On October 20th 2016 ESMA published the translations of two sets of guidelines which it was mandated to issue under Regulation (EU) No 596/2014 of April 16th 2014 on market abuse (the “Market Abuse Regulation”), specifically, its guidelines to persons receiving market soundings (“MSRs”) (the “Guidelines to MSRs”) and its guidelines on legitimate interests of issuers to delay disclosure of inside information and situations in which the delay of disclosure is likely to mislead the public (the “Delay Guidelines” and together with the “Guidelines to MSRs, the “Guidelines”). Following a linguistic issue in the Polish translation of the Guidelines to MSRs, all 22 language versions were re-published on November 10th 2016.

The Guidelines were stated to apply two months after their publication which means that the Delay Guidelines are applicable since December 20th 2016.

The Guidelines to MSRs are applicable since January 10th 2017.

On October 20th 2016, the CSSF published CSSF Circular 16/646 in order to transpose the Delay Guidelines into Luxembourg regulation with immediate effect and likewise, on January 11th 2017, the CSSF published CSSF Circular 17/648 in order to transpose the Guidelines to MSRs into Luxembourg regulation with immediate effect.

For details on the content of the Guidelines, please refer to our previous article on this topic in the dedicated article.