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Article 11 — Market soundings — compare

Showing 7 of 7Release 1 Nov 2026Details
Coverage
MAR: every English consolidation from 1 Jan 2021. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
Freshness
Release a4f2a049 published 1 Nov 2026, 17:41 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
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Showing 7 of 7
Failures
None.
Incomplete
No.
From
4 December 2024 · Consolidated version of 4 December 2024 · Checked against EUR-Lex on 1 Nov 2026 · Official source
To
2 November 2026 · Consolidated version of 5 June 2026 · Checked against EUR-Lex on 1 Nov 2026 · Official source
11(1)

1.A market sounding comprises the communication of information prior to the announcement of a  transaction, if any, in order to gauge the interest of potential investors in a  possible transaction and the conditions relating to it such as its potential size or pricing, to one or more potential investors by:

11(4)

4.The disclosing market participant shall be deemed to have disclosed inside information in the course of a  market sounding in the normal exercise of a  person’s employment, profession or duties for the purposes of Article  10(1) where that market participant opts to comply with the following conditions:

11(4)(b)
(b)it informed the person receiving the market sounding that that person is prohibited from using that information, or attempting to use that information, by acquiring or disposing of, for that person’s own account or for the account of a  third party, directly or indirectly, financial instruments relating to that information;
11(4)(c)
(c)it informed the person receiving the market sounding that that person is prohibited from using that information, or attempting to use that information, by cancelling or amending an order which has already been placed concerning a  financial instrument to which the information relates;
11(4)(e)
(e)it made and maintained a  record of all information given to the person receiving the market sounding, including the information given in accordance with points (a) to (d), and the identity of the potential investors to whom the information has been disclosed, including but not limited to the legal and natural persons acting on behalf of the potential investor, and the date and time of each disclosure;
11(6)

6.Where information that has been disclosed in the course of a  market sounding ceases to be inside information according to the assessment of the disclosing market participant, the disclosing market participant shall inform the recipient accordingly, as soon as possible. That obligation shall not apply in cases where the information has otherwise been announced publicly.

The disclosing market participant shall maintain a  record of the information given in accordance with this paragraph and shall provide it to the competent authority upon request.

Rest of the article unchanged · show