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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_1743, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1743, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1743","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mar/level-3/q-and-a/esma/esma-qa-1743-recommendation-on-derivatives-traded-solely-outside-a.md","body_sha256":"cd4b1cfa9f14b2d41c71b2b07981f82c8a5b0bd1ee299c41c604a707aff4ad7e"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1743 — Q&A — Recommendation on derivatives traded solely outside [Answer Published]\"\nshortTitle: \"ESMA Q&A 1743 — Q&A — Recommendation on derivatives traded solely outside [Answer Published]\"\nanswer_id: ESMA_QA_1743\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/1743\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 20 December 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1743\"\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_1743: 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_1743, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1743, 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/1743)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1743 — Q&A — Recommendation on derivatives traded solely outside \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1743 |\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**Recommendation on derivatives traded solely outside a trading venue**\n\n### Question\n\nAre recommendations relating to derivatives traded solely outside a trading venue in scope of Article 20 of MAR?\n\n***\n\n### Answer\n\n\\[ESMA70-145-111 MAR Q&A, Q&A 8.7\\]\n\nIn line with Articles 2(1)(d) and 2 (3) of MAR, a derivative traded outside a trading venue is in scope of MAR insofar as its price or value depends on, or has an effect on the price or value of a financial instrument referred to in Article 2(1)(a), (b) or (c) of MAR.\n\nIf the price or value of a derivative traded outside a trading venue does not depend on or have an effect on the price or value of a financial instrument referred to in Article 2(1)(a), (b) or (c) of MAR, the derivative would not be in scope of MAR and therefore any recommendation relating to the financial instrument would not be in scope of Article 20 of MAR.\n\nTherefore, firms are responsible for conducting their own assessment on a case by case basis as to whether a recommendation on a given derivative traded solely outside a trading venue is in scope of Article 20 of MAR and subject to the requirements of Commission Delegated Regulation (EU) 2016/958.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1743)\n"}