Investment recommendations

These regulations apply to persons who produce or disseminate investment recommendations or other information recommending or suggesting a certain investment strategy.

Regulations concerning investment recommendations can be found in Article 20 of MAR and in Commission Delegated Regulation (EU) 2016/958. ESMA is also working on producing guidelines.


These persons shall take reasonable care to ensure that the information is objectively presented. They shall also disclose their interests or indicate conflicts of interest concerning the financial instruments to which that information relates.

Who is covered

The aim of these regulations is for everyone to have a fair chance of studying and acting on the recommendations that are disseminated. The regulations were already partly in place but have now been adjusted through, for example, expanding them to cover all those who produce recommendations, not just those who do this professionally.

The investment recommendations affected by this legislation are those that contain information intended for distribution channels or for the general public that explicitly or implicitly recommends an investment strategy. In this context, a distribution channel is regarded as a channel through which information has been or will probably become available to the public.

Last reviewed: 2022-01-21