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---
title: "ESMA Q&A 1729 — Q&A — Threshold calculation [Answer Published]"
shortTitle: "ESMA Q&A 1729 — Q&A — Threshold calculation [Answer Published]"
answer_id: ESMA_QA_1729
topic: "Managers' transactions"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MAR"
mar_level3: true
mica_level2: false
legal_basis: "MAR"
date: 20 December 2016
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1729
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 20 December 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1729"
check_status: matched
verified: true
last_checked: 2026-10-27
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
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    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1729: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
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    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1729, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 20 Dec 2016 [Answer Published]**

*Answer Published · ESMA Q&A register, 20 December 2016 · Checked against the ESMA publication on 27 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1729)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1729 — Q&A — Threshold calculation \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1729 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 20 December 2016; question submitted 20 December 2016 |
| **Legal basis** | MAR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**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](https://www.esma.europa.eu/publications-data/questions-answers/1729)