Sponsored financial analysis by issuers: new obligations for listed companies in 2026

Key data

If your company is listed on the stock exchange and you have ever commissioned an analysis report on your own securities, this regulation directly affects you. The Delegated Regulation (EU) 2026/1092, published on 4 September 2026, establishes a European code of conduct for so-called "issuer-sponsored research": those financial analysis reports financed by the company being analyzed.

Until now, the boundary between independent analysis and analysis paid for by the subject being analyzed was blurred for many investors. This regulation, which complements the MiFID II Directive (2014/65/EU), imposes clear transparency rules that affect the entire chain: from the company commissioning the report to the entity distributing it.

What does this regulation establish?

Regulation 2026/1092 defines the regulatory technical standards (RTS) that articulate the EU code of conduct for financial research sponsored by the issuer. Its three pillars are:

The regulatory objective is to protect both retail and institutional investors: to prevent a seemingly independent report from influencing their decisions when it has actually been commissioned and paid for by the company being analyzed.

Economic and operational impact

The impact is not just formal compliance. It has concrete operational and reputational consequences for affected companies:

• Cost of internal adaptation: Listed companies will need to review their contracts with analysis providers to incorporate the new transparency and methodology clauses required by the code of conduct.
• Review of disclosure processes: Investor relations (IR) and compliance departments will need to update their procedures to ensure that any sponsored report complies with the identification and conflict disclosure requirements.
• Reputational risk: A sponsored report that does not comply with the code of conduct can be perceived by the market as information manipulation, with consequent damage to credibility with investors.
• Regulatory risk: Non-compliance is subject to regulatory sanctions under the MiFID II framework, which in Spain is enforced by the CNMV as the competent supervisor.
• Impact on distributors: Investment entities that distribute these reports are also obligated, which may require updates to their research classification and distribution systems.

The regulation does not set specific penalty amounts in its published text, but the applicable sanctions are those provided for in the general MiFID II regime, which depending on the infraction can be serious or very serious.

Who does it affect?

• Listed companies that commission or finance analysis on their own securities (shares, bonds or other instruments).
• Financial analysis firms (brokers, research boutiques, independent analysts) that prepare reports commissioned by the issuer.
• Investment entities (investment banks, securities companies, securities agencies) that distribute or use this type of reports in their services.
• Report distributors that make analysis sponsored by issuers available to clients or the market.

Practical example

A company listed on the Continuous Market decides to hire an independent analysis firm to prepare a coverage report on its shares, with the aim of increasing its visibility among institutional investors. The company pays the firm's fees.

With the new code of conduct under Regulation 2026/1092, that report must:

1. Include in a visible and explicit manner that it has been financed by the company being analyzed.
2. Declare the conflicts of interest arising from that economic relationship.
3. Demonstrate that the analysis firm has applied an independent methodology, not conditioned by the issuer's interests.

If the report is distributed through a research platform or an investment entity, the latter must also ensure that the document complies with the requirements before making it available to its clients. If any of these steps fails, both the listed company, the analysis firm and the distributor are exposed to supervision and possible sanctions by the CNMV.

What should companies do now?

1. Identify all active sponsored analysis contracts: Review whether your listed company has agreements in place with analysis firms where there is economic consideration from the issuer.
2. Update contracts with research providers: Incorporate clauses that guarantee the identification of sponsorship, the declaration of conflicts of interest and the methodological independence required by Regulation 2026/1092.
3. Review the compliance department's processes: Ensure that internal procedures include validation of sponsored reports before their distribution.
4. Train investor relations (IR) and compliance teams: Personnel managing these reports must be familiar with the new requirements of the European code of conduct.
5. Verify the distribution chain: If your entity distributes third-party reports, check that the analyses received comply with the identification and disclosure requirements before making them available to clients.
6. Consult the CNMV or a specialized advisor: Given that the entry into force date is not specified in the published text, it is a priority to monitor supervisor communications to learn the adaptation deadline.

Official source

Consult the complete regulation at the official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=CELEX:32026R1092