Topic Information obligations for issuers Material scope
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
The market sounding must relate to financial instruments within the meaning of Article 2(1) of the MAR.
Recital (32) of the MAR describes market soundings as interactions between a seller of financial instruments and one or more potential investors, prior to the announcement of a transaction, in order to gauge the interest of potential investors in a possible transaction and its pricing, size and structuring.
Examples of such transactions are issuances of securities such as bonds and debt instruments, or sales of large quantities of securities (block trades).
A takeover process is another situation in which market sounding may happen prior to the transaction.