ESMA_QA_1911
29/01/2013
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Subject Matter
Issued share capital and saving shares
The Regulation defines the “issued share capital” as “total of ordinary and any preference shares issued by the company”. It is correct to suppose that the scope of this Regulation does not include shares that do not give to the stockholder any right to vote (so called saving shares)?
ESMA Answer
29-01-2013

[ESMA70-145-408 SSR Q&A, Q&A 6.6]

All classes of issued shares should be considered in the calculation of the net short position (both numerator and denominator) irrespective of their characteristics (common stock, preferred, saving, etc.) as the regulation refers to the issued share capital of an issuer, in particular irrespective if voting rights are included or not.

Status: Answer Published

Additional Information

Level 1 Regulation
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
Topic
Determination of net short position