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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 20121 and will be applicable from 1 November 2012.
Beyond the technical standards that ESMA has to submit to the Commission by 31 March 2012 according to the Regulation, ESMA received a letter from the Commission on 24 November 2011 requesting it to also provide an advice on all the delegated acts contained in the Regulation by the same deadline – 31 March 2012.
Taking into account the amount of work, complexity of the issues and the very tight deadlines, the process of preparing technical standards and drafting the advice on all delegated acts is being significantly compressed compared to normal ESMA practices. The most important differences compared to normal practice is the absence of a previous call for evidence (used normally to gather early views to help shape the legal proposals), the length of the consultation period (reduced to 3 weeks) and the absence of a costbenefit analysis incorporated in the consultation of the technical standards. Nevertheless, it was possible to organise a roundtable with European and international associations representing the various stakeholders at the beginning of December in order to collect views on the approach to be taken in the main technical standards and delegated acts foreseen in the Regulation. On 24 January, ESMA published a consultation paper on draft technical standards (ESMA/2012/30). The public consultation closed on 9 March. The interested parties also had the opportunity to provide their comments on ESMA’s proposals at an open hearing held on 29 February 2012.