ESMA · ESMA_QA_1894 Answer Published

ETFs

Name: ETFs: ESMA Q&A — EU Financial Regulatory Q&A
Creator: European Securities and Markets Authority
License: https://creativecommons.org/licenses/by/4.0/

Regulation: Short Selling Regulation (SSR) Regulation (EU) No 236/2012
Topic: Scope
Submitted: 2013-01-29
Answered: 2013-01-29

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Question

Should ETFs 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 4.7] ETFs are not per se subject to Article 12 of the Regulation, unlike shares of a company (on restriction on uncovered short sales). However, the position held through an ETF should be taken into account when calculating the net short position in an issuer which is represented in that ETF (Articles 5 and 6 supplemented by Annex I and Annex II of the DR).

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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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