ESMA: Qualification of fractional shares under MiFID II
09 Apr 2025 (UPDATED: 13 Mar 2026)
International
1 min read
ESMA has written to the EC with regard to its concerns with fractional shares. ESMA points out that neither MiFID II nor MiFIR provides a definition of shares or fractional shares and in consequence such instruments are defined and governed by national or case law. An annex to the letter sets out a list of issues raised by fractional shares trading.