ESMA_QA_1739
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1739
Regulatory Context
Regulation : MAR
Level 1 Regulation: Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Investment recommendations and statistics and disclosure of information on the media
Subject Matter: Main business is not to produce investment recommendations
Question
Submission Date: 26 October 2016
Would an investment firm which produces an investment recommendation be considered to fall within the scope of Article 3(1)(34)(i) of MAR, even though the production of such recommendation is not its main business?
ESMA Answer
Answer Date: 26-10-2016
[ESMA70-145-111 MAR Q&A, Q&A 8.3] With regard to an investment firm, any information that comprises direct or indirect investment proposals in respect of a financial instrument or an issuer will be considered as information recommending or suggesting an investment strategy as defined under point (i) of Article 3(1)(34) of MAR. This is regardless of whether or not the production of investment recommendations is the main business of the investment firm, noting that the condition “whose main business is to produce investment recommendations” contained in point (i) of Article 3(1)(34) of MAR concerns any other person than independent analysts, investment firms and credit institutions.
This document was automatically extracted from the ESMA EMIR Q&A database.