ESMA has updated its Q&A paper on the common operation of the Market Abuse Directive. The updated Q&A include a new question on investment recommendation, specifically whether certain statements fall within the definition of ‘recommendation’ in Article 1(3) of the Commission Directive 2003/125/EC on the fair presentation of investment recommendations and the disclosure of conflicts of interest (Investment Recommendations Directive) and therefore need to comply with the relevant obligations set out in that Directive. The Q&A were last updated in November 2015. ESMA has also published updated version of its Q&A on the implementation of EMIR, which were last updated in February. The only change to the previous version of the Q&A is a new question and answer on the population of the "clearing obligation" field in trade reports (TR Question 42).