ESMA proposes to treat transactions in baskets, index instruments and investment funds differently to transactions in other financial instruments for reporting purposes. ESMA's proposals mean that persons discharging managerial responsibilities (PDMR) would not have to report such transactions should shares in their own company constitute less than 20% of these instruments. The European Parliament does not agree with ESMA's reasoning behind the 20% threshold arguing that the comparison with the 20% threshold in the Transparency Directive is not an appropriate comparison and would like to see "concrete evidence" as to why this is the most appropriate.