On 23 June 2022, the European Securities and Markets Authority (ESMA) updated its Q&As on the Market Abuse Regulation (MAR).

The ESMA has added a new answer concerning the scope of Article 11(1a) of the MAR. Specifically, the answer covers whether the scope of Article 11(1a) is limited to the communication of information to potential investors who negotiate the terms and conditions to subscribe to bonds, or whether it encompasses the full process of private placement of bonds to qualified investors including the offering of bonds to potential investors contacted after the terms and conditions have been determined.