The response from Kobo was to a question about "can I loan my licensed ebooks on an authorized device to a member of my household?"

From the middle of a long, Lending DRM'd books to a friend thread at MR:

Dear Kobo Customer Care,

Thank you for your response to my question, but it seems to be a technical rather than legal answer to my question. Obviously no-one is able read my books (the DRMed ones, anyway) unless they have access to my account, i.e. have a device authorised to my Adobe ID.

But I am asking about the licence terms.

May I let my spouse read ebooks that I have bought (on a device authorised to my Adobe ID)?
May I let my children read ebooks that I have bought (on a device authorised to my Adobe ID)?
May I let a close friend read ebooks that I have bought (on a device authorised to my Adobe ID)?

I'm sorry to go on about this, but I do want to understand how many copies of an ebook you expect a household to buy if everyone in the household wants to read it. Your licence terms seem to imply that a copy needs to be bought for everyone who wants to read the ebook.

Yours,

Paul Durrant.

And Kobo's official reply:

Hi Paul,

Thank you for contacting Kobo Customer Care.

Legally, only the account holder has license to use the material.

Hope this clarifies.

Sincerely,
The Kobo Team