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---
title: "ESMA Q&A 1745 — Q&A — Recommendations on multiple issuers [Answer Published]"
shortTitle: "ESMA Q&A 1745 — Q&A — Recommendations on multiple issuers [Answer Published]"
answer_id: ESMA_QA_1745
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: 27 January 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1745
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 27 January 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1745"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
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document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2017-01-27"
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    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1745, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 27 Jan 2017 [Answer Published]**

*Answer Published · ESMA Q&A register, 27 January 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1745)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1745 — Q&A — Recommendations on multiple issuers \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1745 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 27 January 2017; question submitted 27 January 2017 |
| **Legal basis** | MAR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Recommendations on multiple issuers**

### Question

How does Commission Delegated Regulation (EU) 2016/958 apply when the subject of the recommendation relates to multiple issuers independently?

***

### Answer

\[ESMA70-145-111 MAR Q&A, Q&A 8.9\]

When a recommendation refers to several issuers independently, for example as part of sectorial research, the requirements would apply independently to every issuer that is the subject of the recommendation.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1745)