Delegated Regulation (EU) 2016/522 is amended as follows:
the title is replaced by the following:
‘Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards an exemption from the application of that Regulation for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods, the types of notifiable managers’ transactions, and the list of designated trading venues that have a significant cross-border dimension in the supervision of market abuse’;
Article 1 is amended as follows:
point (6) is replaced by the following:
types of transactions triggering the duty to notify managers’ transactions;’;
the following point (7) is inserted:
trading venues that have a significant cross-border dimension in the supervision of market abuse.’;
in Article 7, paragraph 2 is replaced by the following:
‘2. In the circumstances set out in Article 19(12), point (a), of Regulation (EU) No 596/2014, prior to any trading during the closed period, a person discharging managerial responsibilities shall provide the issuer with a reasoned written request to obtain the issuer’s permission to proceed with the immediate sale of shares or of financial instruments other than shares during a closed period.
The written request shall describe the envisaged sale and explain why the sale of shares or of financial instruments other than shares is the only reasonable alternative to obtain the necessary financing.’;
Article 8 is amended as follows:
paragraph 1 is replaced by the following:
‘1. When deciding whether to grant permission to proceed with the immediate sale of its shares or of financial instruments other than shares during a closed period, an issuer shall assess, on a case-by-case basis, the written request referred to in Article 7(2). The issuer shall have the right to permit the immediate sale of shares or of financial instruments other than shares only where the circumstances for such transactions are deemed exceptional.’;
in paragraph 3, point (b) is replaced by the following:
has to fulfil or is in a situation entered into before the beginning of the closed period and requiring the payment of sum to a third party, including tax liability, and cannot reasonably satisfy a financial commitment or claim by means other than the immediate sale of shares or of financial instruments other than shares.’;
the following Article 10a is inserted:
‘Article 10a
Designated trading venues for the exchange of order data
The trading venues listed in Annex III shall be considered to be trading venues that have a significant cross-border dimension in the supervision of market abuse with respect to shares as referred to in Article 25a of Regulation (EU) No 596/2014.’;
Annex II is amended in accordance with Annex I to this Regulation;
the text set out in Annex II to this Regulation is added as Annex III.