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These delegations either want to delete sovereign debt from the scope of Article 12, or at least to have softer location (availability) requirements and a carve-out of repos for uncovered short sale.
Other delegations have clearly stated that the inclusion of sovereign debt in the scope of Article 12 is of utmost importance for them. In its compromise proposal, the Presidency has tried to find a balance between the views of delegations by maintaining the sovereign debt under the scope of Article 12, but introducing at the same time less stringent rules for sovereign debt as well as for the location (availability) requirements of shares and sovereign debt.
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