ESMA · ESMA_QA_1924 Answer Published

Net short positions - Reporting by funds managed by the same management entity

Regulation
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
Topic
Other SSR-related topics
Submitted
2012-10-10
Answered
2012-10-10
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Question

Are funds (or portfolios under management) managed by the same management entity expected to report net short positions?

Answer

[ESMA70-145-408 SSR Q&A, Q&A 8.1] No. At individual fund (portfolio) level, only the calculation of the net short position for each particular issuer takes place. Only the positions of the funds that are net short in the particular issuer i.e. pursuing the same investment strategy (i.e. being short), should be aggregated to determine the net short position at the management entity level and whether a threshold is reached warranting thus reporting and, where relevant, disclosure of the aggregated net short position in that particular issuer (see below). For the purposes of the Regulation, an investment strategy is whether the fund (portfolio) is long or short in a particular issuer.
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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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