ESMA31-62-1258 Prospectuses Q&A nr 6.2}

GDRs are generally issued by a trust or custodian. The trust or custodian most likely will neither be the issuer of the underlying shares nor an entity belonging to the group of the issuer of the underlying shares. As such, the GDRs will not qualify as equity securities, as defined in Article 2(b) PR, but they will qualify as non-equity securities in accordance with Article 2(c) PR.  

Consequently, the trust or custodian should use Article 2(m) to determine its home Member State.