Q. Regulation 56(2)(b) of the Central Bank UCITS Regulations requires prospectus disclosure of long and short positions. Should this disclosure be general or specific in nature?
A. The prospectus can disclose the anticipated range for long and short positions. The responsible person can determine whether such disclosure should be made on a net or gross basis. However, the prospectus must clearly disclose the basis upon which the long/short disclosure is being expressed.