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---
title: "ESMA Q&A 1733 — Q&A — Closely associated persons under Article 3(1)(26)(d) [Answer Published]"
shortTitle: "ESMA Q&A 1733 — Q&A — Closely associated persons under Article 3(1)(26)(d) [Answer Published]"
answer_id: ESMA_QA_1733
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: 6 July 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1733
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 6 July 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1733"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1733: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2017-07-06"
  question_submitted_on: "2017-07-06"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1733, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1733, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 6 Jul 2017 [Answer Published]**

*Answer Published · ESMA Q&A register, 6 July 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1733)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1733 — Q&A — Closely associated persons under Article 3(1)(26)(d) \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1733 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 6 July 2017; question submitted 6 July 2017 |
| **Legal basis** | MAR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Closely associated persons under Article 3(1)(26)(d) of MAR**

### Question

According to Article 3(1)(26)(d) of Regulation (EU) No 596/2014 of the European Parliament and of the council (MAR) a closely associated person is, inter alia, «a legal person, trust or partnership, the managerial responsibilities of which are discharged» by a person discharging managerial responsibilities (PDMR) or by a closely associated natural person. Is the reference to «the managerial responsibilities of which are discharged» contained in Article 3(1)(26)(d) of MAR to be read in the same way as the definition of PDMR within an issuer contained in Article 3(1)(25) of MAR?

***

### Answer

\[ESMA70-145-111 MAR Q&A, Q&A 7.7\]

No, the reference to «the managerial responsibilities of which are discharged» in Article 3(1)(26)(d) of MAR should be read to cover those cases where a PDMR within an issuer (or a closely associated natural person) takes part in or influences the decisions of another legal person, trust or partnership (hereinafter “legal entity”) to carry out transactions in financial instruments of the issuer.

For example, in the case of mere cross board membership, where a person sits in the administrative, management or supervisory body of an issuer and also in the board of another legal entity where they exercise executive or non-executive functions, without however taking part nor influencing the decisions of that legal entity to carry out transactions in financial instruments of the issuer, then that person should not be considered discharging managerial responsibilities within that legal entity for the purposes of Article 3(1)(26)(d) of MAR. Therefore, that legal entity should not be subject to the notification obligations under Article 19(1) of MAR, unless it is directly or indirectly controlled by, is set up for the benefit of, or its economic interests are substantially equivalent to those of that person.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1733)