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publication"},"repo_path":"spaces/dlt-pilot/level-3/q-and-a/esma/esma-qa-1242-dlt-collective-investment-undertakings.md","body_sha256":"2b42dba04212d91297c7b4667e684a7bf4e2dccdb2f4bd222d3e8e50c49e15df"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1242 — Q&A — DLT Collective investment undertakings [Answer Published]\"\nshortTitle: \"ESMA Q&A 1242 — Q&A — DLT Collective investment undertakings [Answer Published]\"\nanswer_id: ESMA_QA_1242\ntopic: \"DLT financial instruments\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"DLT Pilot\"\ndlt_level3: true\nmica_level2: false\nlegal_basis: \"DLT Pilot\"\ndate: 2 June 2023\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1242\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 2 June 2023\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1242\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"European Commission\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"Answer provided by the European Commission\"\n    locator: \"ESMA Q&A entry ESMA_QA_1242, first line of the answer field\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2023-06-02\"\n  question_submitted_on: \"2023-06-02\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1242, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1242, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 2 Jun 2023 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 2 June 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1242)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1242 — Q&A — DLT Collective investment undertakings \\[Answer Published\\] |\n| **Prepared by** | European Commission |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1242 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 2 June 2023; question submitted 2 June 2023 |\n| **Legal basis** | DLT Pilot |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**DLT Collective investment undertakings**\n\n### Question\n\nShould ETFs or other collective investment undertakings represented by shares be considered as units in collective investment undertakings, rather than shares (transferable securities), thus falling into the bucket specified in Article 3(1), point (c), DLTPR, and hence assessed against the criteria in Article 25(4), point (a), of MiFID II?\n\n***\n\n### Answer\n\n\\[ESMA70-460-189 - Heading 7 - Question 5\\]\n\nAnswer provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation.\n\nCollective investment undertakings represented by shares fall within Article 3(1), point (c), DLTPR. Article 3(1), point (c), DLTPR refers to \"units in collective investment undertakings covered by Article 25(4), point (a)(iv), of Directive 2014/65/EU”. Since Article 25(4), point (a)(iv), of Directive 2014/65/EU refers to both “shares or units in UCITS” and considering the similar nature of shares and units in collective investment undertakings, shares in collective investment undertakings fall under Article 3(1), point (c), DLTPR. They do not fall under Article 3(1), point (a), which concerns shares, which are transferable securities. Likewise, ETFs which are defined in Article 4(1), point (46), MIFID as funds “of which at least one unit or share class is traded throughout the day on at least one trading venue and with at least one market maker” fall within Article 3(1), point (c), DLTPR when they are UCITS using units or shares.\n\nDisclaimer in relation to the answers provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation: these answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1242)\n"}