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.
Shown: 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

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(1)(a)

(a)an issuer;

11(1)(b)

(b)a secondary offeror of a financial instrument, in such quantity or value that the transaction is distinct from ordinary trading and involves a selling method based on the prior assessment of potential interest from potential investors;

11(1)(c)

(c)an emission allowance market participant; or

11(1)(d)

(d)a third party acting on behalf or on the account of a person referred to in point (a), (b) or (c).

11(1a)

1a.Where an offer of securities is addressed solely to qualified investors as defined in point (e) of Article 2 of Regulation (EU) 2017/1129 of the European Parliament and of the Council, communication of information to those qualified investors for the purposes of negotiating the contractual terms and conditions of their participation in an issuance of bonds by an issuer that has financial instruments admitted to trading on a trading venue, or by any person acting on its behalf or on its account, shall not constitute a market sounding. Such communication shall be deemed to be made in the normal exercise of a person’s employment, profession or duties as provided for in Article 10(1) of this Regulation, and therefore shall not constitute unlawful disclosure of inside information. That issuer or any person acting on its behalf or on its account shall ensure that the qualified investors receiving the information are aware of, and acknowledge in writing, the legal and regulatory duties entailed and are aware of the sanctions applicable to insider dealing and unlawful disclosure of inside information.

11(2)

2.Without prejudice to Article 23(3), disclosure of inside information by a person intending to make a takeover bid for the securities of a company or a merger with a company to parties entitled to the securities, shall also constitute a market sounding, provided that:

11(2)(a)

(a)the information is necessary to enable the parties entitled to the securities to form an opinion on their willingness to offer their securities: and

11(2)(b)

(b)the willingness of parties entitled to the securities to offer their securities is reasonably required for the decision to make the takeover bid or merger.

11(3)

3.A disclosing market participant shall, prior to conducting a market sounding, specifically consider whether the market sounding will involve the disclosure of inside information. The disclosing market participant shall make a written record of its conclusion and the reasons therefor. It shall provide such written records to the competent authority upon request. This obligation shall apply to each disclosure of information throughout the course of the market sounding. The disclosing market participant shall update the written records referred to in this paragraph accordingly.

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)(a)

(a)it obtained the consent of the person receiving the market sounding to receive inside information;

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)(d)

(d)it informed the person receiving the market sounding that by agreeing to receive the information that person is obliged to keep the information confidential;

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(4)(f)

(f)it provided that record to the competent authority upon request.

(a)

(b)

(c)

(d)

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.

11(7)

7.Notwithstanding this Article, persons receiving the market sounding shall assess for themselves whether they possess inside information.

11(8)

8.The disclosing market participant shall keep the records referred to in this Article for a period of at least five years.

11(9)

9.In order to ensure consistent harmonisation of this Article, ESMA shall develop draft regulatory technical standards to determine appropriate arrangements, procedures and record keeping requirements for persons to comply with the requirements laid down in paragraphs 4, 5, 6 and 8.

ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015.

Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

11(10)

10.In order to ensure uniform conditions of application of this Article, ESMA shall develop draft implementing technical standards to specify the systems and notification templates to be used by persons to comply with the requirements established by paragraphs 4, 5, 6 and 8 of this Article, particularly the precise format of the records referred to in paragraphs 4 to 8 and the technical means for appropriate communication of the information referred to in paragraph 6 to the person receiving the market sounding.

ESMA shall submit those draft implementing technical standards to the Commission by 3 July 2015.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

11(11)

11.ESMA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010, addressed to persons receiving market soundings, regarding:

11(11)(a)

(a)the factors that such persons are to take into account when information is disclosed to them as part of a market sounding in order for them to assess whether the information amounts to inside information;

11(11)(b)

(b)the steps that such persons are to take if inside information has been disclosed to them in order to comply with Articles 8 and 10 of this Regulation; and

11(11)(c)

(c)the records that such persons are to maintain in order to demonstrate that they have complied with Articles 8 and 10 of this Regulation.