--- title: "ESMA Q&A 1737 — Q&A — Communications made orally or via electronic means [Answer Published]" shortTitle: "ESMA Q&A 1737 — Q&A — Communications made orally or via electronic means [Answer Published]" answer_id: ESMA_QA_1737 topic: "Investment recommendations and statistics and disclosure of information on the media" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "MAR" mar_level3: true mica_level2: false legal_basis: "MAR" date: 26 October 2016 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1737 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 26 October 2016" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1737" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "ESMA" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "ESMA Answer" locator: "ESMA Q&A entry ESMA_QA_1737: field 'ESMA Answer', no 'Answer provided by' line" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2016-10-26" question_submitted_on: "2016-10-26" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1737, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1737, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer by ESMA, published in its Q&A tool · not legislation · published 26 Oct 2016 [Answer Published]** *Answer Published · ESMA Q&A register, 26 October 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1737)* | | | |---|---| | **Full title** | ESMA Q&A 1737 — Q&A — Communications made orally or via electronic means \[Answer Published\] | | **Prepared by** | ESMA | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1737 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 26 October 2016; question submitted 26 October 2016 | | **Legal basis** | MAR | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Communications made orally or via electronic means** ### Question Do communications made orally or via electronic means such as telephone calls and “chat” functions, or communications labelled e.g. “morning notes” or “sales notes”, constitute an “investment recommendation” under MAR? *** ### Answer \[ESMA70-145-111 MAR Q&A, Q&A 8.1\] Any communication that meets the criteria of the definition of investment recommendation within the meaning of Article 3(1)(35) of MAR in conjunction with Article 3(1)(34) of MAR will be deemed to fall within the scope of the investment recommendation regime. When determining whether a communication is an "investment recommendation", an assessment should be made based on the substance of the communication, irrespective of its name or label and the format, form, or the medium through which it is delivered (whether electronically, orally or otherwise). As such, whether a specific oral or electronic communication, or a communication labelled as “morning notes” or “sales notes”, may be considered an investment recommendation within the meaning of MAR, it should be established on a case-by-case basis. Where a standardised communication, including oral or electronic communication, is structured and pre-planned for distribution channels and it implicitly or explicitly suggests an investment strategy in relation to a financial instrument or issuer, it should be regarded as "investment recommendation". *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1737)