Shareholding disclosure rules (both major shareholding and short-selling regimes) are generally concerned with securities that give the holder of those securities ownership in the company issuing the securities.

This means we are mainly concerned with equity instruments and derivatives on equity instruments, which can be exercised to obtain the underlying equities. However, the scope of disclosure has been further expanded to also include cash-settled derivatives and certain types of bond issuance as well. The relevant instruments have been determined as:

• Equities including Depository Receipts, Preferred Equities, and Rights

• Convertible Instruments including Convertible Bonds

• Derivatives including Futures, Options, CFDs, Swaps, CDS, and Warrants

• Bonds Sovereign Bonds for EU Short Selling rules, and Australian Short Selling Rules, some Corporate Bonds can be in scope for 13F

• Units specifically ETFs and Structured Products

Although in some cases there is ambiguity around what gives you ownership of a company, the below can be ignored as relevant positions and does not fall into scope for any of the shareholding disclosure rules in any jurisdiction:

• Bonds including corporate debt and other fixed-income securities that do not have exposure to sovereign debt, with the exception of some corporate bonds for 13F

• Swaps linked to interest rates (interest rates are not in scope for Shareholding Disclosure irrespective of the derivative), commodities, and FX

• Money Market Instruments such as Commercial Paper and Certificates of Deposits

• Commercial Property such as a lovely office looking across Central Park

• Commodities futures on commodities, etc