ESMA has published final guidelines under MAR regarding market soundings and delayed disclosure of inside information, following its January 2016 consultation. The final guidelines relate to the factors and steps that recipients must take into account, and the records which must be maintained, when information is disclosed to them as part of a market sounding to assess whether the information amounts to inside information. With regard to delayed disclosure, the guidelines provide a non-exhaustive and indicative list of legitimate interests of the issuer likely to be prejudiced by immediate disclosure of inside information and situations in which delay of disclosure is likely to mislead the public.