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---
title: "ESMA Q&A 1740 — Q&A — Information implicitly recommending or suggesting [Answer Published]"
shortTitle: "ESMA Q&A 1740 — Q&A — Information implicitly recommending or suggesting [Answer Published]"
answer_id: ESMA_QA_1740
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/1740
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 26 October 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1740"
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_1740: 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_1740, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1740, 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/1740)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1740 — Q&A — Information implicitly recommending or suggesting \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1740 |
| **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 |

**Information implicitly recommending or suggesting an investment strategy**

### Question

Does material intended for distribution channels or for the public concerning one or several financial instruments that contains statements indicating that the concerned financial instruments are “undervalued”, “fairly valued” or “overvalued” fall within the definition of “investment recommendation” under MAR?

***

### Answer

\[ESMA70-145-111 MAR Q&A, Q&A 8.4\]

Such material which concerns one or several financial instruments admitted to trading on a regulated market or a multilateral trading facility or for which a request for admission to trading on such a market has been made, or, traded on a multilateral trading facility or an organised trading facility, is considered as information implicitly recommending or suggesting an investment strategy pursuant to Article 3(1)(34) of MAR, insofar as it contains a valuation statement as to the price of the concerned financial instruments.

Furthermore, material containing an estimated value such as a “quantitative fair value estimate” that is providing a projected price level or “price target”, or any other elements of opinion on the value of the financial instruments, is also considered to be information implicitly recommending or suggesting an investment strategy pursuant to Article 3(1)(34) of MAR.

As the material referred to above is an investment recommendation under MAR, it needs to comply with the relevant obligations and standards set out in MAR and Commission Delegated Regulation (EU) 2016/958 of the European Parliament and of the Council concerning the objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and the disclosure of particular interests and conflicts of interest by producers of such recommendations. In addition, a third party that disseminates such material is considered as a disseminator of investment recommendations and therefore needs to comply with the relevant obligations and standards set out in MAR and Commission Delegated Regulation (EU) 2016/958 of the European Parliament and of the Council.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1740)