ESMA has published the responses it has received to its January 2016 consultation on draft guidelines under MAR. Respondents include AIMA, the Investment Association, the Wealth Management Association, the Managed Funds Association and the City of London Law Society (CLLS) Regulatory Law Committee. The CLLS, amongst other things, makes a comment in relation to the practice of advisers conducting market soundings for both clients and brokers, who in turn have their own client base. In its view, the CLLS considers ESMA should add a confirmation to the effect that, even if parties cannot take advantage of the safe harbour for market soundings, they will not automatically commit market abuse where a disclosure of inside information is made in the normal exercise of their profession.
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Responses to ESMA’s consultation on MAR
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