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European Financial Services Law

Matthias Lehmann (ed.), Christoph Kumpan (ed.)

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 89 Prohibition of naked short sales S. 1430-1431

„… feasible for alternative invest-ment funds.1Article 89Prohibition of naked short salesThe following shall …” „… limits.II. OverviewUnder Art 89 UCITSD, the UCITS is prohibited from entering naked short sales …” „… . Theprovision does not prevent the UCITS from engaging in covered short sales, i.e. wherethe UCITS owns the …”

Article 12 Restrictions on uncovered short sales in shares S. 910-914

„… available for settlement of a short sale.These standards are laid down in Arts 5, 6 and 8 of Implementing …” „… under which a ‘short sale’of shares, as defined in Art 2(1)(b) SSR,7 is deemed ‘covered’ and, thus, is …” „… intra-day short salesor short sales of MiFID liquid shares the short seller can substitute the requirements …”

Article 13 Restrictions on uncovered short sales in sovereign debt S. 914-918

„… uncovered short sales in sovereign debt1. A natural or legal person may enter into a short sale of sovereign …” „… failure and volatility caused bysuch uncovered short sales.1 However, the restrictions on uncovered short …” „… sales ofsovereign debt are more lenient than the restrictions on uncovered short sales of shares.Insofar …”

Article 2 Definitions S. 883-888

„… of ‘short sale’as defined in Art 2(1)(b) SSR and the term ‘ownership’ in Art 3 SSR.II. CommentaryThe …” „… from the definition of ‘short sale’: (a) the saleof financial instruments that have been transferred …” „… Annex I toDirective 2004/39/EC;(b) ‘short sale’ in relation to a share or debt instrument means any sale …”

Overview of Articles 12-15 S. 908-910

„… ImplementingRegulation (EU) No 827/2012.8Chapter IIIUncovered short salesOverview of Articles 12-15In order to reduce the …” „… entering into uncovered short sales in shares in its4 Cf. also Art 9(2) subpara 2 SSR.5 Such as the German …” „… the prohibition against uncovered short sales in shares did notprovide a clear indication of whether …”

Article 1 Scope S. 881-883

„… /EC;(b) ‘short sale’ in relation to a share or debt instrument means any sale of theshare or debt …” „… restrictions on uncovered short salesprovided for in Art 12 SSR apply only to shares.13With regard to Arts 18 …” „… NCA of the most relevant market in terms of liquidity can adopt a short-term ban onshort selling …”

Article 88 Prohibition to guarantee loans S. 1429-1430

Article 11 Information to be provided to ESMA S. 906-908

„… the SSRcontains general restrictions on entering into uncovered short sales in shares in its4 Cf. also …” „… salesOverview of Articles 12-15In order to reduce the risk of settlement failure and volatility1 Chapter III of …” „… summary form to ESMAon a quarterly basis on net short positions relating to issued share capital and …”

Article 12 Market manipulation S. 730-756

„… different persons for the sale/purchase ofsuch security’).56 Hazen, The Law of Securities Regulation …” „… , directly or in-directly, purchase or sale prices or creates, or is likely to create, other unfairtrading …” „… either a long or a short position in a fi-nancial instrument, inflating or deflating the price of the …”

Titelei/Inhaltsverzeichnis S. I-XLII

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 11 906Chapter IIIUncovered short salesOverview of Articles 12-15 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908ContentsXVIIIRestrictions on uncovered short sales in shares …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 12 910Restrictions on uncovered short sales in sovereign debt …”

Article 24 General principles and information to clients S. 157-180

„… overseeing salesforces (such as line managers) who may be incentivised to pressure sales staff …” „… financial instruments for sale to clientsshall ensure that those financial instruments are designed to meet …” „… interests of its clients. In particular, itshall not make any arrangement by way of remuneration, sales …”

Article 19 Managers’ transactions S. 808-824

„… standard transactions such asacquisitions, disposals, short sales, subscriptions or exchanges of all …” „… possibility to offset the valueof a purchase with that of a sale.Only the first transaction causing a relevant …” „… circumstances, such assevere financial difficulty, which require the immediate sale of shares; or(b) due to the …”

