Requirement (MIFID)
Article 24 Investment research
Requirements MIFID - DIRECTIVE 2006/73/EC
Description
Description
1. For the purposes of Article 25, ‘investment research’ means
research or other information recommending or suggesting an
investment strategy, explicitly or implicitly, concerning one or
several financial instruments or the issuers of financial
instruments, including any opinion as to the present or future
value or price of such instruments, intended for distribution
channels or for the public, and in relation to which the following
conditions are met:
(a) it is labelled or described as investment research or in
similar terms, or is otherwise presented as an objective or
independent explanation of the matters contained in the
recommendation;
(b) if the recommendation in question were made by an
investment firm to a client, it would not constitute the
provision of investment advice for the purposes of
Directive 2004/39/EC.
2. A recommendation of the type covered by Article 1(3) of
Directive 2003/125/EC but relating to financial instruments as
defined in Directive 2004/39/EC that does not meet the
conditions set out in paragraph 1 shall be treated as a marketing
communication for the purposes of Directive 2004/39/EC and
Member States shall require any investment firm that produces
or disseminates the recommendation to ensure that it is clearly
identified as such.
Additionally, Member States shall require those firms to ensure
that any such recommendation contains a clear and prominent
statement that (or, in the case of an oral recommendation, to the
effect that) it has not been prepared in accordance with legal
requirements designed to promote the independence of investment
research, and that it is not subject to any prohibition on
dealing ahead of the dissemination of investment research.
Comment
Applies to Article 19(2) of Directive 2004/39/EC