[ESMA70-460-189] Q&As DLT Pilot Regulation

The European Securities and Markets Authority (ESMA) has published an updated Questions and Answers (Q&A) document on the Distributed Ledger Technology (DLT) pilot regime. This includes the following new topic with one new question:
Topic 7, „DLT Financial Instruments“:
Question 1 (page 16): How should the tentative market capitalisation of DLT shares (referred to in Article 3(1)(a) of DLTR) be calculated?
Answer 1: For DLT shares that are not yet admitted to trading or traded on a trading venue, the tentative market capitalisation could be calculated as the multiplication of:
1) the final offer price or the maximum price (where the final offer price and/or amount of sharesto be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed);
2) the total number of shares outstanding immediately after the share offer to the public, calculated either on the basis of the amount of shares offered to the public or on the basis ofthe maximum amount of shares offered to the public (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed).