On 13 July 2016, ESMA published final guidelines on persons receiving market soundings and delay of disclosure of inside information.
The guidelines on market soundings detail internal procedures and staff training of persons receiving a market sounding, written minutes or notes of unrecorded meetings or telephone conversations, assessment of possession of inside information and record keeping requirements.
The guidelines on legitimate interests of issuers to delay disclosure of inside information and on situations in which the delay of disclosure is likely to mislead the public provide a non-exhaustive list of situations where the delay of disclosure is likely to mislead the public and examples of cases where the immediate disclosure of inside information may prejudice the legitimate interests of issuers (e.g. where disclosure might prejudice the outcome of negotiations being conducted by the issuer).
ESMA's final guidelines can be accessed here:
https://www.esma.europa.eu/sites/default/files/library/2016-1130_final_report_on_mar_guidelines.pdf
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