ESMA · ESMA_QA_1907 Answer Published

Umbrella structures and master feeder structures

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

Question

what level is the net short position to be calculated in the case of umbrella structures and master feeder structures?

Answer

[ESMA70-145-408 SSR Q&A, Q&A 6.2] In the case of umbrella structures, the calculation of the net short position must take place at the level of the respective subfunds. In the case of master-feeder structures, it takes place at the level of the respective master fund.

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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