This article aims at an analysis of the state of the legal question of thefeasibility of short sales in the European capital market, in the caseof shares and sovereign debt as one of the elements of the Regulation(EU) No. 236/2012.This Regulation constitutes a major legal element inrealizing the functionality and efficiency of the European capital marketto guarantee a high level of protection for consumers and investors. Itscontribution to the development of the market is not only to restrict theoperations of short selling, but also derogate from its definition and establish exemptions to the restricting rules to the benefit of the liquidityof the markets of the Union.