ESMA is conducting a limited consultation on guidelines under the Market Abuse Regulation (MAR). The consultation covers:

  • persons receiving market soundings (MAR introduces a detailed regime for “market soundings”). The guidelines cover internal procedures for firms, and consider when soundings might put firms in receipt of inside information; and
  • legitimate interests of issuers to delay disclosure of inside information (MAR provides the possibility, under certain circumstances, to delay the disclosure of insider information) and on situations in which the delay of disclosure is likely to mislead the public.

ESMA has already submitted to the Commission several technical standards, including in relation to disclosing market participants conducting market soundings. It will also be consulting on a third set of guidelines required under MAR and relating to the information expected or required to be published in relation to commodity derivatives. ESMA wants to finalise the guidelines by Q3 2016 and asks for comments by 31 March. (Source: ESMA Consults on MAR Guidelines)