Article 3

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 (Text with EEA relevance) · European Union

General standard for fair presentation of recommendations 1. Member States shall ensure that there is appropriate regulation in place to ensure that all relevant persons take reasonable care to ensure that: facts are clearly distinguished from interpretations, estimates, opinions and other types of non-factual information; all sources are reliable or, where there is any doubt as to whether a source is reliable, this is clearly indicated; all projections, forecasts and price targets are clearly labelled as such and that the material assumptions made in producing or using them are indicated. 2. Member States shall ensure that there is appropriate regulation in place to ensure that the requirements laid down in paragraph 1 are adapted in order not to be disproportionate in the case of non-written recommendations. 3. Member States shall require that all relevant persons take reasonable care to ensure that any recommendation can be substantiated as reasonable, upon request by the competent authorities. 4. Paragraphs 1 and 3 shall not apply to journalists subject to equivalent appropriate regulation in the Member States, including equivalent appropriate self regulation, provided that such regulation achieves similar effects as those of paragraphs 1 and 3.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.