Introduction and overview S. 874-881

„… . 1-24)Bibliography: Avgouleas E, ‘A New Framework for the Global Regulation of Short Sales: Why …” „… , ‘Sovereign CDS Spreads, Volatility, and Liq-uidity: Evidence from 2010 German Short Sale Ban’ (2012) 47 …” „… ). Chapter III stipulates restrictions on uncovered (‘naked’)short sales (Arts 12-14). The provisions in …”

Articles 18 to 26 S. 930-934

„… empowers the NCAs to prohibit or otherwise restrict (a) a short sale,10or (b) a transaction other than a …” „… short sale which creates, or relates to, a financial instru-ment and which confers a financial advantage …” „… comments on → Art 2 mn 4-8.11 Thus, Art 20 SSR also covers synthetic short sales; cf. Howell, (2016) 16 …”

Index S. 1785-1803

„… arrangements EMIR 8Liquidity MiFIR 2 7Listing Conditions Directive CARD Intro 2Locate rule– short sale of …” „… shares SSR 12 7– short sale of sovereign debt SSR 13 6Long position– highly correlated debt instruments …” „… .– securities lending MAR 19 23– service providers MAR 19 53– short sales MAR 19 19– structure MAR 19 8 …”

Article 3 Short and long positions S. 888-892

„… issued sovereign debt:(a) a short sale of a share issued by a company or of a debt instrument issued bya …” „… position resulting from (a) a short sale within the meaning of Art 2(1)(b)SSR3 of such instruments, or (b …” „… agreed upon.5 The inclusion ofsuch transactions being economically equivalent to a short sale prevents …”

Article 16 Exemption where the principal trading venue is in a third country S. 921-924

„… uncovered short sales of these shares under Art 12 SSR,1 ‘for reasons ofefficiency’, where the principal …” „… well as the restrictions on entering into un-covered short sales of shares. The reference to Art 15 SSR …” „… Regulation shall not apply to a natural or legalperson where it enters into a short sale of a security or has …”

Overview of Articles 5-11 S. 894-895

„… to which short sales of shares would be markedand a summary of the volume of orders so marked would …” „… transparency regime met with considerably less opposition than the restrictions on un-covered short sales.9 …” „… , provided the general conditions are met.14Chapter IITransparency of net short positionsOverview of Articles …”

Article 5 Notification to competent authorities of significant net short positions in shares S. 895-897

„… foran additional ‘flagging rule’, according to which short sales of shares would be markedand a summary …” „… considerably less opposition than the restrictions on un-covered short sales.9 ESMA70-145-441, 3; also ESMA …” „… within the EU (Art 10 SSR). Finally, the NCAs are required toprovide information on net short positions …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… Stabilisation consists the purchase of shares af-ter a public offering to alleviate short term sales pressure …” „… the green-shoe option (i.e. naked short sales) is limited to 5% of the original offer.60 The …” „… , typically by an underwriterover-allotting (i.e. short-selling) securities and then buying them back in the …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… Regulation shall not apply to a natural or legalperson where it enters into a short sale of a security or has …” „… requirements under Arts 5 and 6 SSR,as well as the restrictions on uncovered short sales and sovereign CDSs …” „… a net short position inrelation to the carrying out of a stabilisation under Chapter III of …”

Article 9 Legitimate behaviour S. 705-711

„… standing order for theregular purchase of securities or short selling and later acquiring securities to …” „… close outthe short position. If an investor obtains inside information before the standing orderhas been …” „… fully executed, or the securities covering the short position have been acquired,the subsequent …”

Articles 27 to 31 S. 934-937

„… short sale or a transaction relatingto a financial instrument6 where the effect of the transaction is to …” „… , (2012) 8 BrighamYoung University International Law & Management Review 61, 83.6 However, short sales and …” „… to 31 are not reproduced here.Arts 27 to 29 and 31 SSR confer powers on ESMA related to short selling …”

