Netting between depositary receipts and underlying equities

With regards to the equities and depositary receipts (DRs) issued is the net position in a combination of equity and related DR determined by taken into account the existence, availability and direction of the conversion programme?

In Article 327of CRR in determination of the net position in the instrument it is stated that “The absolute value of the excess of an institution's long (short) positions over its short (long) positions in the same equity, debt and convertible issues and identical financial futures, options, warrants and covered warrants”. For instance, if a conversion programme exists and there are no restrictions (such as only cancellation of DR is available, but no creation), then these 2 instruments should be treated as fully fungible and the net position will be determined as the absolute value of excess of one over another. But in case that only 1 direction is open, i.e. only DR cancelation is permitted, then long position in DR vs short position in underlying equity is still supposedly fully fungible, unlike the opposite - short DR vs long underlying equity – which may bear a substantial amount of risk for the holder.