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ARTICLE · 10 NOVEMBER 2017

ESMA: Updated Q&A On MAR

A&O Shearman
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On 1 September 2017 and 29 September 2017, respectively, ESMA published further updates to its Q&A on MAR.

European UnionCorporate/Commercial Law
A&O Shearman
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On 1 September 2017 and 29 September 2017, respectively, ESMA published further updates to its Q&A on MAR. We discussed this in the Q2 2017 edition of Governance & Securities Law Focus. Changes since the last version include:

  • A new question relating to market sounding (Q9): this asks whether communications of information to potential investors, made prior to the announcement of a transaction in order to gauge interest in a possible transaction are caught by Article 11 of MAR. ESMA's response distinguishes between situations where the financial instrument which is the subject of the possible transaction is:
    • already admitted to trading, is traded on a trading venue or a request for admission to trading has been made (when the transaction would fall within the scope of Article 11); and

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