The European Securities & Markets Authority is consulting on a draft set of Market Abuse Regulation guidelines.

The Regulation includes a detailed “market soundings” regime. It also allows issuers to delay the disclosure of inside information in some circumstances. ESMA is seeking feedback on draft guidelines for those who receive market soundings; and those who might delay the disclosure of inside information, if that’s likely to mislead the public.

The Regulation will be directly applicable in the European Union’s Member States from 3 July 2016.

The consultation period end on 31 March 2016. ESMA will publish its Guidelines and a report in September 2016.