ESMA_QA_1926

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1926

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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: Other SSR-related topics

Subject Matter: Net short positions - Delegation to calculate the net short position by single legal entities performing both management and non-management activities

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Question

Submission Date: 10 October 2012

According to Article 12(4) of the DR, the management entity level report specifically excludes from the calculation the positions of funds and portfolios the management of which is delegated to a third party and includes those of funds and portfolios the management of which has been delegated by a third party. Should the same approach apply to the single legal entity level report when that entity is performing both management activities and non-management activities, even though Article 12(5) of DR does not explicitly refer to Article 12(4) on delegation of management?

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ESMA Answer

Answer Date: 10-10-2012

[ESMA70-145-408 SSR Q&A, Q&A 8.3] Article 12(4) of the DR clarifies the method set out in Article 12(1) to (3). Therefore, ESMA considers that the approach to delegation for calculating the net short position (excluding mandates delegated away and including received mandates) applies to the management activities of a legal entity also performing non-management activities.

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