ESMA_QA_989

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/989

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Regulatory Context

Regulation : PROSPECTUS

Level 1 Regulation: Prospectus Regulation 2017/1129

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Public offer

Subject Matter: Home Member State - Global depository receipts over shares (home Member State)

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Question

Submission Date: 05 May 2021

How is the home Member State determined in relation to global depository receipts over shares (GDRs)?

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ESMA Answer

Answer Date: 05-05-2021

ESMA31-62-1258 Prospectuses Q&A nr 6.2} GDRs are generally issued by a trust or custodian. The trust or custodian most likely will neither be the issuer of the underlying shares nor an entity belonging to the group of the issuer of the underlying shares. As such, the GDRs will not qualify as equity securities, as defined in Article 2(b) PR, but they will qualify as non-equity securities in accordance with Article 2(c) PR.   Consequently, the trust or custodian should use Article 2(m) to determine its home Member State.

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This document was automatically extracted from the ESMA EMIR Q&A database.