{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2016-12-20","gaps":[],"covered":["ESMA Q&A 1741 — Q&A — Communications containing purely factual information [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mar/level-3/q-and-a/esma/esma-qa-1741-communications-containing-purely-factual-information","url":"https://www.headlesslaw.com/mar/level-3/q-and-a/esma/esma-qa-1741-communications-containing-purely-factual-information","title":"ESMA Q&A 1741 — Q&A — Communications containing purely factual information [Answer 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by ESMA, published in its Q&A tool · not legislation · published 20 Dec 2016 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2016-12-20","question_submitted_on":"2016-12-20","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1741, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1741, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1741","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mar/level-3/q-and-a/esma/esma-qa-1741-communications-containing-purely-factual-information.md","body_sha256":"1bfe0efa524e0832cb87c7723d1cebd378498f89a204abb7ae9cad1f2172f305"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1741 — Q&A — Communications containing purely factual information [Answer Published]\"\nshortTitle: \"ESMA Q&A 1741 — Q&A — Communications containing purely factual information [Answer Published]\"\nanswer_id: ESMA_QA_1741\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: 20 December 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1741\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 20 December 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1741\"\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_1741: 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: \"2016-12-20\"\n  question_submitted_on: \"2016-12-20\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1741, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1741, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 20 Dec 2016 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 20 December 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1741)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1741 — Q&A — Communications containing purely factual information \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1741 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 20 December 2016; question submitted 20 December 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**Communications containing purely factual information**\n\n### Question\n\nDo communications to clients containing purely factual information on one or several financial instrument or issuers constitute an ‘investment recommendation’ under MAR?\n\n***\n\n### Answer\n\n\\[ESMA70-145-111 MAR Q&A, Q&A 8.5\\]\n\nIn 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.\n\nIn this context, factual information might, among other things, include recent events or news relating to one or several financial instruments or issuers.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1741)\n"}