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---
title: "ESMA Q&A 1514 — Q&A — Third country issues - Transparency [Answer Published]"
shortTitle: "ESMA Q&A 1514 — Q&A — Third country issues - Transparency [Answer Published]"
answer_id: ESMA_QA_1514
topic: "Third country issues"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "MiFIR"
date: 5 September 2022
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1514
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 5 September 2022"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1514"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "European Commission"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "Answer provided by the European Commission"
    locator: "ESMA Q&A entry ESMA_QA_1514, first line of the answer field"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2022-09-05"
  question_submitted_on: "2022-09-05"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1514, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1514, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 5 Sep 2022 [Answer Published]**

*Answer Published · ESMA Q&A register, 5 September 2022 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1514)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1514 — Q&A — Third country issues - Transparency \[Answer Published\] |
| **Prepared by** | European Commission |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1514 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 5 September 2022; question submitted 5 September 2022 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Third country issues - Transparency**

### Question

Are transactions executed between a branch and its head office subject to transparency requirements?

***

### Answer

\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 9.3\]

Answer provided by the European Commission in accordance with article 16b(5) of the ESMA Regulation (please see the related disclaimer in section 1 of this document)

No, transfers of financial instruments between two branches of the same legal entity or a branch and its parent company are not subject to the transparency or transaction reporting requirements, as they do not entail a change in the ownership of financial instruments.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1514)