MAR: A Balanced Approach to the Market Sounding Regime's Applicability in Capital Markets Transactions

Few aspects of the Market Abuse Regulation (MAR) have generated as much angst and uncertainty among market participants planning capital markets transactions as its market sounding provisions.

This memorandum supplements our prior memoranda on MAR by considering the appropriate reach and applicability of the market sounding regime in capital markets transactions and offering thoughts on how market practice in this area might continue to develop amidst the regime’s lingering interpretive uncertainties.