Article 34 Publication of decisions S. 869-874

„… Global Regulation of Short Sales: Why Prohibitionis Inefficient and Disclosure Insufficient’ (2010) 15 …” „… : Evidence from 2010 German Short Sale Ban’ (2012) 47 Financial Review 171; Riederer M and We-ick-Ludewig V …” „… sanctions Art. 34 MARJörn Axel Kämmerer 87391011Short Selling Regulation (SSR)Regulation (EU) No 236/2012 …”

Article 4 Enforcement of financial collateral arrangements S. 1724-1728

„… financialcollateral arrangement:(a) financial instruments by sale or appropriation and by setting off their …” „… claims, by sale or appropriation and by setting off their value against,or applying their value in …” „… reorganisation measures.4The options to realise collateral are specified in Arts 4(1)(a) through (c). Sale or …”

Article 43 Withdrawal of authorisations S. 246-247

„… allows sales to clients of new products (without marketing) but pro-hibits marketing (as communication …” „… with the objective of further sales). While not crys-tal clear, Recital 111 MiFID supports the view …” „… , p. 938; ESMA, Final Report, Technical Advice on theEvaluation of certain elements of the Short …”

Article 5 S. 1046-1048

„… bythe sale of a PRIIP in Article 13(1) PRIIP Regulation, which covers every purchase offinancial …” „… sale exclusively available to professional investorsor to portfolio managers. To prevent a PRIIP being …” „… found.4. The key information document shall be drawn up as a short document written ina concise manner …”

Article 42 Product intervention by competent authorities S. 549-554

„… (CFDs) and binary options with retail investors. For CFDs, market-ing, distribution and sale has been …” „… following in or from thatMember State:(a) the marketing, distribution or sale of certain financial …” „… the marketing or sale of financial instruments orstructured deposits where the conditions of Articles …”

Article 84 Unit-holders’ redemption rights S. 1427-1428

„… for-eign currency by means of a ‘back-to-back’ loan (which involves short term leverage), b)temporary …” „… , removingpressure from the short-term financing markets in which money market funds usuallyinvest.Under Art 84(3) of …” „… sale or issue priceand the repurchase or redemption price of the units of a UCITS shall be laid down in …”

Article 26 Obligation to report transactions S. 495-498

„… accor-dance with paragraph 3; and(d) the designation to identify short sales of shares and sovereign debt as …” „… identify ashort sale as defined in Article 2(1)(b) of Regulation (EU) No 236/2012 in re-spect of any shares …”

Article 14 Restrictions on uncovered sovereign credit default swaps S. 918-920

„… above, comments on → Art 4.Chapter III Uncovered short sales Art. 14 SSRKlaus Ulrich Schmolke …” „… authority is (also) empowered to restrict (!) otherforms of short selling.13Article 15Buy-in procedures …”

Article 85 Valuation rules S. 1428-1429

„… short-term financing markets in which money market funds usuallyinvest.Under Art 84(3) of UCITSD, any …” „… sale or issue priceand the repurchase or redemption price of the units of a UCITS shall be laid down in …”

Article 76 Publication of unit prices S. 1416-1417

„… informationArticle 76Publication of unit pricesA UCITS shall make public in an appropriate manner the issue, sale …” „… , and b)the performance and volatility of the underlying asset does not justify a shorter frequen-cy …”

Commentary on Articles 25-27 Art. 25-27 S. 499-503

„… information necessary to identify a short sale under Regulation (EU) No236/2012 (the so-called ‘short selling …” „… purposes, e.g. for combating illegal (e.g. naked) short selling or moneylaundering.The different purposes …”

Article 3 Exclusions from the scope S. 1323-1324

„… , liquidated or closed at limited cost in an adequately short timeframe and that the ability of the UCITS to …” „… , which typically govern the sales to the public in those countries.Art 3(d) of UCITSD excludes funds from …”

