Who has to file the notification – Aggregation of short positions?
The “holder” of the economic net short position has to file the notification. The holder of the net short-selling position is the individual or legal person or fund that holds the netted financial instruments. As regards funds, the notification has to be made by the respective investment management company. In contrast to the notification requirements for voting rights in listed companies pursuant to Section 21 et seq. of the German Securities Trading Act (WpHG), there is no attribution and aggregation at the level of the parent company or the level of the investment management company. If a group of companies holds, in aggregate, an economic net short position that exceeds one of the thresholds, then no notification needs to be made by the ultimate parent of such group. Only if the holdings of an individual company of the group exceed a threshold such company then has to file a notification. The same applies in regard to investment funds, even of the contractual type – the economic ne
