ESMA_QA_1894

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1894

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Regulatory Context

Regulation : SSR

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

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Scope

Subject Matter: ETFs

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Question

Submission Date: 29 January 2013

Should ETFs be included in the definition of shares for the purposes of Article 12 of the Regulation?

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ESMA Answer

Answer Date: 29-01-2013

[ESMA70-145-408 SSR Q&A, Q&A 4.7] ETFs are not per se subject to Article 12 of the Regulation, unlike shares of a company (on restriction on uncovered short sales). However, the position held through an ETF should be taken into account when calculating the net short position in an issuer which is represented in that ETF (Articles 5 and 6 supplemented by Annex I and Annex II of the DR).

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This document was automatically extracted from the ESMA EMIR Q&A database.