385Some national competent authorities (NCAs), as well as ESMA, have responded with short-selling bans and other restrictions to the COVID-19 pandemic. This approach has attracted criticism in both legal and economic literature. Although the COVID-19 pandemic has been overcome, or at least ways of dealing with COVID-19 have been found, it is of crucial importance for future EU short selling regulation how the legal basis of the measures for exceptional situations is designed and how the supervisory authorities will deal with it. This is valid not least because we are living in a time in which one crisis (COVID-19) follows the next (Ukraine war, gas shortage, inflation etc). Against this backdrop, this paper reviews the academic assessment of the supervisory approach taken and aims to contribute to an improved legislative and supervisory approach regarding short selling in (future) crises.386

中文翻译：

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卖空、COVID-19 和监管机构 – 经验教训

第385章一些国家主管当局 (NCA) 以及 ESMA 已针对 COVID-19 大流行采取了卖空禁令和其他限制措施。这种方法在法律和经济文献中都引起了批评。尽管COVID-19大流行已经被克服，或者至少已经找到了应对COVID-19的方法，但如何设计特殊情况措施的法律基础以及如何应对未来的欧盟卖空监管至关重要。监管部门将予以处理。这是有效的，尤其是因为我们生活在一个危机（COVID-19）接踵而至的时代（乌克兰战争、天然气短缺、通货膨胀等）。在此背景下，第386章