Article 1 · Commission Delegated Regulation (EU) 2026/110

Contents

Article 1Methodology for the calculation of market capitalisation#

1.The market capitalisation of a Member State shall be calculated as the total market value of all shares admitted to trading on a regulated market or a multilateral trading facility, issued by legal entities incorporated or legally established in that Member State, as of 31 December of the relevant year.

2.For each share, market capitalisation shall be calculated by multiplying:

—the number of shares outstanding on 31 December,

—the share price calculated in accordance with paragraph 3.

3.The share price shall be determined, on the most relevant market in terms of liquidity within the Union, as the average price of up to the last 100 transactions executed during the final 5 minutes preceding the last trade of the year for that share. Where 100 or more transactions were executed within this 5-minute window, the 100 latest transactions shall be used for the calculation. Where fewer than 100 transactions were executed in this period, all available transactions within the window shall be used. Where applicable, the resulting share price shall be converted into euros.

4.The transaction data used for calculating the share price shall be as reported in accordance with Article 26 of Regulation (EU) No 600/2014 and Delegated Regulation (EU) 2017/590. Only executed not cancelled transactions shall be considered.

5.The number of shares outstanding shall be determined in accordance with the applicable provisions of Delegated Regulation (EU) 2017/567.

6.Shares no longer admitted to trading prior to 31 December shall be excluded from the calculation.

7.For each legal entity, market capitalisation shall be calculated by summing the market capitalisation of all shares issued by that entity.

8.The market capitalisation of a Member State shall be calculated by aggregating the market capitalisations of all legal entities whose legal address is in that Member State.