ESMA has been mandated to draft regulatory and implementing technical standards (level 2) and to issue guidelines (level 3) in relation to the Market Abuse Regulation (MAR). The Securities and Markets Stakeholder Group (SMSG) has provided advice on relevant future topics to be dealt with on level 3. First, SMSG recommends that ESMA should establish an interactive online tool on its website which provides a comprehensive compendium of the level 1 and level 2-regulations as well as the related ESMA guidelines and Q&As. Second, the MAR requires ESMA to issue three sets of guidelines. One of the three guidelines will deal with the requirements for persons receiving market soundings. SMSG recommends ESMA avoid an excessively complex level 3-regime which would discourage market soundings. As to the guidelines specifying the right to delay the disclosure of inside information, SMSG recommends CESR’s non-exhaustive list of examples of legitimate interests to be incorporated into ESMA’s guidelines. Furthermore, ESMA’s guidelines should interpret the requirement “not misleading the public” in accordance with the former CESR guidance and specify that delay of disclosure is only misleading if an issuer actively sends signals that contradict the delayed inside information. ESMA should further clarify some key aspects of insider trading law, such as price relevance of inside information. To this end, ESMA should aim to provide more analysis with respect to the divergent approaches taken by the NCAs in this specific area of insider trading law. In particular, ESMA should provide more guidance on the “reasonable investor test”. Finally, ESMA’s Guidelines should define which information directly concerns the issuer. SMSG asks ESMA to clarify that issuers are under no obligation to respond to speculation or market rumours which are without substance.