Topic Information obligations for issuers Obligations of market sounding recipients (MSRs)
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
Whereas Article 11(7) of the MAR merely prescribes a self-assessment by the MSR whether it is in possession of inside information, the MAR Guidelines1 contain a range of requirements governing the conduct of the MSR to ensure compliance with the prohibition of insider dealing, in particular the prohibition of disclosure under insider law.
BaFin complies in full with these Guidelines, with the result that the corresponding requirements are taken into account in its administrative practice.
The Guidelines contain requirements governing both the factors that the MSRs must take into account for their self-assessment under Article 11(7) of the MAR and the procedure (documentation), as well as the form of and retention period for records. The MSR must also keep extensive records on a durable medium and retain them for at least five years.
Regardless of whether the DMP complies with the obligations relating to the market sounding, the MSR is obliged to comply with the requirements under Article 11(7) of the MAR and the MAR Guidelines.
Footnotes:
- 1 MAR Guidelines, Persons receiving market soundings (ESMA/2016/1477).
