Topic Information obligations for issuers Market soundings
Article from Issuer Guidelines published by the Federal Financial Supervisory Authority
The specific requirements applicable to market soundings, for which there are no previous provisions, can be found in Article 11 of the MAR. This refers to the communication of information to investors prior to the announcement of a capital market transaction in order to sound out the interest of the markets and hence the prospects of success, or to gauge the attractiveness of the own offering. During the course of this, it may be necessary to disclose inside information to potential investors.
By introducing Article 11 of the MAR, the European legislator responded to existing market practice is now governing it explicitly. If the obligations under Article 11 of the MAR are fulfilled, such a disclosure is deemed to be a legitimate act and therefore represents a privileged treatment.
The chapter is divided into the following sections:
