Topic Information obligations for issuers Obligations of the persons involved in the market sounding
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
Article 11 of the MAR and the rulebook governing market soundings – Commission Delegated Regulation (EU) 2016/960 (Market Sounding Regulation)1, Commission Implementing Regulation (EU) 2016/959 (Market Sounding Implementing Regulation)2 and the ESMA MAR Guidelines “Persons receiving market soundings” (MAR Guidelines)3 – contain extensive procedural requirements that impose both material and formal obligations on persons concerned.
Under Article 11(4) in conjunction with Article 10(1) of the MAR, disclosing inside information is lawful if the disclosing market participant fulfils the requirements under Article 11(3) and (5) of the MAR. This does not mean that any disclosure of inside information in the context of market soundings by market participants who have not complied with these procedural requirements must necessarily be judged to be unlawful. However, such market participants cannot benefit from the exemption set out in Article 11(4) of the MAR.
The chapter is divided into the following sections:
Footnotes:
- 1 Commission Delegated Regulation (EU) 2016/960 of 17 May 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings, OJ L 160, p. 29.
- 2 Commission Implementing Regulation (EU) 2016/959 of 17 May 2016 laying down implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants and the format of the records in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council, OJ L 160, p. 23.
- 3 MAR Guidelines, Persons receiving market soundings (ESMA/2016/1477).
