responsible if its name, logo or address is misused in schemes that are intended to defraud the public. If a member of the public sees or receives questionable documentation that refers to, or allegedly stems from, the MNB, they should report it immediately to their local law enforcement authority or seek advice from the relevant national authorities.

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