# Article 8 — Exceptional circumstances **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. 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. 1. Circumstances referred to in paragraph 1 shall be considered to be exceptional when they are extremely urgent, unforeseen and compelling and where their cause is external to the person discharging managerial responsibilities and the person discharging managerial responsibilities has no control over them. 1. When examining whether the circumstances described in the written request referred to in Article 7(2) are exceptional, the issuer shall take into account, among other indicators, whether and to the extent to which the person discharging managerial responsibilities: **(a)** is at the moment of submitting its request facing a legally enforceable financial commitment or claim; **(b)** 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.