On 6 May 2025, ESMA released an answer to a recent question on the EU Short Selling Regulation (Regulation (EU) 236/2012), via its online Q&A Tool.

The Q:

• “When calculating net short positions in relation to issuers having both listed and non-listed shares, should the issued share capital also include non-listed shares?”

The Answer:

• “Yes, non-listed shares should be included in the calculation of the issued share capital of a company and included in the denominator of the ratio. For reasons of consistency, non-listed shares should also be included in the numerator, where relevant. This interpretation aligns with previous interpretations that the EU Short Selling Regulation (Regulation (EU) 236/2012) refers to issued share capital of issuers, irrespective of any features attached to the issued shares.”

ESMA Q&A 2282 is available here.