ESMA · ESMA_QA_1893 Answer Published
GDRs and ADRs
- Regulation
- Short Selling Regulation (SSR) Regulation (EU) No 236/2012
- Topic
- Scope
- Submitted
- 2013-01-29
- Answered
- 2013-01-29
Question
Should Global Depository Receipts (GDR) and American Depository Receipts (ADR) be included in the definition of shares for the purposes of article 12 of the Regulation?
Answer
[ESMA70-145-408 SSR Q&A, Q&A 4.6] No, GDR and ADR are not shares for the purpose of Article 12 of the Regulation. However, for the purpose of notification of net short position GDR and also ADR should be taken into account for the calculation (Articles 5 and 6 supplemented by Annex I of the DR)
This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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