Abstract
Offering of investment instruments admitted to trading on a regulated market, multilateral trading facility or organized trading facility made outside a regular trading on the mentioned trading venues by one or more subjects can be described as a market sounding. Market sounding can be conducted by use of many types of communication, however legally problematic are the situation when inside information relevant for a price of respective investment instrument of any public market are disclosed to person interested in purchase or subscription of such an investment instrument.
However when the subject making the offer provides inside information, usually with a motivation to attract potential investors interested in respective investment instrument, such activities are subject to strict administrative requirements. On the other hand, as a consequence the respective activities are not seen as illegal, but only if these are fully compliant with the regime stipulated for the market sounding activities.