by holdthefrontpage staff
New guidelines for financial journalism have been launched by the Press Complaints Commission.
The new note takes into consideration the Investment Recommendation (Media) Regulations 2005, which incorporate into UK law the EU Market Abuse Directive, and which contain rules for people who make investment recommendations.
The regulations do not apply to newspapers and magazines that subscribe to the PCC, if they publish a reference to the Code of Practice when their recommendations appear.
The Best Practice Note is amended to expand the guidance concerning journalists who make recommendations to buy, sell or hold shares.
If journalists have any significant financial interests in shares they are recommending, or if any conflicts of interest arise, the note also recommends that:
the interests are publicly disclosed; and
disclosures could take place on the newspaper's website, if there is a reference in the newspaper to where they can be found.
It underlines the relevance of Clause 1 (Accuracy) of the Code for journalists who make recommendations, or report on recommendations made by third parties.
Broader guidance concerning internal disclosure on shareholdings about which journalists are writing remains the same.
Click here for the full text of the guidance note.
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