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ESMA Q&A 1729 — Q&A — Threshold calculation [Answer Published]

Financial servicesLevel 3Q&AMARAnsweredOfficial source

Threshold calculation

Question

When calculating whether the threshold triggering the notification obligation under Article 19(1) of MAR is reached, should the transactions carried out by a person discharging managerial responsibilities (PDMR) and by closely associated persons to that PDMR be aggregated?

Answer

[ESMA70-145-111 MAR Q&A, Q&A 7.3]

No, the transactions carried out by a PDMR and by closely associated persons to that PDMR should not be aggregated.

This involves that where the overall transactions singularly carried out by either a PDMR or any closely associated person to that PDMR do not reach the threshold, those persons should not notify those transactions even where the threshold is reached aggregating all the transactions carried out by the PDMR and all the closely associated persons to them.

Source: ESMA original document