# Article 7 — Trading during a closed period **Commission Delegated Regulation (EU) 2016/522 · binding · OJ L 88, 5.4.2016 · dated 17 Dec 2015 [in force]** *In force · Consolidated version of 5 August 2026 · Checked against EUR-Lex on 20 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R0522-20260805)* 1. A person discharging managerial responsibilities within an issuer shall have the right to conduct trading during a closed period as defined under Article 19(11) of Regulation (EU) No 596/2014 provided that the following conditions are met: **(a)** one of the circumstances referred to in Article 19(12) of Regulation (EU) No 596/2014 is met; **(b)** the person discharging managerial responsibilities is able to demonstrate that the particular transaction cannot be executed at another moment in time than during the closed period. 1. 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.