On June 17, 2016, an EU Delegated Regulation containing RTS on investment recommendations under MAR was published in the Official Journal of the European Union. MAR came into force on July 3, 2016 except for those concepts that will be introduced by MiFID II, which will apply from January 3, 2018.

The RTS set out the technical arrangements for objective presentation of investment recommendations and for disclosure of particular interests or conflicts of interest. The RTS require that a firm producing a recommendation must disclose its identity, as well as the names and identities of the individuals involved in preparing a recommendation. Firms that disseminate recommendations will be subject to similar disclosure obligations and must also indicate on a recommendation the date on which it was first disseminated. Firms producing recommendations must also disclose relevant interests or conflicts of interest.

The RTS on investment recommendations is available at: http://eur-lex.europa.eu/legalcontent/EN/TXT/PDF/?uri=CELEX:32016R0958&from=EN