Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest
Summary of the initiative
Objective(s):The Directive 2003/125/EC as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest establishes standards for the fair presentation of investment recommendations and the disclosure of conflicts of interest. The Directive imposes a general requirement on Member States to put in place appropriate regulation of persons, who make investment recommendations ('appropriate regulation' shall mean any regulation, including self-regulation, in place in Member States). This general requirement does not apply in the case of journalists who are subject to equivalent appropriate regulation in Member States, including equivalent appropriate self-regulation, provided that such regulation achieves effects similar to those of the regulation by Member States that would otherwise be required by the directive. The journalists' self regulation rules are also referred to in the 'market manipulation' definition in the Market Abuse Directive 2003/6.