{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2018-07-12","gaps":[],"covered":["ESMA Q&A 1576 — Q&A — DVC and corporate actions [Published Answer Updated] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-1576-dvc-and-corporate-actions","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1576-dvc-and-corporate-actions","title":"ESMA Q&A 1576 — Q&A — DVC and corporate actions [Published Answer 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Updated]","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":{"last_updated":"2025-10-10","question_submitted_on":"2018-07-12","locators":{"last_updated":"ESMA Q&A Excel export ESMA_QA_1576, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1576, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1576","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1576-dvc-and-corporate-actions.md","body_sha256":"e457bf027da2fed96cba08b4b0f131d62bfa4bf537f8a649a537d0c04e713bf6"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1576 — Q&A — DVC and corporate actions [Published Answer Updated]\"\nshortTitle: \"ESMA Q&A 1576 — Q&A — DVC and corporate actions [Published Answer Updated]\"\nanswer_id: ESMA_QA_1576\ntopic: \"Double volume cap\"\nstatus: \"Published Answer Updated\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"Regulation 2017/577- RTS on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations(RTS 3)\"\ndate: 12 July 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1576\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 12 July 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1576\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\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_1576: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  last_updated: \"2025-10-10\"\n  question_submitted_on: \"2018-07-12\"\n  locators:\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1576, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1576, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · updated 10 Oct 2025 [Published Answer Updated]**\n\n*Published Answer Updated · ESMA Q&A register, 12 July 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1576)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1576 — Q&A — DVC and corporate actions \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1576 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Updated 10 October 2025; question submitted 12 July 2018 |\n| **Legal basis** | Regulation 2017/577- RTS on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations(RTS 3) |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**DVC and corporate actions**\n\n### Question\n\nIn case of a corporate action where a traded ISIN is replaced with a new ISIN, how will the new ISIN be treated for the purposes of the SVC?\n\n***\n\n### Answer\n\n\\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 6.5\\]\n\nIn case of a corporate action, where a traded ISIN is replaced with a new ISIN, the new ISIN will be treated as a newly admitted to trading or newly traded financial instrument and the ESMA DVC SVC calculations and publication will not take the trading activity of the old ISIN into account.\n\nIn addition, while ESMA will publish the percentage of trading in this financial instrument carried out under the reference price waiver and the negotiated transaction waiver from the start of trading, suspensions following the breach of the thresholds set out under Article 5 of MiFIR should only be triggered when at least 12 months of data for the new ISIN is available.\n\nESMA is however reflecting on ways and means to ensure more continuity in the treatment of financial instruments subject to corporate actions and might decide to revisit this approach in the future.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1576)\n"}