ESMA · ESMA_QA_1748 Answer Published

Recommendations on a derivative referencing an index

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
2017-01-27
Answered
2017-01-27

Question

How does Commission Delegated Regulation (EU) 2016/958 apply when the subject of the recommendation is a derivative referencing an index?

Answer

[ESMA70-145-111 MAR Q&A, Q&A 8.11] If a recommendation relates to a derivative referencing an index of financial instruments, the derivative itself should be treated as a financial instrument subject to the requirements of the Commission Delegated Regulation (EU) 2016/958, and not the individual instruments that comprise the index.

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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