ESMA_QA_1893
29/01/2013
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Subject Matter
GDRs and ADRs
Should Global Depository Receipts (GDR) and American Depository Receipts (ADR) be included in the definition of shares for the purposes of article 12 of the Regulation?
ESMA Answer
29-01-2013

[ESMA70-145-408 SSR Q&A, Q&A 4.6]

No, GDR and ADR are not shares for the purpose of Article 12 of the Regulation.

However, for the purpose of notification of net short position GDR and also ADR should be taken into account for the calculation (Articles 5 and 6 supplemented by Annex I of the DR)

Status: Answer Published

Additional Information

Level 1 Regulation
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
Topic
Scope