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\"ESMA Q&A 1739 — Q&A — Main business is not to produce investment [Answer Published]\"\nshortTitle: \"ESMA Q&A 1739 — Q&A — Main business is not to produce investment [Answer Published]\"\nanswer_id: ESMA_QA_1739\ntopic: \"Investment recommendations and statistics and disclosure of information on the media\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MAR\"\nmar_level3: true\nmica_level2: false\nlegal_basis: \"MAR\"\ndate: 26 October 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1739\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 26 October 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1739\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1739: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2016-10-26\"\n  question_submitted_on: \"2016-10-26\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1739, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1739, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 26 Oct 2016 [Answer Published]**\n\n*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/1739)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1739 — Q&A — Main business is not to produce investment \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1739 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 26 October 2016; question submitted 26 October 2016 |\n| **Legal basis** | MAR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Main business is not to produce investment recommendations**\n\n### Question\n\nWould 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?\n\n***\n\n### Answer\n\n\\[ESMA70-145-111 MAR Q&A, Q&A 8.3\\]\n\nWith 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.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1739)\n"}