ESMA · ESMA_QA_1928 Answer Published

Net short positions - Calculation and reporting for a group constituted only of legal entities performing exclusively management activities

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

In a group constituted only of legal entities performing exclusively management activities, how should calculation and reporting be conducted? Who should report?

Answer

[ESMA70-145-408 SSR Q&A, Q&A 8.5] As described above in Q&A 1924, positions are calculated at fund or portfolio level. The positions of funds (or portfolios) which are net short in a particular issuer are then aggregated at the level of the management entity managing these funds (or portfolios). The management entity or another entity on its behalf should report the net short position when a threshold is reached. The funds having net long position in this particular issuer should not be considered in the aggregation. No aggregation and netting of the short and long positions of the several management entities constituting the group is required.
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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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