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publication"},"repo_path":"spaces/dlt-pilot/level-3/q-and-a/esma/esma-qa-2003-admission-of-subscription-rights-to-trading-or-recording-on.md","body_sha256":"cbe15a8fe1484f4dc9d22cf4d9721bc721e5dc153c22561ade79e0559ad1a03e"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 2003 — Q&A — Admission of subscription rights to trading [Answer Published]\"\nshortTitle: \"ESMA Q&A 2003 — Q&A — Admission of subscription rights to trading [Answer Published]\"\nanswer_id: ESMA_QA_2003\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: \"Article 3 of DLTR\"\ndate: 7 November 2023\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2003\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 7 November 2023\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2003\"\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_2003, first line of the answer field\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2023-11-07\"\n  question_submitted_on: \"2023-11-07\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_2003, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2003, 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 7 Nov 2023 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 7 November 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2003)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2003 — Q&A — Admission of subscription rights to trading \\[Answer Published\\] |\n| **Prepared by** | European Commission |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2003 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 7 November 2023; question submitted 7 November 2023 |\n| **Legal basis** | Article 3 of DLTR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Admission of subscription rights to trading or recording on a DLT market infrastructure**\n\n### Question\n\nCan subscription rights be covered under the DLTR?\n\n***\n\n### Answer\n\nAnswer provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation\n\nArticle 3(1) restricts the types of DLT financial instruments that are eligible to be traded or recorded on a DLT market infrastructure. Subscription rights are usually defined as the right of existing shareholders to participate in the acquisition of newly issued shares in a company. Subscription rights are not mentioned as one of the categories of financial instruments eligible to be handled by DLT market infrastructure. Subscription rights should be considered as falling within the third category of transferable securities defined under Article 4(1) point (44) of Directive 2014/65/EU, which covers ‘any other securities giving the right to acquire or sell any such transferable securities’. That category of transferable security is not covered by Article 3(1) DLTPR.\n\nThe 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/2003)\n\n## Related Level 1 articles\n\n- [Article 3 — Limitations on the financial instruments admitted to trading or recorded on DLT market infrastructure](../../../articles/3.md)\n"}