ESMA · ESMA_QA_1911 Answer Published

Issued share capital and saving shares

Name: Issued share capital and saving shares: 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: Determination of net short position
Submitted: 2013-01-29
Answered: 2013-01-29

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Question

The Regulation defines the “issued share capital” as “total of ordinary and any preference shares issued by the company”. It is correct to suppose that the scope of this Regulation does not include shares that do not give to the stockholder any right to vote (so called saving shares)?

Answer

[ESMA70-145-408 SSR Q&A, Q&A 6.6] All classes of issued shares should be considered in the calculation of the net short position (both numerator and denominator) irrespective of their characteristics (common stock, preferred, saving, etc.) as the regulation refers to the issued share capital of an issuer, in particular irrespective if voting rights are included or not.

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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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