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---
title: "ESMA Q&A 1738 — Q&A — Communications not referring to one or several issuers [Answer Published]"
shortTitle: "ESMA Q&A 1738 — Q&A — Communications not referring to one or several issuers [Answer Published]"
answer_id: ESMA_QA_1738
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/1738
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 26 October 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1738"
check_status: matched
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last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
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    locator: "ESMA Q&A entry ESMA_QA_1738: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
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    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1738, 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/1738)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1738 — Q&A — Communications not referring to one or several issuers \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1738 |
| **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 not referring to one or several issuers**

### Question

Can communications that do not refer to either one or several financial instruments or issuers be considered investment recommendations under MAR

***

### Answer

\[ESMA70-145-111 MAR Q&A, Q&A 8.2\]

Communications that meet 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.

In particular, Article 3(1)(35) of MAR sets out that “investment recommendation” means "information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers \[emphasis added\], including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public".

Therefore, a communication that does not refer to either a financial instrument or an issuer, should generally not be considered an investment recommendation. However, the producer’s assessment as to whether the above communication may be investment recommendation should be conducted on a case-by-case basis.

Communication relating solely to spot currency rates, sectors, interest rates, loans, commodities, macroeconomic variables or industry sectors and not referring to a financial instrument or an issuer would be considered as investment recommendation where it contains information assessed as allowing a reasonable investor to deduce that the communication is implicitly recommending specific financial instruments or issuers and provided that the other 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 are met. For example, an opinion on a specific sector that is composed of a very limited number of issuers may be considered an investment recommendation regarding those issuers.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1738)