ESMA is consulting on draft guidelines on market soundings and delayed disclosure of inside information under the Market Abuse Regulation (MAR). Section 2 of the consultation contains the draft guidelines for persons receiving market soundings and section 3 sets out the draft guidelines on legitimate interests and omissions likely to mislead the public. Comments are invited by 31 March 2016. ESMA is still preparing a consultation paper on a third set of guidelines required under MAR, relating to the information expected or required to be published in relation to commodity derivatives. MAR will apply across the EU from 3 July 2016.