ESMA · ESMA_QA_1741 Answer Published

Communications containing purely factual information

Regulation
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
Topic
Investment recommendations and statistics and disclosure of information on the media
Submitted
2016-12-20
Answered
2016-12-20
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Question

Do communications to clients containing purely factual information on one or several financial instrument or issuers constitute an ‘investment recommendation’ under MAR?

Answer

[ESMA70-145-111 MAR Q&A, Q&A 8.5] In consideration of the definition of an investment recommendation within the meaning of Article 3(1)(35) of MAR, in conjunction with Article 3(1)(34) of MAR, any communication containing purely factual information on one or several financial instruments or issuers would not constitute an investment recommendation under MAR provided that it does not explicitly or implicitly recommend or suggest an investment strategy. In this context, factual information might, among other things, include recent events or news relating to one or several financial instruments or issuers.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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