The provision of Article 2(1)(61) BRRD defines instruments of ownership as “shares, other instruments that confer ownership, instruments that are convertible into or give the right to acquire shares or other instruments of ownership, and instruments representing interests in shares or other instruments of ownership”.

Thus, even separately transferable rights may fall under such definition, provided that all relevant requirements set forth therein are met under the applicable law. For example, the pre-emptive right to subscribe for shares would likely fall under the category of "instruments that […] give the right to acquire shares".

Disclaimer:

The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.