ESMA_QA_1911

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1911

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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: Determination of net short position

Subject Matter: Issued share capital and saving shares

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Question

Submission Date: 29 January 2013

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)?

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ESMA Answer

Answer Date: 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.

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