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Part B Commentary, 3 Disclosure Requirements, Art.20: Investment recommendations and statistics

Edited By: Marco Ventoruzzo

From: Market Abuse Regulation: Commentary and Annotated Guide (2nd Edition)

Edited By: Marco Ventoruzzo, Sebastian Mock

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 15 April 2024

Subject(s):
Improper disclosure — Insider dealing — Insider trading — Misleading impressions — Market abuse — Market Abuse Directive (MAD) — Regulated activities — Regulated persons

This chapter concerns Article 20, which applies to persons who produce or disseminate investment recommendations or other information recommending or suggesting an investment strategy. For this category of individuals, it provides specific requirements connected to the information provided, as well as their own role. Article 20(1) provides that persons who produce or disseminate investment recommendations or other information recommending or suggesting an investment strategy shall take care of the objectivity of the information presented. Article 20(2) extends to public institutions disseminating statistics or forecasts with a significant impact on financial markets. Article 20(3) requires ESMA to develop draft regulatory technical standards in order to determine the technical arrangements in three areas.

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