The European Commission has adopted a Delegated Regulation in relation to RTS for market soundings. Article 11 of MAR provides a framework within which market soundings can legitimately be made. Provided that certain requirements are complied with, disclosing market participants (DMPs) conducting market soundings can benefit from protection against unlawful disclosure of inside information. However, where the requirements set out in MAR and as further specified in RTS are not complied with, DMPs cannot benefit from this protection. The Delegated Regulation will apply from 3 July 2016. In the meantime, the Joint Market Abuse Working Party of the Law Society and the CLLS have responded to ESMA's January 2016 consultation on draft guidelines under MAR, stating its concern that the guidelines for persons receiving market soundings will not always be proportionate, which could lead to an unequal playing field with markets in non-EU jurisdictions that do not impose such a prescriptive regime. The working party also states that it is not clear how the guidelines would apply to a market participant who is outside the EEA.