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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_1744, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1744, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1744","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mar/level-3/q-and-a/esma/esma-qa-1744-identification-of-derivatives-in-investment-recommendations.md","body_sha256":"406d59b17e5002bb0da958ef3163a634cabf766e9846da5d5d9d7d9f696fcd9d"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1744 — Q&A — Identification of derivatives in investment [Answer Published]\"\nshortTitle: \"ESMA Q&A 1744 — Q&A — Identification of derivatives in investment [Answer Published]\"\nanswer_id: ESMA_QA_1744\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/1744\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 20 December 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1744\"\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_1744: 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_1744, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1744, 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/1744)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1744 — Q&A — Identification of derivatives in investment \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1744 |\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**Identification of derivatives in investment recommendations**\n\n### Question\n\nWhere a recommendation relates to a derivative, how should it be determined whether a recommendation has been given on the same financial instrument, for the purposes of complying with Article 4(1)(h) of Commission Delegated Regulation (EU) 2016/958?\n\n***\n\n### Answer\n\n\\[ESMA70-145-111 MAR Q&A, Q&A 8.8\\]\n\nWhere a unique identifier exists for the concerned derivative, such identifier has to be used to determine whether there has been a change in a previous recommendation given by the producer on the same financial instrument.\n\nFor as long as a unique identifier does not exist for a derivative instrument, all reasonable efforts should be made to identify such a financial instrument by other means, so as to comply with Article 4(1)(h) of Commission Delegated Regulation (EU) 2016/958. For example, these efforts may include establishing a proprietary taxonomy. In determining recommendations on the same financial instrument (for the purposes of Article 4(1)(h) of Commission Delegated Regulation (EU) 2016/958), common features of a given derivative contract, including but not limited to strike, underlying or maturity could be identified. Such an approach should allow producers of recommendations to provide meaningful disclosures to recipients and still comply with the requirements.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1744)\n"}