Article 6 Report on payments to governments S. 1131-1135

„… , ‘Those Short-Sighted Attacks on Quarterly Earnings’, Harvard LawSchool Forum on Corporate Governance and …” „… /those-short-sighted-attacks-on-quarterly-earnings/.49 ESMA, Q&A, Q23.Chapter II Periodic information Art. 6 TDWolf-Georg Ringe 11313940414243 …” „… such as value added taxes, personal income taxes or sales taxes; (c) roy-alties; (d) dividends; (e …”

Article 1 Subject matter and scope S. 1711-1720

„… money, such as money market deposits.The latter example illustrates that the focus is on short …” „… providers from detri-mental effects when a collateral taker forces a sale or transfer of the collateral.21 …” „… Regulation 64, 67; Devos, 37. Art. 1 FCDAndy Ruzik 17171516171819spot sale and agrees simultaneously to …”

Article 23 Trading obligation for investment firms S. 487-492

„… transaction is a portfolio trade;19 it is contingent on the purchase, sale, cre-ation, or redemption of a …” „… trading prac-tises could be found by drawing an analogy to the short selling regulation (SSR)44.45 …” „… Pur-suant to Art 16 of the SSR, the net short position notification obligation and the restric-4.34 See the …”

Article 4 Definitions S. 22-34

„… at high speed and thensending or updating large numbers of orders within a very short time period in …” „… this type oftrading, such as the increase of liquidity and the reduction of short-term volatility, it …” „… , no. 3, p. 54 et seq.; Hacker and Thomale, ‘Crypto-Securities Regulation: ICOs, TokenSales and …”

Introduction S. 644-650

„… fraud or deceit upon any person, in connection with the purchase or sale of any security.’ Intro …” „… fell short of the policy makers’ expectations and did not ex-ert much practical influence, but it paved …” „… insider dealing who supported the shareprice of their company by carrying out a series of sales, purchases …”

Article 16 Organisational requirements S. 65-120

„… inter-ests of its clients.An investment firm which manufactures financial instruments for sale to …” „… are not impaired by the re-muneration practices adopted by the firm in the short,medium or long …” „… aiming at restricting undue marketing, but it falls short of amarketing ban to clients that are outside …”

Article 3 Obligation to publish a prospectus S. 965-969

„… subsequent re-sale of securities or final placement of securities through financial intermedi-aries as long …” „… issuers;because of their size and potentially shorter track record, SMEs might carry a specificinvestment risk …”

Article 2 S. 1684-1691

„… systems is that periods of credit exposures are very short and that orders be-come final very early, thus …” „… agreements, which arecontracts whereby a holder of securities makes a spot sale and simultaneous …” „… (usually short) period of the agreement with the security provided as collater-3.18 Vereecken, 122.19 Ruzik …”

Article 16 Transitional provisionsAmended by Art. 1 of the Regulation (EU) No 248/2014 of the European Parliament and of the Council of 26 February 2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits [2014] OJ L84/1. S. 1778-1782

„… transactionsgenerated using a payment card at the point of sale which result in direct debit toand from a payment …” „… paragraph of Art 16(1), the Member States are not bound by Art 11during this short additional period of …”

Article 20 Investment recommendations and statistics S. 824-833

„… short, practical summary of the rules stated above is ‘any buy, sell, or relative valuerecommendation …” „… any label or title given to a communication e.g. ‘morning notes’or ‘sales notes’, may constitute an …” „… , relates. For example, such information includes their net longor short exposure to the issuer’s securities …”

Article 6 Independence and avoidance of conflicts of interest S. 1252-1257

„… regarding share-holders, administrative and management bodies and sales and marketing activi-ties. Credit …” „… third party which may create a conflict of interest.31 In short, all corporate connec-tions between a …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… short time frame (“on the spot”, usually transaction time plus two days (“t+2”)),whereas derivatives …” „… .64 This means that long and short positions fromderivatives relating to the same underlying must be …” „… allows them to react to short-term developments in the market.In accordance with Art 57(3) MiFID II, a …”

