Art. 11

in force 2026-06-05 MODIFIED±0§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unknown

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in force 2024-12-04 MODIFIED§

Amended by Regulation (EU) 2024/2809 32024R2809

applies from: unchanged

Paragraph 1 now describes the communication as occurring prior to the announcement of a transaction, if any, rather than simply prior to the announcement of a transaction.

Paragraph 4 no longer simply cross-refers to compliance with paragraphs 3 and 5 to establish normal exercise of employment, profession or duties; it instead sets out its own list of conditions (a) through (f), covering consent, the two prohibitions on using the information, the confidentiality notice, record-keeping of disclosures, and provision of that record to the competent authority, framed as conditions the market participant may opt to comply with.

Paragraph 6 adds a sentence stating that the obligation to inform the recipient that information has ceased to be inside information does not apply where the information has otherwise been announced publicly, and paragraph 7 is reworded from a single person receiving the market sounding assessing for itself to persons receiving the market sounding assessing for themselves whether they possess inside information.

Cited: Art. 11, v2 · Art. 11, v1

text before / after, on the event page →

in force 2021-01-01 MODIFIED§

Amended by Regulation (EU) 2019/2115 32019R2115

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2017-06-14

A new paragraph 1a is inserted stating that where an offer of securities is addressed solely to qualified investors as defined under Regulation (EU) 2017/1129, communication of information to those qualified investors for negotiating the contractual terms of their participation in a bond issuance by an issuer with financial instruments admitted to trading on a trading venue, or by a person acting on the issuer's behalf, does not constitute a market sounding.

The new paragraph states that such communication is deemed made in the normal exercise of a person's employment, profession or duties under Article 10(1) and therefore does not constitute unlawful disclosure of inside information, and it requires the issuer or person acting on its behalf to ensure the qualified investors are aware of, and acknowledge in writing, the legal and regulatory duties involved and the sanctions applicable to insider dealing and unlawful disclosure of inside information.

This paragraph 1a did not appear in the earlier version of Article 11, which otherwise contains the same text in both versions.

Cited: Art. 11, v2 · Art. 11, v1

text before / after, on the event page →