ESMA · ESMA_QA_952 Answer Published

Issuer concentration

Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
Disclosures
Submitted
2023-02-01
Answered
2023-02-01
Browse UCITS Register → More Q&As on this regulation →

Question

Can netting and hedging arrangements be taken into account for the purposes of calculating issuer concentration limits pursuant to Article 52 of the UCITS Directive?

Answer

[ESMA 34-43-392 UCITS Q&A, Section 1, 5b] Only netting arrangements in accordance with the definition and conditions set out in the guidelines on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS (Ref. CESR/10-788) may be taken into account when calculating issuer concentration limits.
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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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