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---
title: "ESMA Q&A 1150 — Q&A — Financial instruments in scope of the market sounding [Answer Published]"
shortTitle: "ESMA Q&A 1150 — Q&A — Financial instruments in scope of the market sounding [Answer Published]"
answer_id: ESMA_QA_1150
topic: "Insider dealing and legitimate behaviour, including market soundings"
status: "Answer Published"
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date: 1 September 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1150
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 1 September 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1150"
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 15 Jun 2023 [Answer Published]**

*Answer Published · ESMA Q&A register, 1 September 2017 · Checked against the ESMA publication on 27 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1150)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1150 — Q&A — Financial instruments in scope of the market sounding \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1150 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 15 June 2023; question submitted 1 September 2017 |
| **Legal basis** | MAR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Financial instruments in scope of the market sounding regime**

### Question

What are the financial instruments in the scope of Article 11 of MAR on market sounding?

***

### Answer

\[ESMA70-145-111MAR Q&A 9.1\]

The financial instruments subject to the market sounding regime are those specified in Article 2(1) of MAR.

If a market sounding relates to transactions in financial instruments that, within the meaning of Article 2(1)(a)–(c) of MAR, are already admitted to trading, for which an application for admission to trading has been filed, or are already traded on a trading venue (e.g. in the case of an increase of an existing issuance), or if, pursuant to Article 2(1)(d) of MAR, the price or value of such financial instruments depends on or has an effect on the price or value of a financial instrument referred to in Article 2(1)(a)–(c) of MAR, any communication with potential investors to gauge their interest in a potential transaction falls within the scope of Article 11 MAR.

To determine if pursuant to Article 2(1)(d), the financial instrument price or value has an effect on the price or value of a financial instrument referred to in Article 2(1)(a-c) of MAR, the disclosing market participant (DMP) must assess on a case by case basis whether there is any relationship between the price or value of the financial instrument that is the subject of the sounding and any other existing financial instrument falling under Article 2(1)(a)-(c) of MAR such as, for instance, other financial instruments of the issuer in question or of a parent company. DMPs are expected to be able to document their assessment.

If it is unclear whether a price or value relationship exist, (e.g. no data available regarding a new financial instrument), DMPs can decide to apply Article 11 of MAR, to benefit from its protection, should such a relationship be later established.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1150)