Article 3
General obligations in relation to objective presentation of recommendations
1.
Persons who produce recommendations shall ensure that their recommendations comply with the following requirements:
(a)
facts are clearly distinguished from interpretations, estimates, opinions and other types of non-factual information;
(b)
all substantially material sources of information are clearly and prominently indicated;
(c)
all sources of information are reliable or, where there is any doubt as to whether a source is reliable, this is clearly indicated;
(d)
all projections, forecasts and price targets are clearly and prominently labelled as such, and the material assumptions made in producing or using them are indicated;
(e)
the date and time when the production of the recommendation was completed is clearly and prominently indicated.
2.
Where the disclosure of the information required in points (b) or (e) of paragraph 1 is disproportionate in relation to the length or form of the recommendation, including in the case of a non-written recommendation that is made using modalities, such as meetings, road shows, audio or video conferences, as well as radio, television or website interviews, the person who produces recommendations shall state in the recommendation where the required information can be directly and easily accessed by the persons receiving the recommendation free of charge.
3.
Persons who produce recommendations shall substantiate any recommendation they have produced to the competent authority upon its request.