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ESMA Q&A 1741 — Q&A — Communications containing purely factual information [Answer Published]

Financial servicesLevel 3Q&AMARAnsweredOfficial source

Communications containing purely factual information

Question

Do communications to clients containing purely factual information on one or several financial instrument or issuers constitute an ‘investment recommendation’ under MAR?

Answer

[ESMA70-145-111 MAR Q&A, Q&A 8.5]

In consideration of the definition of an investment recommendation within the meaning of Article 3(1)(35) of MAR, in conjunction with Article 3(1)(34) of MAR, any communication containing purely factual information on one or several financial instruments or issuers would not constitute an investment recommendation under MAR provided that it does not explicitly or implicitly recommend or suggest an investment strategy.

In this context, factual information might, among other things, include recent events or news relating to one or several financial instruments or issuers.

Source: ESMA original document