--- title: "ESMA Q&A 1742 — Q&A — Communications on previously disseminated investment [Answer Published]" shortTitle: "ESMA Q&A 1742 — Q&A — Communications on previously disseminated investment [Answer Published]" answer_id: ESMA_QA_1742 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: 20 December 2016 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1742 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 20 December 2016" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1742" 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_1742: 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: "2016-12-20" question_submitted_on: "2016-12-20" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1742, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1742, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer by ESMA, published in its Q&A tool · not legislation · published 20 Dec 2016 [Answer Published]** *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/1742)* | | | |---|---| | **Full title** | ESMA Q&A 1742 — Q&A — Communications on previously disseminated investment \[Answer Published\] | | **Prepared by** | ESMA | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1742 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 20 December 2016; question submitted 20 December 2016 | | **Legal basis** | MAR | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Communications on previously disseminated investment recommendations** ### Question Do communications intended for distribution channels or for the public which only report or refer to previously disseminated investment recommendation and do not include any new elements of opinion or valuation or confirmation of a previous opinion or valuation constitute an investment recommendation under MAR? *** ### Answer \[ESMA70-145-111 MAR Q&A, Q&A 8.6\] No, such a communication will not amount to a new investment recommendation, but would still be subject to Article 7 of Commission Delegated Regulation (EU) 2016/958, if it is disseminated by the producer of the investment recommendation, and therefore such a communication shall include, the date and time of first issuance of the investment recommendation. If a communication reports or refers to a former investment recommendation but contains either confirmation of the previous opinion or valuation or new elements of opinion or valuation, which may be based on new facts or events concerning the issuer which are considered in the valuation, it will be viewed as a new investment recommendation and all aspects of Commission Delegated Regulation (EU) 2016/958 would need to be considered. In case a person disseminates recommendations produced by third parties, articles 8 to 10 of Commission Delegated Regulation (EU) 2016/958 need to be considered. *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1742)