ESMA_QA_1741

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1741

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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: Communications containing purely factual information

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Question

Submission Date: 20 December 2016

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

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ESMA Answer

Answer Date: 20-12-2016

[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 document was automatically extracted from the ESMA EMIR Q&A database.