The Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF), has issued a circular on the ESMA guidelines on persons receiving market soundings (in French only) under the EU Market Abuse Regulation. The Circular is addressed to all market participants, in particular persons receiving market soundings, and sets out: (i) factors that such persons have to take into account when information is disclosed to them as part of a market sounding in order to assess whether the information constitutes inside information; (ii) steps that such persons should take if inside information has been disclosed to them in order to comply with Articles 8 and 10 of MAR; and (iii) records that should be maintained in order to demonstrate compliance with Articles 8 and 10 of MAR. The Circular entered into force on 11 January 2017. If members have any questions, please contact Adam Jacobs-Dean, Oliver Robinson or Adele Rentsch.