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.