ESMA_QA_1906
13/09/2012
Subject Matter
Shares in funds
Original question
Do shares in funds have to be taken into account when calculating net short positions?
ESMA Answer
13-09-2012
Original language
[ESMA70-145-408 SSR Q&A, Q&A 6.1]
Shares in funds which are managed on a discretionary basis by a management entity are not required to be taken into account since the calculation takes place at fund or fund manager level.
However, shares in ETFs are within the scope and should be taken into account when calculating net short positions to the extent to which the underlying shares are represented in the ETF.
Status: Answer Published
Additional Information
Level 1 Regulation
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
Topic
Determination of net short position