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 qualifies the timing of the communication with the phrase "if any" describing the announcement of a transaction, and paragraph 4 has been rewritten so that a disclosing market participant is deemed to have disclosed inside information in the normal exercise of employment where it opts to comply with a new set of six listed conditions, lettered (a) to (f), instead of cross-referring to compliance with paragraphs 3 and 5 as before.

Paragraph 6 adds a new 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.

Paragraph 7 has been reworded from referring to "the person receiving the market sounding" assessing for itself whether it is or ceases to be in possession of inside information, to referring to "persons receiving the market sounding" assessing for themselves whether they possess inside information.

Cited: Art. 11, v1 · Art. 11, v2

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 in Regulation (EU) 2017/1129, communication of information to those investors for negotiating the contractual terms of their participation in a bond issuance by an issuer with instruments admitted to trading on a trading venue, made by that issuer or a person acting on its behalf, does not constitute a market sounding.

The new paragraph further states that such communication is deemed made in the normal exercise of a person's employment, profession or duties under Article 10(1), and that the issuer or person acting on its behalf must 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.

No such paragraph 1a existed in the earlier version of Article 11.

Cited: Art. 11, v2 · Art. 11, v1

text before / after, on the event page →