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Handbuch für Mediaberater im Hörfunk

Stephan Falk

2011

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Sonderwerbeformen und die Zusammenarbeit mit Programm/ Redaktion S. 117-136

„… hierfür finden Sie am Ende des Buches. 1. Beispiel Sales-Promotion: „Kick Dich mit Radio Wundervoll …” „… zu Deinem Fußball-TV-Abo!“ Zeitraum der Sales-Promotion: Teasingphase: 16. August 2002 bis 18 …” „… Sales-Promotion € abzgl. 10 % Rabatt nach Preisliste € abzgl. 7,5 % VIP-Kundenrabatt € Zwischensumme I …”

doi.org/10.5771/9783845227764

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Exchange Traded Funds (ETFs)

Andreas Harrer

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 73 2016

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Literaturverzeichnis S. 326-354

„… , Arturo/Goetzmann, William/Zhu, Ning, Efficiency and the Bear: Short Sales and Markets Around the World, 62 Journal …” „… am 30.4.2015. Hong, Harrison/Stein, Jeremy C., Differences of opinion, short-sales constraints, and …” „… , Charles M./Lamont, Owen A., Short-sale constraints and stock returns, 66 Journal of Financial Economics …”

Ökonomische Untersuchung von ETFs S. 50-161

„… dennoch hohe Gebühren verlangen.172 ____________________ 168 Bollen/Busse, Short-Term Persistence in …”

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Die Praxis der Unternehmensrestrukturierung und der Berufsstand des Insolvenzverwalters

Werner F. Ebke (ed.), Christopher Seagon (ed.), Michael Blatz (ed.)

Series: Deutsches, Europäisches und Vergleichendes Wirtschaftsrecht

Volume 100 2017

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Alan Patterson Bank Recovery and Resolution in Light of Recent Regulatory Changes S. 75-88

„… critical and define how resolutions of banks will take place in the future. 1. Sale-of-Business Tool The …” „… for a very short window, but we cannot freeze them for a long period of time. They need to continue …” „… first of those is the “sale of business tool” which is fairly self-explanatory. The resolution authority …”

Eric Fellhauer M&A in 2016: The Chinese Year S. 33-48

„… ownership structure or at least the sale of major assets in order to raise new funds. Therefore …” „… close to 4,000 points in 2009 to above 12,000 in 2015. There were only few and short episodes of real …”

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Die Methodenwahl zur Ermittlung einer angemessenen Barabfindung nach dem AktG

Mirko Grunert

Series: Lüneburger Juristische Studien – Leuphana Legal Studies

Volume 37 2022

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6 Rechtsvergleich S. 513-540

„… ja i.d.R. ja ¾‑Mehrheit Asset SaleQuelle: Eigene DarstellungAbbildung 23:6.1 Bewertungsanlässe 519Aus …” „… , dem Involuntary Stock Swap, dem Asset Sale, der Änderung des Gesellschaftsvertrages, dem Erwerb einer …” „… , übertragende Auflösung, Merger1638, Asset Sale1639), oder die Ausrichtung der Gesellschaft selbst bzw. die …”

8 Anhang S. 563-604

„… Bedeutung, wo der Asset Sale nicht als barabfindungsverpflichtender Umstand im Gesetz geregelt ist. Die …” „… , die entweder den Tatbestand des Asset Sale nicht geregelt haben oder besondere Leitentscheidungen mit …” „… , the first announcement of the terms of the proposed reorganization or short-form merger, excluding …”

3 Bewertungsanlässe zur Ermittlung einer aktienrechtlichen Barabfindung S. 153-273

5 Methodenwahl in den USA S. 435-512

„… ändernden Entscheidungen, zu denen auch Strukturmaßnahmen wie ein Merger oder ein Sale of Assets zählten …” „… allenfalls in Bezug auf im Landesrecht nicht verankerte Abfindungsrechte, wie bspw. bei einem Asset Sale …” „… the terms of the proposed reorganization or short-form merger. Obviously, any appreciation or …”

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