{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2016-12-20","gaps":[],"covered":["ESMA Q&A 1730 — Q&A — Price of gifts, donation and inheritance [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-27","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mar/level-3/q-and-a/esma/esma-qa-1730-price-of-gifts-donation-and-inheritance","url":"https://www.headlesslaw.com/mar/level-3/q-and-a/esma/esma-qa-1730-price-of-gifts-donation-and-inheritance","title":"ESMA Q&A 1730 — Q&A — Price of gifts, donation and inheritance [Answer 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legislation · published 20 Dec 2016 [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":"2016-12-20","question_submitted_on":"2016-12-20","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1730, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1730, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1730","check":{"result":"matched","checked_at":"2026-10-27","against":"the ESMA publication"},"repo_path":"spaces/mar/level-3/q-and-a/esma/esma-qa-1730-price-of-gifts-donation-and-inheritance.md","body_sha256":"7e46ed0daf706fd7fba2f572d0b2f6af46f189b32aca8dac089145255e86c61c"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1730 — Q&A — Price of gifts, donation and inheritance [Answer Published]\"\nshortTitle: \"ESMA Q&A 1730 — Q&A — Price of gifts, donation and inheritance [Answer Published]\"\nanswer_id: ESMA_QA_1730\ntopic: \"Managers' transactions\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MAR\"\nmar_level3: true\nmica_level2: false\nlegal_basis: \"MAR\"\ndate: 20 December 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1730\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 20 December 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1730\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-27\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_1730: 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: \"2016-12-20\"\n  question_submitted_on: \"2016-12-20\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1730, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1730, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 20 Dec 2016 [Answer Published]**\n\n*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/1730)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1730 — Q&A — Price of gifts, donation and inheritance \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1730 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 20 December 2016; question submitted 20 December 2016 |\n| **Legal basis** | MAR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Price of gifts, donation and inheritance**\n\n### Question\n\nWhich are the rules to calculate the price of gifts, donations and inheritance for the purpose of the notifications and disclosure of managers’ transactions under Article 19 of MAR?\n\n***\n\n### Answer\n\n\\[ESMA70-145-111 MAR Q&A, Q&A 7.4\\]\n\nAccording to Article 10(2)(k) of Commission Delegated Regulation (EU) 2016/522, donations and gifts made or received or inheritance received are transactions to be notified under Article 19(1) of MAR.\n\nThe value of these transactions need to be taken into consideration for the purpose of calculating the cumulated amount of the transactions of a PDMR or a person closely associated to a PDMR, to assess whether the threshold referred to in Article 19(8) and (9) of MAR has been crossed, hence triggering the duty to notify and disclose all subsequent transactions.\n\nThe field 4(c) on “Price(s) and volume(s)” of the template in the annex to Commission Implementing Regulation (EU) 2016/523 (Implementing technical standards on the notification and public disclosure of managers’ transactions) specifies the data standards to be used for expressing the price, depending on the type of financial instruments concerned. In that respect, such template makes reference to data standards defined for the purpose of the transaction reporting under Regulation (EU) 600/2014 (MiFIR) and related technical standards. However, it does not explain the rules about the price to take into account to calculate the value of a donation, a gift or inheritance.\n\nFor the purpose of the threshold calculation, the price to consider for donations, gifts and inheritance is the last published price for the financial instrument concerned in accordance with the post trade transparency requirements under MiFIR (Articles 6, 10, 20 and 21) on the date of acceptance of the donation, gift or inheritance (i.e. the date of the transaction), or where such price is not available that day, the last published price.\n\nIn the period before MiFIR becomes applicable, the price to use will be:\n\nfor shares admitted to trading on regulated markets (RM), the last published price in accordance with the post trade transparency requirements under Articles 30 and 45 of Directive 2004/39/EC (MiFID I) on the date of acceptance of the donation, gift or inheritance or where such price is not available that day, the last published price;\n\nfor shares admitted to trading or traded on MTFs only, bonds and derivatives or financial instrument linked thereto, the last traded price on the trading venue where the concerned financial instruments are traded, on the date of acceptance of the donation, gift or inheritance, or where such price is not available that day, the last traded price before the date of acceptance.\n\nDuring the interim, in the case of shares being traded on several venues (RMs and/or MTFs), then the concept of “most relevant markets in terms of liquidity” under MiFID I and specified in the Commission Regulation (EC) 1287/2006 implementing MiFID I should be used to determine the trading venue to consider when looking at the last traded price. For other instruments, the concept of trading venue of first admission should be used.\n\nFurthermore, where debt instruments admitted to trading or traded on a RM or a MTF are only traded OTC (i.e. there is no trading on RM nor MTF), then the price to consider should be the last publicly available price for that debt instrument (whatever is the source).\n\nHowever, when a notification has to be made in accordance with Article 19(1) of MAR and Article 2 of the Implementing technical standards on the notification and public disclosure of managers’ transactions, the price field for a gift, donation or inheritance is expected to be populated with 0 (zero).\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1730)\n"}