Subject Matter
Net short positions - Delegation to calculate the net short position by single legal entities performing both management and non-management activities
Question
According to Article 12(4) of the DR, the management entity level report specifically excludes from the calculation the positions of funds and portfolios the management of which is delegated to a third party and includes those of funds and portfolios the management of which has been delegated by a third party. Should the same approach apply to the single legal entity level report when that entity is performing both management activities and non-management activities, even though Article 12(5) of DR does not explicitly refer to Article 12(4) on delegation of management?
Level 1 Regulation
Short Selling Regulation (SSR) Regulation (EU) No 236/2012