This letter contains ESMA's replies to the questions set out in the Exposed Draft Measuring Quoted Investments in Subsidiaries. The responses relate to the following questions:

  • Unit of account for investment in subsidiaries, join ventures and associates;
  • Interaction between Level 1 inputs and the unit of account for investments in subsidiaries, joint ventures and associates;
  • Measuring fair value of a CGU that corresponds to a quoted entity;
  • Portfolio; and
  • Transition requirements.