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---
title: "ESMA Q&A 1148 — Q&A — Market analysts’ expectations and the identification [Answer Published]"
shortTitle: "ESMA Q&A 1148 — Q&A — Market analysts’ expectations and the identification [Answer Published]"
answer_id: ESMA_QA_1148
topic: "Inside information, public disclosure and delayed disclosure of inside information"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MAR"
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date: 20 September 2022
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1148
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 20 September 2022"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1148"
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 20 Sep 2022 [Answer Published]**

*Answer Published · ESMA Q&A register, 20 September 2022 · Checked against the ESMA publication on 27 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1148)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1148 — Q&A — Market analysts’ expectations and the identification \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1148 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 20 September 2022; question submitted 20 September 2022 |
| **Legal basis** | MAR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Market analysts’ expectations and the identification of inside information**

### Question

Is the issuer permitted to take into consideration market analysts’ expectations (consensus), when considering whether an event or items in a financial report or the first financial guidance for a given financial year may constitute inside information?

***

### Answer

\[ESMA 70-145-111 Q&A 5.12\]

All available information has to be considered by the issuers to determine whether a piece of information may constitute inside information in accordance with Article 7 of MAR. This also includes the consensus of market analysts’ expectations.

In particular, ESMA understands that the consensus of market analysts’ expectations may impact the market expectation (also known as investor sentiment) and would be part of the investment decision, which is described in Article 7(4) of MAR.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1148)