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---
title: "ESMA Q&A 1743 — Q&A — Recommendation on derivatives traded solely outside [Answer Published]"
shortTitle: "ESMA Q&A 1743 — Q&A — Recommendation on derivatives traded solely outside [Answer Published]"
answer_id: ESMA_QA_1743
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/1743
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 20 December 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1743"
check_status: matched
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last_checked: 2026-10-26
checked_against: "the ESMA publication"
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    locator: "ESMA Q&A entry ESMA_QA_1743: 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"
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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/1743)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1743 — Q&A — Recommendation on derivatives traded solely outside \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1743 |
| **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 |

**Recommendation on derivatives traded solely outside a trading venue**

### Question

Are recommendations relating to derivatives traded solely outside a trading venue in scope of Article 20 of MAR?

***

### Answer

\[ESMA70-145-111 MAR Q&A, Q&A 8.7\]

In 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.

If 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.

Therefore, 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.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1743)