{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2023-03-27","gaps":[],"covered":["ESMA Q&A 778 — Q&A — DLT shares valuation [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/dlt-pilot/level-3/q-and-a/esma/esma-qa-778-dlt-shares-valuation","url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-778-dlt-shares-valuation","title":"ESMA Q&A 778 — Q&A — DLT shares valuation [Answer Published]","family":"l3","work_id":"spaces/dlt-pilot/level-3/q-and-a/esma/esma-qa-778-dlt-shares-valuation","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 27 March 2023","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/778","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"1e2714f9bb7e079e","change_date":null,"nearest_versions":["2023-03-27"],"first_text_date":null,"correction_applies":false,"versions":["2023-03-27"],"version_url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-778-dlt-shares-valuation/versions/2023-03-27","revision_url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-778-dlt-shares-valuation/versions/2023-03-27/rev/1e2714f9bb7e079e","versions_url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-778-dlt-shares-valuation/versions","relations_url":"https://www.headlesslaw.com/dlt-pilot/level-3/q-and-a/esma/esma-qa-778-dlt-shares-valuation/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 27 Mar 2023 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2023-03-27","question_submitted_on":"2023-03-27","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_778, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_778, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/778","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/dlt-pilot/level-3/q-and-a/esma/esma-qa-778-dlt-shares-valuation.md","body_sha256":"09fe5dcd8537cb2935c6d7eb9112c34bdda1a3400dae0c3d4bcf6cebb1b42e72"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 778 — Q&A — DLT shares valuation [Answer Published]\"\nshortTitle: \"ESMA Q&A 778 — Q&A — DLT shares valuation [Answer Published]\"\nanswer_id: ESMA_QA_778\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 shares valuation\"\ndate: 27 March 2023\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/778\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 27 March 2023\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/778\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_778: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2023-03-27\"\n  question_submitted_on: \"2023-03-27\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_778, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_778, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 27 Mar 2023 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 27 March 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/778)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 778 — Q&A — DLT shares valuation \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_778 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 27 March 2023; question submitted 27 March 2023 |\n| **Legal basis** | DLT shares valuation |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**DLT shares valuation**\n\n### Question\n\nHow should the tentative market capitalisation of DLT shares (referred to in Article 3(1)(a) of DLTR) be calculated?\n\n***\n\n### Answer\n\nFor DLT shares that are not yet admitted to trading or traded on a trading venue, the tentative market capitalisation could be calculated as the multiplication of:\n\n1) the final offer price or the maximum price (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed);\n\n2) the total number of shares outstanding immediately after the share offer to the public, calculated either on the basis of the amount of shares offered to the public or on the basis of the maximum amount of shares offered to the public (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed).\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/778)\n"}