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Directive 2003/125/EC


I. General Information

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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

Status: Repealed

Own interests or conflicts of interest of persons recommending or suggesting investment strategy may influence the opinion that they express in investment recommendations. In order to ensure that the objectivity and reliability of the information can be evaluated, appropriate disclosure should be  made of significant financial interests in any financial instrument which is the subject of the information recommending investment strategies, or of any conflicts of interest or control relationship with respect to the issuer to whom the information relates, directly or indirectly. However, this Directive should not require relevant persons producing investment recommendations to breach effective information barriers put in place in order to prevent and avoid conflicts of interest.

Directive 2003/125/EC
Source O.J. EC No L (Legislation), Edition 339, Year 2003, p.73-77
Adoption 12/22/2003
Promulgation 12/24/2003
Character Lamfalussy Implementing Act