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---
title: "ESMA Q&A 1731 — Q&A — Notification of shares received as part [Answer Published]"
shortTitle: "ESMA Q&A 1731 — Q&A — Notification of shares received as part [Answer Published]"
answer_id: ESMA_QA_1731
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/1731
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 20 December 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1731"
check_status: matched
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last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
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legal_nature: "not_legislation"
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---

**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 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1731)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1731 — Q&A — Notification of shares received as part \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1731 |
| **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 |

**Notification of shares received as part of remuneration package**

### Question

Do shares received by a PDMR as part of a remuneration package have to be notified pursuant to Article 19(1) MAR and Article 10(2)(i) Commission Regulation 2016/522 only upon the occurrence of certain conditions?

***

### Answer

\[ESMA70-145-111 MAR Q&A, Q&A 7.5\]

The rationale of Article 19(1) of MAR is mainly to prevent insider dealing and to provide investors with a highly valuable source of information. A notification of entering into a remuneration package contract, according to which a PDMR is entitled to receive shares only upon the occurrence of certain conditions, is not covered by that rationale. Therefore, pursuant to Article 19(1) of MAR and Article 10(2)(i) of Commission Delegated Regulation (EU) 2016/522, the PDMR has to notify only upon the occurrence of the conditions and the actual execution of the transaction.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1731)