Guideline 1 - Internal procedures and staff training
The MSR should establish, implement and maintain internal procedures that are appropriate and proportionate to the scale, size and nature of their business activity, to:
- ensure that, where the MSR designates a specific person or a contact point to receive market soundings, that information is made available to the DMP;
- ensure that the information received in the course of the market sounding is internally communicated only through pre-determined reporting channels and on a need-to-know basis;
- ensure that the individual(s), function or body entrusted to assess whether the MSR is in possession of inside information as a result of the market sounding are clearly identified and properly trained to that purpose;
- manage and control the flow of inside information arising from the market sounding within the MSR and its staff, in order for the MSR and its staff to comply with Articles 8 and 10 of MAR.
The MSR should ensure that the staff receiving and processing the information obtained in the course of the market sounding are properly trained on the relevant internal procedures and on the prohibitions, under Articles 8 and 10 of MAR, arising from being in possession of inside information. The training should be appropriate and proportionate to the scale, size and nature of MSR’s business activity.
Guideline 2 - Communicating the wish not to receive market soundings
After being addressed by a DMP, the MSR should notify it whether they wish not to receive future market soundings in relation to either all potential transactions or particular types of potential transactions.
Guideline 5 - Written minutes or notes
Where in accordance with point (d) of Article 6(2) of the RTS on market soundings the DMP has drawn up written minutes or notes of the unrecorded meetings or unrecorded telephone conversation, the MSRs should, within five working days after receipt:
sign those minutes or notes, where they agree upon their content; or
- provide the DMP with their own version of those minutes or notes duly signed, where they do not agree upon their content.
Guideline 6 - record keeping
MSRs should keep records in a durable medium that ensures accessibility and readability for a period of at least five years of:
the internal procedures referred to in paragraph 1;
- the notifications referred to in paragraph 2;
- the assessments referred to in paragraph 3 and the reasons therefor;
- the assessment of related instruments referred to in paragraph 4;
- the persons working for them under a contract of employment or otherwise performing tasks through which they have access to the information communicated in the course of the market soundings, listed in a chronological order for each market sounding.