ESMA · ESMA_QA_1906 Answer Published

Shares in funds

Regulation
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
Topic
Determination of net short position
Submitted
2012-09-13
Answered
2012-09-13
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Question

Do shares in funds have to be taken into account when calculating net short positions?

Answer

[ESMA70-145-408 SSR Q&A, Q&A 6.1] Shares in funds which are managed on a discretionary basis by a management entity are not required to be taken into account since the calculation takes place at fund or fund manager level. However, shares in ETFs are within the scope and should be taken into account when calculating net short positions to the extent to which the underlying shares are represented in the ETF.
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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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